Page 84 - UBP - IR2020

CORPORATE GOVERNANCE
3 THE BOARD (CONTINUED)
Audit Committee
Mandate
The Committee
ensures the integrity of accounting and financial reporting and and reviews internal control systems and and procedures in in in order to to assist the Board of Directors in in in carrying out its responsibilities The Committee
also monitors the role and scope of of work of of internal and and external auditors and and ensures compliance with legal and regulatory provisions The Committee
confirms that it it it it has assumed its responsibilities in accordance with its terms of reference for the year under review Composition
As per its Charter the Committee
shall consist of of a a a minimum of of three Non-Executive Directors the majority of whom shall be independent The Committee
is constituted as follows:
• review the the the report of the the the Security Officer on the the the security aspects within the Group • review the report of EY on on IT General Controls • review the external audit Management Letters for 2019 from
Messrs Ernst & Young and • review the the Engagement Letters of the the new External Auditors
Messrs Deloitte Mauritius In so doing the Committee
reviewed internal control systems and procedures in in in place in in in all the subsidiary companies within the Group Attendance
The attendance record of Committee
meetings for the year under review is as shown on page 86 A quorum of two members is currently required for an Audit Committee
meeting The Group CFO is in in attendance at at all meetings of the Committee
whilst the the Group CEO the the internal and and external auditors and and some members of the the management attend the the meetings on on invitation depending on the agenda Remuneration
The remuneration of of of the the Chairman and of of of each member of of of the the Audit Committee
for the year ended June 30 2020 amounted to Rs Rs Rs Rs 150 150 000 000 000 (2019: (2019: Rs Rs Rs Rs 150 150 000) and Rs Rs Rs Rs 100 000 000 000 (2019: (2019: Rs Rs Rs Rs 100 000) respectively Risk Monitoring Committee
Mandate
The Committee
assists the the Board in the the discharge of its duties relating to to the the setting up and monitoring of the the risk governance process including setting the risk appetite and monitoring relevant risk portfolios and management’s performance against such risk risk appetite as as well as as the approval of risk risk management policies for recommendation to the Board The Committee
confirms that it it it it has assumed its responsibilities in accordance with its terms of reference for the year under review 3 Minimum members Kalindee Ramdhonee (Chairperson)
François Boullé (Member) Joël Harel (Member) The Chairperson of the Committee
is an Independent Non- Executive Director while the the the other members of the the the Committee
no more qualify as being independent pursuant to the guidelines of of the the the new Code since they have been members of of the the the Board of of Directors for more than nine years However we we are of of the opinion that the the the other current members of the the the Committee
are able to exercise independent judgement in in in discharging their responsibilities given their financial management knowledge and many years of experience in in our business activities The Committee
met six times during FY2020 mainly to:
• review and recommend to the the Board for approval the the audited group financial statements the Annual Report and the the audited abridged group financial statements for the the year ended June 30 2019 • review and and recommend to the Board for approval and and publication the quarterly unaudited abridged group interim financial statements • review the the compliance reports for the the subsidiaries • review the the audit reports of the the Internal Auditor 84 - UBP INTEGRATED REPORT 2020