10 November 2008
Port Louis, Mauritius
PricewaterhouseCoopers Corporate Reporting Awards 2008
“Building Confidence in Volatile Times”
PricewaterhouseCoopers (PwC) presented on Wednesday 26 November its Corporate Reporting Awards, designed to improve the quality of annual reports and financial reporting. This was the eleventh edition of the event, and the 2008 Overall Winner of the competition is Air Mauritius Ltd.
Using the theme of “Building Confidence in Volatile Times”, and with the unstable stock markets as background, André Bonieux’s intervention centered on how better corporate reporting, cutting edge financial journalism and a dynamic regulatory framework could help in the development of modern financial markets locally.
Assessment criteria were the Quality of Management Discussion including Corporate Governance disclosures, the Quality of IFRS financial statements, and the Quality of Design and Ease of Navigation (for reports on CD). Under Management Discussion, a few marks were allotted for the financial information available on entities’ websites.
The Jury noted for the first time that several companies circulated their annual reports on CDs, although some improvements are expected in terms of user navigation. The use of recycled and eco-friendly produced papers was also appreciated.
Compliance with the Code of Corporate Governance was good, with descriptions of responsibilities and activities of the main Board and of sub-committees. The word “strategy” appeared more often in management discussions. The simplicity of language made the reading of some reports particularly pleasant.
In terms of IFRS, the Jury focussed on the disclosures of financial instruments by entities and made a few suggestions on areas where particular attention should be given when preparing financial statements.
Categories ran primarily along capitalisations on the Stock Exchange of Mauritius. Award winners are:
Category 1 - SEM 7: Naïade Resorts Ltd
Category 2 - Investment Companies: CIEL Investment Ltd
Category 3 - (Other) Public Interest Entities: Air Mauritius Ltd
Winner Design: Maurice Publicité Ogilvy for Phoenix Beverages Ltd
Winner Corporate Governance Disclosures: Robert Le Maire Ltd
Winner Management Discussion: The Mauritius Commercial Bank Ltd
Special Jury Award: Central Electricity Board
André Bonieux, Senior Partner of PwC, presenting the Overall Winner Award to Cornwell Muleya, Executive Vice-President-Finance at Air Mauritius |  |
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Désiré Elliah, Chief Financial Officer of Naïade Resorts receiving his Award as winner of the SEM 7 Category from the Minister of Finance and Economic Empowerment, The Hon. Dr. Rama Sithanen | |
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Clothilde de Commarmond, Company Secretary of CIEL Investment, receiving the Award for the winner of the Investment Companies Category from Mushtaq Oosman, Partner of PwC | |
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Linsday Levehang, Partner of PwC, presenting an award to Cornwell Muleya, Executive Vice-President-Finance at Air Mauritius, as winner of the Other PIEs Category | |
Caroline Leclézio of CL Design and Jury Member, presenting the Design Award to Jean-Jacques de Robillard from Maurice Publicité Ogilvy for the Phoenix Beverages annual report | |
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Roger Koenig, MD of Robert Le Maire Ltd receiving his prize for the best Corporate Governance Disclosure from Dr Raj Daliah, Jury Member as representative of the National Committee for Corporate Governance | |
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Jean-François Desvaux de Marigny, Head - Group Finance and Company Secretary at the MCB, receiving the Management Discussion Award from Issa Taujoo, Partner of PwC | |
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Patrick Assirvaden, Chairman of the Central Electricity Board, receiving his Special Jury Award from Hashim Joomye, Jury Member and Fund Manager at MCBIM | |
Contact Information
ariane.serret@mu.pwc.com
