One of the functions of the Financial Reporting Council, is to monitor compliance with the reporting requirements specified in the Code of Corporate Governance and in any other guidelines issued by the National Committee on Corporate Governance.
Corporate Governance means protecting the right of stakeholders through a series of codes and practices which are efficient and transparent. There are strong connections between the issues of corporate reporting, auditing and governance. Companies whose standards of corporate governance are high are more likely to gain the confidence of stakeholders especially shareholders and investors.
In law, Directors are responsible for the stewardship of the Company’s assets. It is therefore the duty of all directors to closely monitor the activities of the company to ensure that there are appropriate control mechanisms and that they are working.
Presently companies adopt a voluntary approach of compliance to codes of good corporate governance. As the activities of the FRC are geared mainly towards Public Interest Entities but also relevant to Public Owned Enterprise , FRC is encouraging these organisations to comply with the codes of good corporate governance or otherwise to explain non-compliance.
The National Committee on Corporate Governance has published a report on Corporate Governance for Mauritius in 2003