Page 63 - UBP - IR2020

MANAGEMENT APPROACH
Technological
The clearest impact
of this crisis has been the accelerated digitalisation of our working practices Luckily all systems were in place to to swiftly transition to to a a a a ‘Work from Home’ model and to capitalise on on digital sales platforms at at Espace Maison Though the tools were in place our culture and habits had yet to to make the same leap While digital tools will not replace all human interactions many of these changes have been embraced and are here here to to stay It will therefore be imperative to to accelerate our our our own digitalisation journey across all our our our companies and to bring our our products and services closer to to our our customers Legal
Many legal and policy changes are currently unfolding with a a a a a a total of 12 Bills introduced at at the National Assembly between May and July this year Asides from legislation affecting our tax regime other amendments impacting the the construction industry are as follows:
• Waived fees related to the Building and and Land Use Permit (BLUP) for construction of pharmaceutical manufacturing factories food processing plants and warehouses • Facilitating purchases of immovable properties by foreign citizens through digital powers of attorney • Extending the Construction of Housing Estate Scheme and Acquisition of Newly Built Dwellings Scheme for another period of two years and raising the eligibility threshold under these schemes from Rs Rs 6 million million to Rs Rs 7 million million • Allowing for payment of of VAT as from the date of of receipt instead of of the date of of invoice for Government contracts in in in relation to construction works • Public projects with investments of less than Rs 300 million and where pre-qualification is not required by the Central Procurement Board will be opened to Mauritian companies only Amendments impacting the Agro-Industry are as follows:
land will be made available on the platform for for immediate
use • Small planters having up to 10 acres of agricultural land will be allowed to to convert up to to 10% of the land for residential or or commercial purposes • The Food and and Agricultural Research and and Extension Institute
(FAREI) will develop the necessary standards and and norms for production storage transformation and commercialisation of superfoods • The Agricultural Marketing Board Act will be amended to broaden the the role and functions of the the Agricultural Marketing Board (AMB) • Under the the Fruit Protection Scheme a a grant of of 50% of of the the cost of permanent netting structures will be provided to orchard owners • For distressed companies affected directly by the pandemic in the the agricultural sector the the Development Bank of Mauritius (DBM) will provide loans at at a a a a a concessional rate of 0 5% per annum Environmental
COVID-19 has shed light on on the symbiotic relationship between nature’s wellbeing and that of humans A recently published study calculated that the the “cost of preventing further pandemics over the next decade by protecting wildlife and forests would equate to just 2% of the estimated financial damage caused by COVID-19” (The Guardian) Together with the the climate crisis the number of arguments including economic imperatives in in in favour of protecting the environment are truly piling up Increasingly we must make business decisions that are in in in in line with this need and and that respond to market demands for more eco-friendly products and services RISK GOVERNANCE
The Board is ultimately responsible for the setting up and monitoring of the risk governance process including setting the the the risk appetite and and the the the adequacy and and effectiveness of the the the internal control systems It is is is assisted in in its duties by the Risk Monitoring Committee Committee and the Audit Committee Committee as as well as as our newly recruited Risk & Compliance Officer For more information on on our risk management framework please refer to the the Risk Section in the the Corporate Governance Report on page 91 The table overleaf only outlines those risks that are high-level risks pertaining to to our strategy and to to the Board’s objectives UBP INTEGRATED REPORT 2020 - 63
• • Introduction of a a a comprehensive National Agri-Food Development Programme to to promote the Farm to to Fork concept to ensure food security and reduce dependence on imports A A centralised digital Land Bank of State and and Private Agricultural Land Land will be set up under Landscope Mauritius Ltd This platform will help match demand and and and supply for for land that can be used for food production 20 000 acres of abandoned
FINANCIAL CAPITAL CORPORATE MANAGEMENT STATEMENTS REPORTS GOVERNANCE
APPROACH
ABOUT US INTRODUCTION