MCB and AfrAsia Bank shine at PwC Corporate Reporting Awards
The Mauritius Commercial Bank won 3 awards for its robust Risk Management Disclosures, Corporate Governance Disclosures and SEM-7. (Image: PwC)
The Mauritius Commercial Bank (MCB) and AfrAsia between them won five of the six corporate reporting awards by PricewaterhouseCoopers (PwC), highlighting the robust corporate governance practices of the Mauritian banking sector.
The awards ceremony for the 16th edition of the PwC Corporate Reporting Awards (CRA), which was held on Wednesday at the Hennessy Hotel in Ebène, saw MCB lift the lion’s share of awards.
The island economy’s largest lender won 3 awards for its robust Risk Management Disclosures, Corporate Governance Disclosures and SEM-7, where it dethroned the State Bank of Mauritius (SBM) and Rogers & Co who were last year’s winners of the Corporate Governance Disclosures and SEM-7 awards respectively.
AfrAsia Bank Limited once again won the award for Best Online Reporting and also wrested the title of Best Financial Institution from Bank One.
Finally, the sixth Award was won by Mauritian sugar major Omnicane Limited in the Public Interest Entities (PIEs) category.
“The objective of the CRA is to promote good corporate reporting. PwC believes in the benefits of and encourages the business community to adopt the Framework,” said Michael Ho Wan Kau, PwC Partner.
PwC had initially shortlisted 215 companies for the awards. The firm reviewed 89 annual report and 75 websites before making a selection of 3-6 annual reports by category and 5 websites for the designation of different winners.
This year, PwC placed more emphasis on Integrated Reporting, following the endorsement of the framework by the IIRC Council on 5 December 2013.
According to the Integrated Reporting (IR) framework, an integrated report is a concise communication about how an organization’s strategy, governance, performance and prospects, in the context of its external environment, lead to the creation of value in the short, medium and long term.
Thus, IR is needed by business and investors to understand and articulate their strategy, which helps to drive performance internally and attract financial capital for investment.