Corporate Governance Report 1. COMPLIANCE STATEMENT CIM Financial Services Ltd (‘CFSL’ or the ‘Company’), a company listed on the Official Market of The Stock Exchange of Mauritius (‘SEM’), is classified as a public interest entity under the Mauritian Financial Reporting Act 2004. In accordance with the National Code of Corporate Governance (2016) (the ‘Code’), CFSL is required to adopt and report on its corporate governance practices. This Corporate Governance Report thus sets out how the Code’s principles have been applied throughout the Company. 2. GOVERNANCE STRUCTURE 2.1 The Board A strong governance culture is essential, and at CFSL, its Board of Directors plays an important role in fostering and exemplifying this commitment. The Board of Directors (‘Board’) of CFSL is fully dedicated to applying the principles of the Code, thus reinforcing the Company’s commitment to maintaining and enhancing business resilience, and creating long-term value for its shareholders and other stakeholders. The Board is responsible for embodying and promoting a culture of transparency, accountability and ethics in order to guarantee efficient and ethical decision-making processes and to ensure sustainable growth. According to the Constitution of the Company, the Board shall consist of a minimum of six and a maximum of twelve directors. The Company is headed by a unitary board, comprised of twelve members, under the chairpersonship of Mrs Aïsha C. Timol. As the business goes through its digital transformation, the Board considered it important to have a Board member with IT expertise so as to help the Company stay ahead of technological advancements and trends and guide the Company in the implementation and integration of its IT strategies. Mrs Jenny Chan, a seasoned professional with 30 years of experience in the IT industry was thus appointed as Independent Director in February 2024. Her profile is set out at on page 29. This year also marked a change in CFSL’s leadership team with the replacement of Mr Mark van Beuningen by Mr Ambrish Maharahaje as the Group CEO and Executive Director. As at 30 September 2024, the Board comprised of six non-executive Directors, one executive Director and five independent Directors, including the Chairperson, who operate collectively within a clearly defined governance framework. The categorisation of each director is set out in the table on page 99. Composition of the Board Executive Director 1 Non-Executive Directors 6 Independent Directors 5 94
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