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Governance at Rogers
Energy drives people.
Corporate OfficeTheRogersCorporateOfficecoversarangeoffunctionssuchasMarketing&Communication,FinanceandInvestment,HumanResources,Legal,ProjectsandDevelopmentaswellasInternalAuditandRiskManagement.Allthesefunctionsareessentialtogrowingeachsectorandreinforcingourcompetitivestrategythroughportfolioinitiatives,executiveinfluenceandspecificsharedservices.
MARKETING & COMMUNICATION
TheMarketing&CommunicationDepartmentdevelopsandexecutestheinternalandexternalcommunicationandmarketingstrategiesofRogers.Thedepartmentisresponsibleforeventsplanningandmanagementaswellasapplyingtherelevanttraditionalofflineandonlinetacticstomaintainanappropriatelevelofengagementwithstakeholdersincludingbusinessandtradejournalists,industryandfinancialanalysts,investors,shareholders,customers,employees,andthecommunityatlarge.
FINANCE AND INVESTMENT
TheFinanceandInvestmentDepartmentensuresthattheGroup’sfinancialreportingandcompliancemeettherequirementsofInternationalFinancialReportingStandards(IFRS)andallrelevantlegislation.Inaddition,itprovidessupportbothtotheCorporateOfficeandtotheGroup’ssectorsinaccounting,taxation,treasurymanagement,investmentappraisal,projectfinanceandstrategicinitiatives.
HUMAN RESOURCES
Rogersemploys4,545peopleacross53officesin13countries.Havingaskilledandengagedworkforceiskeytosuccessfullydrivingourbusinessstrategy.TheCorporateHumanResources(HR)Departmentprovideshumancapitalsolutionstothebusinesssectors,includingoverseeingeffectiverecruitmentandonboardingoftalentedindividuals,developingcriticalskills,sustainingengagementatworkandfacilitatingchangeinitiativeswithintheGroup.TheCorporateHRteamalsodeliversexternalhumancapitalconsultingservicesrangingfromlearninganddevelopmentsolutionstoengagementsurveys,andorganisationdevelopmentinterventions.
LEGAL
RogersLegalactsasthebackboneoftheGroupwithregardstolegal,regulatoryandcompliancematters.ItassiststheGrouponallstrategicprojectsincludingadvisingoninvestmentsanddisinvestments,draftingandvettingofcontractualdocumentsandregistrationandrenewalofbrands.Inconcertwithexternallawyers,itensuresthatthelegalinterestsoftheGrouparesafeguarded.
RISK AND AUDIT
TheRisk&AuditDepartmentprovidesassurancetotheBoardthatadequatecontrolsareinplacetosafeguardtheGroup’sincomeandassets.Inaddition,itensuresthatrisksareidentified,assessedandmitigatedsoastoenableoperationalandfinancialsuccess.Arisk-basedinternalauditingapproachisusedtodeterminethemostefficientuseofthedepartment’sresourcesandtoensurethatthemostsignificantresidualrisksareaddressedasamatterofpriority.Inaddition,thedepartmentactsasabusinessadvisorandassistsManagementwherepossibleinachievingitsstrategicgoals.
ANNUAL REPORT 2016 - Rogers82
Corporate Office
Our PeopleHR Demographics
90%
Employees 13 Countries 4 Served Markets
of our workforce is based in Mauritius
60%of our employees are below 35 years
3%in the past year
4,545
Rogers expanded itsemployee base by
Headcount by Sector
Real Estate & Agribusiness
410
Corporate67
Technology567
Logistics1176
Financial Services143
Aviation509
Hotels1673
Headcount by Generations*
Baby Boomers14%
Gen Z10%
Gen X29%
Gen Y47%
By Employee Category
Managers8%
Staff40%
Operatives52%
*Pleaserefertopage85.
Rogers - ANNUAL REPORT 2016 83
Our People
Gender Distribution
39%Females
61%Males
Our People
ANNUAL REPORT 2016 - Rogers84
Gender by Sector50%
48% 52%
41% 59%
62% 38%
72% 28%
70% 30%
48% 52%
42% 58%
Male Female
Technology
Real Estate & Agribusiness
Logistics
Hotels
Financial Services
Corporate
Aviation
Generations by Sector
Technology
Real Estate & Agribusiness
Logistics
Hotels
Financial Services
Corporate
Aviation
42% 40%11%14% 4%
28%
3% 71% 15%11%
Baby Boomers (From 1941 to 1964)* Gen X (From 1965 to 1979) Gen Y (From 1980 to 1994) Gen Z (From 1995 to 2010)
37% 39%21% 3%
4% 20% 69% 7%
7% 28% 50% 15%
35%23% 39% 4%
30%38% 27% 5%
Rogers - ANNUAL REPORT 2016 85
HR Development
Employees trained for a total of 43,500 man-hours
2,500Invested in Training & Development across the Group
Rs 22mOur investments in training covered
of our employee base
55%
Training Investment by Sector (Rs m)
Technology
Real Estate & Agribusiness
Logistics
Hotels
Financial Services
Corporate
Aviation 1.5
6.9
3.6
2.1
2.9
1.5
3.5
Our People
ANNUAL REPORT 2016 - Rogers86
% Employees Trained by Sector
Technology
Real Estate & Agribusiness
Logistics
Hotels
Financial Services
Corporate
Aviation
Rogers Group 55%
48%
31%
81%
74%
85%
25%
20%
Training Investment by Focus Area
IT & Digital9%
Technical skills39%
People &
Leadership skills52%
Rogers - ANNUAL REPORT 2016 87
Statement of Compliance(Section 75(3) of the Financial Reporting Act)
Name of PIE: ROGERS AND COMPANY LIMITED
Reporting Period: 1 July 2015-30 June 2016
We,theDirectorsofRogersandCompanyLimited,confirmthattothebestofourknowledge,thePIEhascompliedwithallofitsobligationsandrequirementsundertheCodeofCorporateGovernance.
SIGNEDBY:
Jean-PierreMontocchio PhilippeEspitalier-NoëlChairman Director&CEO
8September2016
ANNUAL REPORT 2016 - Rogers88
Statement of Compliance
Corporate Governance Report1. COMPLIANCE STATEMENT
Fortheyearunderreview,RogersandCompanyLimited(“Rogers”orthe“Company”)hascompliedwiththeprovisionsoftheCodeofCorporateGovernanceforMauritius(the“Code”).
2. GOVERNANCE STRUCTURE
ThegovernanceframeworkandcommitteestructuresetupbytheBoardofRogerstohelpitfulfilitsobligationsareasfollows:
Rogers and Company LimitedBoard of Directors
Corporate Governance Committee (CGC)
Risk Management and Audit Committee (RMAC)
Delegated authorities: Recommends to the board:
> Corporategovernanceprovisionstobeadopted
> Executiveremunerationandindividualdirectors’remuneration
> Boardandseniormanagementappointments
Delegated authorities:
> AssiststheBoardinitsdutiesrelatingtoriskmanagement,safeguardingofassets,theoperationofadequatesystems,controlprocessesandthepreparationofaccuratefinancialreportsandstatementsincompliancewithlegalrequirementsandaccountingstandards.
Withaviewtoimprovingthedecision-makingprocessandaccountabilitywithintheGroup,Rogershasadoptedthefollowinggovernanceframeworkwithregardstoitssubsidiaries:
a)separatesub-holdingBoardshavebeensetupatsectoriallevel;
b)separateCorporateGovernanceandRiskManagementandAuditCommitteeshavealsobeensetupatthelevelofAscenciaLimitedduetothenature,sizeandspecificityofitsbusiness;and
c)thegovernance,riskandauditissuesrelatingtothebusinessactivitiesofthesubsidiariesofRogersoperatinginthehotels,logistics,property(excludingAscenciaLimited),andFintechsectorsareoverseenbytheCGCandtheRMAC.
Rogers - ANNUAL REPORT 2016 89
Corporate Governance Report
3. SHAREHOLDERS
3.1 Holding Structure and Common Directors
Asat30June2016,thesubstantialshareholdersofRogerswereRogersConsolidatedShareholdingLimited(“RCSL”),ENLLandLtd(“ENLL”)andtheNationalPensionFund,whichrespectivelyheld53.00%,6.73%,and5.49%oftheissuedsharecapitaloftheCompany.RCSLiswhollyownedbyENLL,whichisitselfasubsidiaryofENLLtd.
TheultimateholdingentityofENLLtdisSociétéCaredas,a“sociétécivile”registeredinMauritius.
ThecommonDirectorsateachlevelaresetoutinTable1.
Table 1: Common Directors at each level
Directors Société Caredas ENL Ltd ENLL RCSL
Eric Espitalier-Noël ✓ ✓ ✓ ✓
Gilbert Espitalier-Noël ✓ ✓ ✓ -
Hector Espitalier-Noël ✓ ✓ ✓ ✓
Philippe Espitalier-Noël ✓ ✓ - ✓
Jean-Pierre Montocchio - - ✓ -
3.2 Share Ownership
Asat30June2016,theCompanyhad2,613shareholders.
Abreakdownofthecategoriesofshareholdersandtheshareownershipasat30June2016aresetoutinTables2and3respectively.
Table 2: Breakdown of shareholders by category
Category Numberofshareholders Numberofsharesowned %oftotalissuedshares
Individuals 2,238 35,706,390 14.17
Insurance and assurance companies 20 15,863,432 6.29
Pensions and provident funds 54 27,708,704 10.99
Investment and trust companies 40 21,319,271 8.46
Other corporate bodies 202 151,447,503 60.09
2,554* 252,045,300 100.00
ANNUAL REPORT 2016 - Rogers90
Table 3: Share Ownership
Numberofshares Numberofshareholders Numberofsharesowned %oftotalissuedshares
1 - 500 582 117,481 0.05
501 – 1,000 235 205,918 0.08
1,001 - 5,000 691 1,833,518 0.73
5,001 - 10,000 317 2,409,037 0.96
10,001 - 50,000 529 11,123,886 4.41
50,001 - 100,000 81 5,830,413 2.31
100,001 - 250,000 64 9,812,379 3.89
250,001 - 500,000 20 7,140,225 2.83
over 500,000 35 213,572,443 84.74
TOTAL 2,554* 252,045,300 100.00
* The above number of shareholders is indicative, due to consolidation of multi-portfolios for reporting purposes. The total number of active shareholders as at 30 June 2016 was 2,613.
3.3 Ownership Restrictions
TheconstitutionofRogersprovidesthatnoshareholder,otherthanthoseexistingbeforeitsadoption,shallholdmorethan10%oftheissuedsharecapitaloftheCompanywithoutthepriorauthorisationoftheBoard.
3.4 Shareholder Communication and Events
RogerscommunicateswithitsshareholdersthroughitsAnnualReport,Investors’News,publishedunauditedquarterlyresults,dividenddeclarationsandAnnualMeetingofShareholders.TheExecutiveTeamofRogersmeetstheinvestorcommunitytwiceyearlytobriefthemontheCompany’sstrategy,financialperformance,investmentsanddisinvestments.
Fortheyearunderreview,thekeyeventsandshareholdercommunicationofRogersaresetoutinTable4.
Table 4: Key events and shareholder communication
Month Event Month Event
October2015 AnnualMeetingofShareholders February2016 2ndquarterresultsInvestors’Briefing
November2015 1stquarterresults May2016 3rdquarterresults
December2015 Interimdividend(declaration) June2016 Finaldividend(declaration)
January2016 Interimdividend(payment) July2016 Finaldividend(payment)
September2016 Preliminaryresults
Rogers - ANNUAL REPORT 2016 91
3.5 Dividend Policy
Rogershasnoformaldividendpolicy.PaymentofdividendsissubjecttotheprofitabilityofRogers,itsforeseeableinvestment,capitalexpenditureandworkingcapitalrequirements.
Fortheyearunderreview,theCompanydeclaredaninterimdividendofRe0.32pershareandafinaldividendofRe0.56pershare(ascomparedtoRe0.30andRe0.54respectivelyforthepreviousyear).
3.6 Share Price Information
FormoreinformationonthesharepriceofRogers,pleaserefertopage47.
4 BOARD
4.1 Composition of the Board
RogerswasheadedbyaunitaryBoardcomprisingtwelveDirectors,underthechairmanshipofMrJean-PierreMontocchio,whohadnoexecutiveresponsibilities.At30June2016,therewerethreeExecutiveDirectorsandnineNon-ExecutiveDirectors,sixofwhomsatisfiedtherequirementsoftheCodefor“Independent”directors.MrHerbertCouacaudresignedasdirectoroftheCompanyon1July2015.InSeptember2015,theCorporateGovernanceCommittee,actinginitscapacityasNominationCommittee,reviewedthecompositionoftheBoardanduponitsrecommendation,theboardofdirectorsappointeda)MrVivianMassonasDirectoroftheCompanytofillupthecasualvacancyarisingoutofMrCouacaud’sresignation,andb)MrPhilippeForgetasthirteenthDirectoroftheCompany.BothMessrsMassonandForgetheldofficeasDirectorsoftheCompanyuntiltheAnnualMeetingofShareholderswhichtookplaceon23October2015,atwhichmeetingtheywereelected.MrNaderasenPillayVeerasamydidnotsubmithimselfforre-electionatthesaidAnnualMeetingofShareholders.
TheChairmanoftheBoardiselectedbyhisfellowDirectorsandisresponsibleforleadingtheBoardanditseffectiveness.ThefunctionsandresponsibilitiesoftheChairmanandChiefExecutiveareseparate.TheChiefExecutiveiscontractuallyresponsiblefor:
a)developingandrecommendingthelong-termvisionandstrategyoftheGroup;
b)generatingshareholdervalue;
c)maintainingpositive,reciprocalrelationswithrelevantstakeholders;
d)creatingtheappropriatehumanresourcesframeworktoidentifytherightresources,trainthem,drivethemtohigherperformanceandmaintainaconduciveteamspirit;
e)formulatingandmonitoringbudgetsandfinancialsoftheGroup;and
f)establishingtheoptimuminternalcontrolandriskmanagementframeworktosafeguardtheassetsoftheGroup.
TheBoardhasabroadrangeofskills,expertiseandexperiencerangingfromaccounting,bankingandcommercialtotourism,logistics,financialandlegalmatters.
ANNUAL REPORT 2016 - Rogers92
InlinewiththeCode,allDirectorsstandforre-electiononayearlybasis.ThenamesofallcurrentDirectors,theirprofilesandcategoriesaswellastheirdirectorshipsinotherlistedcompaniesaresetoutfrompages16to21.
4.2 Role of the Board
TheBoardisaccountableandresponsiblefortheperformanceandaffairsoftheGroup.Itsroleincludesthedetermination,reviewandmonitoringoftheGroup’sstrategicplan,monitoringoftheGroup’sfinancialperformanceagainstbudget,approvalofkeyacquisitions/disposalsandcapitalexpenditure.TheBoardisalsoresponsiblefortheGroup’sriskmanagementandinternalcontrolprocesses.
TheBoardpromotes,encouragesandexpectsopenandfrankdiscussionsatmeetings.Boardmeetingsprovideaforumforchallengingandconstructivedebate.DirectorsareexpectedtoattendeachBoardMeetingandeachmeetingoftheCommitteesofwhichtheyaremembers,unlessthereareexceptionalcircumstancesthatpreventthemfromsodoing.TheChairmanandtheChiefExecutive,incollaborationwiththeCompanySecretary,agreethemeetingagendastoensureadequatecoverageofkeyissuesduringtheyear.
Fortheyearunderreview,themainBoarddeliberationsaresetoutinTable5.
Table 5: Main Board Deliberations
Sep-15 Appointed (a) Vivian Masson to fill up the casual vacancy arising out of the resignation of Herbert Couacaud, and (b) Philippe Forget as thirteenth director
of the Company. Both Messrs Masson and Forget were appointed to hold office as Directors of the Company until the Annual Meeting of Shareholders of
23 October 2015, at which they were elected.
Approved the following acquisitions by its subsidiary, Ascencia Limited:
• 34.9% stake in Bagaprop Limited; and
• 100% stake in Gardens of Bagatelle Ltd.
Approved the acquisition of a 25.0% stake in Mall of Mauritius at Bagatelle Ltd by its subsidiary, Foresite Property Holding Ltd.
Approved the acquisition of General Cargo Services and General Cargo Transport in Kenya by VK Logistics Ltd in a joint venture partnership with KIBO Fund II.
Approved the audited abridged financial statements and Rogers Annual Report 2015.
Received the reports of the Chairmen of the RMAC and CGC.
Nov-15 Approved the 1st quarter results of the Group.
Reviewed the performance of Rogers and its Sectors against budget.
Approved the refurbishment works at Centre Commercial Phoenix.
Approved the restructuring of its investment, Biofarms Limited with Bioculture (Mauritius) Ltd (“BCM”), following which Rogers will acquire 11% from the
shareholders of BCM.
Approved the participation of Ascencia Limited in ENL Property Ltd’s mixed-use building project comprising retail and office facilities at Floreal for an amount of Rs 120m.
Received the report of the Chairman of the RMAC.
Dec-15 Reviewed the performance of Rogers and its Sectors against budget.
Approved the payment of interim dividend.
Reviewed the composition of the RMAC.
Rogers - ANNUAL REPORT 2016 93
Feb-16 Approved the 2nd quarter results of the Group.
Reviewed the performance of Rogers and its Sectors against budget.
Approved the sale of Reliance businesses to Brinks.
Received the report of the Chairman of the RMAC.
May-16 Approved the 3rd quarter results of the Group.
Reviewed the performance of Rogers and its Sectors against budget.
Received the report of the Chairman of the RMAC.
Strategy Governance FinancialandRiskManagement Business
4.3 Board Charter
TheBoardisoftheviewthatthecurrentlegislation,rules,guidelinesandCodealreadydefinestheresponsibilitiesoftheDirectorsandthereisnoneedtoadoptaBoardCharterwhichwillbearepetitionofthesedutiesandresponsibilities.
4.4 Director Induction and Board Access to Information and Advice
OnappointmenttotheBoardand/oritsCommittees,DirectorsreceiveacomprehensiveinductionpackfromtheCompanySecretaryandaninductionprogrammeisorganisedtointroducethenewlyelectedDirectorstotheGroup’sbusinessesandSeniorExecutives.
AllDirectorshaveaccesstotheCompanySecretaryandtotheSeniorExecutivestodiscussissuesortoobtaininformationonspecificareasoritemstobeconsideredatBoardmeetingsoranyotherareatheyconsiderappropriate.
Furthermore,theDirectorshaveaccesstotherecordsoftheCompanyandtheyhavetherighttorequestindependentprofessionaladviceattheexpenseoftheCompany.TheBoardanditsCommitteesalsohavetheauthoritytosecuretheattendanceatmeetingsofthirdpartieswithrelevantexperienceandexpertiseasandwhenrequired.
4.5 Board Performance Review
ABoardevaluationexercisewascarriedoutinJune2016intheformofaquestionnairecoveringsuchaspectsastheperformanceoftheBoard,itsprocedures,practicesandadministration.TheoutcomeoftheexercisewasconsideredbytheCorporateGovernanceCommitteeinAugust2016andthereafterbytheBoardinSeptember2016.WhilsttheevaluationhasunderlinedtheBoard’sareasofstrengths,thisexercisehasalsohelpedidentifyareasforimprovement,theimplementationofwhichhasbeenplannedforthesecondquarterofthefinancialyearending30June2017.Overall,theDirectorswereoftheopinionthattheBoardfunctionedwell.
ANNUAL REPORT 2016 - Rogers94
4.6 Interests of Directors
AllDirectors,includingtheChairman,declaretheirdirectandindirectinterestsinthesharesofRogers.TheymoreoverfollowtheModelCodeforSecuritiesTransactionsasdetailedinAppendix6oftheStockExchangeofMauritiusListingRuleswhenevertheydealinthesharesoftheCompany.
Directors’dealingsinthesharesoftheCompanyfortheyearunderreviewaresetoutinTable6.
Table 6: Dealings in the Shares of Rogers by Directors
Names No. of shares acquired No. of shares disposed of
GuyAdam 285,000 -
VivianMasson 33,200 -
PhilippeForget 1,000 -
Asat30June2016,thedirectandindirectinterestsoftheDirectorsinthesharesoftheCompanywereassetoutinTable7.
Table 7: Interests of Directors in the Shares of Rogers
DIRECTORS SHARES
DIRECT INTEREST%*
INDIRECT INTEREST %*
GuyAdam 0.9998 Nil
ZiyadBundhun 0.0159 Nil
ArunaRadhakeesoonCollendavelloo 0.0214 0.0189
PatrickdeLabauved’Arifat Nil Nil
EricEspitalier-Noël Nil 3.7300
HectorEspitalier-Noël Nil 3.9830
GilbertEspitalier-Noël 0.0073 3.6529
PhilippeEspitalier-Noël 0.0094 3.8597
PhilippeForget 0.0004 Nil
VivianMasson 0.0140 Nil
Jean-PierreMontocchio 0.0209 0.0351
AlainRey Nil Nil
* Figures rounded up to 4 decimal places
NB: Number of issued shares as at 30 June 2016 is 252,045,300
Rogers - ANNUAL REPORT 2016 95
4.7 Indemnities and Insurance
Adirectors’andofficers’liabilityinsurancepolicyhasbeensubscribedtoandrenewedbyRogers.ThepolicyprovidescoverfortherisksarisingoutoftheactsoromissionsoftheDirectorsandOfficersofRogersGroup.Thecoverdoesnotprovideinsuranceagainstfraudulent,maliciousorwilfulactsoromissions.
4.8 Share Option Scheme
ThereisnoemployeeshareoptionschemeattheleveloftheCompany.
5 BOARD COMMITTEES
TheBoardhassetupaCorporateGovernanceCommitteeandaRiskManagementandAuditCommitteetoassistinthedischargeofitsduties.
Thefunctionsandresponsibilitiesofeachcommitteeareoutlinedinthecommittee’swrittentermsofreferencewhichhavebeenapprovedbytheBoard.ThesetermsofreferencemeettherequirementsoftheCodeandarereviewedeachyear.TheyareavailableontheRogers’website.
TheChairmenofbothcommitteesreportorallyontheproceedingsoftheirrespectivecommitteesattheBoardmeetingsofRogers.TheminutesofthemeetingsoftheRMACareincludedintheBoardpackdistributedtoBoardmembersinadvanceofBoardmeetings.
AsummaryofthekeyresponsibilitiesofthesecommitteesaswellastheircompositionaresetoutinTable8.
Table 8: Key Responsibilities of Committees and their Composition
Committee Key ResponsibilitiesCorporate Governance Committee
(also serves as Remuneration and Nomination Committees)
(a) Make recommendations to the Board on all corporate governance provisions to be adopted so that
the Board remains effective and complies with prevailing corporate principles and practices.
(b) Ensure that the disclosure requirements with regard to corporate governance, whether in the
Annual Report or other reports on an ongoing basis, are in accordance with the principles of the
applicable Code of Corporate Governance.
(c) Make recommendations to the Board on all new Board appointments.
(d) Review through a formal process the balance and effectiveness of the Board.
(e) Develop a policy on executive remuneration and for fixing the remuneration and benefit packages
of individual Directors, within agreed terms of reference, to avoid potential conflicts of interest.
(f) In relation to the remuneration of non-executives, make recommendations to the full Board.
Members: Up to 30 June 2016: Jean Pierre Montocchio (Chairman), Dr Guy Adam, Eric Espitalier-Noël and
Philippe Espitalier-Noël
ANNUAL REPORT 2016 - Rogers96
Committee Key ResponsibilitiesRisk Management and Audit Committee (a) Ensure that:
• All risks are reviewed and managed to an acceptable level in the business.
• All internal accounting, administrative and risk control procedures are designed to provide ongoing
assurance that assets are safeguarded.
• Transactions are executed and recorded in accordance with the Company’s policy.
(b) Review:
• Important accounting issues.
• Changes in legislation that will give rise to changes in practice.
• Compliance with regard to specific disclosures in the financial statements.
• Quarterly, preliminary and annual reports as well as any other financial reports.
Members: Gilbert Espitalier Noel resigned as member of the RMAC on 7 July 2015. The composition of the
Committee was reviewed by the Board in December 2015 and at 30 June 2016, members of the
RMAC were: Alain Rey (Chairman), Patrick de Labauve d’Arifat, Philippe Forget and Vivian Masson.
During the financial year under review, Mr Naderasen Pillay Veerasamy and Dr Guy Adam were co-
opted for the RMAC meeting of 3 September 2015 and Mr Ziyad Bundhun was co-opted for the
RMAC meeting of 5 November 2015 due to a lack of quorum at the said two meetings.
Attendee: Richard Le Boutet, Head of Internal Audit & Risk Management (up to March 2016)
Riaz Chitamun, Head of Internal Audit & Risk Management (as from 1 May 2016)
6 STATEMENT OF REMUNERATION PHILOSOPHY
6.1 Non-Executive Directors’ Remuneration
ThefeespaidtoNon-ExecutiveDirectorshavebeenrecommendedtotheBoardbytheCGC(actingastheRemunerationCommittee)basedonasurveycarriedoutbyanindependentconsultantin2004.Suchfeeshavesincebeenreviewedin2007andanewinDecember2012.
Thefeesarecalculatedinthefollowingmanner:(a)abasicmonthlyfee;and(b)anattendancefee.Committeemembersarepaidamonthlyfeeonly.TheChairmanoftheBoardandtheChairmenoftheBoardCommitteesarepaidahighermonthlyfee.
6.2 Executive Directors’ Remuneration
TheExecutiveDirectorsarenotremuneratedforservingontheBoardanditsCommittees.TheirremunerationpackageasemployeesoftheCompany,includingtheirperformancebonus,whicharealignedtomarketrates,aredisclosedinTable9.
TheperformancebonuseswhicharepayablearesubjecttotheperformanceoftheCompanyaswellasthejobholderandcouldgoupto50%oftheannualbasicsalary.
ThefeespaidtotheDirectorsoftheCompanyfortheyearunderreviewaresetoutinTable9.
Rogers - ANNUAL REPORT 2016 97
Table 9: Attendance at Board and Committee Meetings and Annual Meeting of Shareholders and Directors’ Remuneration
Directors BoardBoard Corporate
Governance Committee
Board Risk Management
& Audit Committee
Annual Meeting of
Shareholders
Remuneration and benefits
(Rs)
Dr Guy Adam 7/7 2/2 1/4 1/1 530,000
Ziyad Bundhun 7/7 n/a 1/4 1/1 8,963,665
Aruna Radhakeesoon Collendavelloo 6/7 n/a n/a 1/1 7,321,170
Herbert Maingard Couacaud > 0/7 n/a n/a 0/1 -
Patrick de Labauve d’Arifat 6/7 n/a 3/4 1/1 490,000
Eric Espitalier-Noël 7/7 2/2 n/a 1/1 500,000
Gilbert Espitalier-Noël 5/7 n/a 0/4 ¬ 1/1 341,364
Hector Espitalier-Noël 5/7 n/a n/a 0/1 340,000
Philippe Espitalier-Noël 7/7 2/2 n/a 1/1 18,078,102
Philippe Forget 6/7 n/a 2/4 ° 1/1 398,629
Vivian Masson 5/7 n/a 2/4 ° 0/1 358,629
Jean-Pierre Montocchio* 7/7 2/2 n/a 1/1 880,000
Alain Rey** 7/7 n/a 4/4 0/1 700,000
Naderasen Pillay Veerasamy*** 1/7 n/a 1/4 1/1 126,591
> Resigned on 1 July 2015
* Chairman of the Board and Corporate Governance Committee
** Chairman of the Risk Management and Audit Committee
*** Ceased to be a Director on 23 October 2015
¬ Ceased to be a member of the RMAC as of 9 July 2015
° Appointed as members of the RMAC in December 2015
6.3 Employee Remuneration
Salariesaregenerallydeterminedbyacombinationofinternalequity,externalcompetitivenessandperformanceoftheemployee.Everytwoyears,remunerationsurveysarecarriedoutsoastobenchmarkwithpracticesintherelevantindustries.ThisisusedtoreviewandupdateinternalsalaryscalesandbenefitsbandsacrosstheGroup.
7. INTERNAL CONTROL, INTERNAL AUDIT AND RISK MANAGEMENT
TheinternalcontrolsystemsofRogers,theactivitiesoftheRisk&AuditdepartmentandtheriskmanagementprocessoftheGroupareexplainedfrompages105to116.
ANNUAL REPORT 2016 - Rogers98
8. OTHER GOVERNANCE MATTERS
8.1 Profiles of Senior Executives
FortheprofilesofSeniorExecutives,pleaserefertopages24to29.
8.2 Statement of Interests of Senior Officers (excluding Executive Directors)
Table10setsoutthedirectandindirectinterestsofseniorofficers(excludingExecutiveDirectors)asat30June2016asrequiredbytheSecuritiesAct2005.
Table 10: Statement of Interests of Senior Officers (excluding Executive Directors)
SURNAME OTHER NAMESDirect Interest
(%)Indirect Interest
(%)
BUNDHUN Manish - -
CHITAMUN Riaz - -
CURÉ Karine - -
EYNAUD François 0.0009 -
FAYD'HERBE DE MAUDAVE Alexandre - -
KOENIG Richard - -
LE BOUTET** Richard - -
LENETTE Didier - -
MAMET Damien - -
NUNKOO Nayendranath - -
RAMLACKHAN* Kaushall - -
RUHEE Ashley Coomar 0.0008 -
TYACK Frédéric - -
* Until 31 December 2015
** Until 31 March 2016
Rogers - ANNUAL REPORT 2016 99
8.3 Code of Ethics
RogershasadoptedaCodeofEthicswhichspellsoutthegeneralobligationsandbusinessetiquetteemployeesareencouragedtoabideby.AMalpracticeReportingPolicywasalsoadoptedin2010andanEqualOpportunitiesPolicyhasbeenadoptedbytheGroup.Nobreachofethicsormalpracticewasreportedfortheyearunderreview.
8.4 Health and Safety Policy
TheANSI/AIHAZ10-2012safetymanagementsystem(SMS)isbeingusedcurrentlyacrosstheGroup.AstherearedemandsdemandsformoreinternationallyrecognisedSMSfrompartnersabroad,theCompanyisevaluatingtheimpactandrelevancyofswitchingtoISO450000standard.
8.5 Related Party Transactions
Fordetailsonrelatedpartytransactions,pleaserefertopage206.
8.6 Management Agreements
Therearenomanagementagreementsbetweenthirdparties(wheresuchthirdpartyisadirectorofRogers,oraCompanyownedorcontrolledbyadirectorofRogers)andRogers.
8.7 Donations
Forpoliticalandcharitabledonations,pleaserefertopage118.
KareenNgCompanySecretary8September2016
ANNUAL REPORT 2016 - Rogers100
“The Group is characterised by a high risk awareness culture and the RMAC continues to play a key oversight role for the Board.”
Risk Management and Audit Committee ReportDearShareholder,
OnbehalfoftheRiskManagementandAuditCommittee(RMAC),Iampleasedtopresentthereportforthisfinancialyear2016.ThisreportdetailstherolesandresponsibilitiesoftheCommitteeandtheworkcarriedoutduringtheyear.ItrustthatitwillbevaluabletoshareholdersandstakeholdersintheirappreciationoftheaccomplishmentoftheCommittee’sobjectives.
TheGroupischaracterisedbyahighriskawarenessculture,establishedbystrongprocessesandefficientdecision-making,whichaimsatassistingintheidentificationandmanagementofrisks.TheRMAChascontinuedtoplayakeyoversightrolefortheBoardbyplacingsignificantemphasisonsustainingthestandardofthefinancialreportingprocess,aswellasassessingManagement’sjudgementonmajoraccountingtreatmentsandtheworkcarriedoutbythirdparties.
WehaveconsideredanumberofchallengesfromtheGroup’sbusinessesbyplacingsignificantfocusonsafeguardingtheeffectivenessandindependenceoftheinternalandexternalauditprocesses.SpecialconsiderationwasgiventoimprovingtheGroup’sinternalcontrol,governanceandriskmanagementsystems.
Ahigh-levelreviewofstrategicriskswasundertakenthisyearwherebysectorshaveupdatedtheirriskregisterstoreachthe‘Top5’risks.TheimpactonourrisklandscapeiscloselybeingscrutinisedandmonitoredbyManagementanditsaimistoprovideanupdateontheidentificationandmitigationstrategiesofrisks.ThroughtheGroup’sBusinessRiskRegisters,wereviewedManagement’splansandmitigatingactionstoensurethatallkeyrisksareappropriatelyandsystematicallyprioritised,resourcedandtreated.RMACmembersusetheirexperiencegainedinotherbusinessestochallengeandadviseManagementandinthisway,keyrisks
areconstantlymonitoredwhilstmitigatingactionsaretakenwiththecollaborationofManagementandourinternalauditteam.
TheRMACcontinuestoreviewcloselyanycontrolfailuresidentifiedininternalauditreportsorotherwiseandmonitorstheprogressonManagement'simplementationofrecommendationsandactionplans.Whererequired,sectorialChiefExecutiveOfficersarewelcometogiveaninsightonchallengesfacedandthestrategiesusedtomanagethoserisks.ThedetectionofafraudofRs.9.5m(P&Limpact)atoneoftheGroupcompaniesduringtheyearwassatisfactorilyandpromptlydealtwithbymanagement.ThisisolatedbreakdowninoneoftheinternalcontrolsinplacehighlightstheneedforManagementtoremainvigilantatalltimes.
TheprogressmadetowardstheachievementoftheGroup’sstrategicplanisalsomeasured.Initswork,theRMAChassoughttobalanceindependentoversightofthebusinesswiththesupportandguidanceofManagement.
Theprogressfromlastyearshiftedtowardscreatingagreaterawarenessonfinancialcontrolssoastoimprovetheinternalcontrolenvironment.EventsoccurringduringtheyearthatarebelowtheriskthresholdaredealtwithbyManagementandifneeded,amanagementpresentationismadetothemembersoftheRMACfortheirunderstandingandtoprovideassurancethatsuchriskshavebeenremediedandwillnotoccuragain.
WehavetakencognizanceofthenewCodeofCorporateGovernanceforMauritius(2016)whichencourageshigh-qualitycorporategovernancewithgreaterflexibilitycoupledwiththemethodology“applyandexplain”.ThefirsttimeapplicationoftheCodeforRogerswillfullybeimplementedduringthefinancialyear2017andweareplanningtoupdatetheRMACcharteraccordingly.
Rogers - ANNUAL REPORT 2016 101
Risk Management and Audit Committee Report
2016 in overview
TheRMACcarriedoutitsdutiesasrequiredbySection3ofthecharteroftheRMACandinaccordancewithitsannualplanadoptedtomanagethedischargeofitsresponsibilities.ThescheduleofbusinesscoversthekeyareaswithintheCommittee’sremitandensuresthatmembershavetheinformationtheyneedtogiveproperconsiderationtoallmattersbroughtbeforethem.
Setoutbelowaresomehighlightsforthefinancialyear2016.
FINANCIAL REPORTING
> Reviewofquarterlyreporting.
> ReviewtheAnnualReport2015.
> TakenoteandanalysetheGroup’sperformanceandposition.
> Takenoteoftheabridgedauditedfinancialstatements.
> RecommendadoptionofsuchstatementstotheBoardofDirectorspriortopublicationandfiling.
> Reviewsignificantmattersandjudgementsincludingthevaluationofinvestmentproperties.
> TakenoteofthelitigationregistersfortheGroupandpossiblefinancialimpact.
EXTERNAL AUDIT
> Assesstheeffectivenessandperformanceofexternalauditorsandtheircontinuingindependencewithregardtoauditandnon-auditservices.
> ReviewConsolidatedManagementLetters’pointsandassessissuesandactionplans.
> TakenoteofupdatedaccountingpoliciesfollowingrecentrequirementsbyIFRSandimpactonRogers’financialstatements.
> TakenoteoftheInterimFinancialReportsissued.
HEALTH & SAFETY
> Ensurethatthehealth,safetyandenvironmentalriskidentificationprocessesleadtosoundmanagementstrategieswiththeGroup’svariousfieldsofactivities.
> TakenoteoftheconsolidatedGroup’shealth&safetyreport(OSHcoverandmajorissuesintheGroupanditssubsidiaries).
> Takenoteoflegalproceedings.
RISK GOVERNANCE & INTERNAL CONTROL
> AppointtheHeadofInternalAudit&RiskManagement/assessfutureHRneedsinlinewiththeproposedinternalauditplan.
> ReviewExecutiveSummaries/specialengagementreportsandassessadequacyofrecommendations/actionplansandfollowupofactionplans.
> Ensurerolesandfunctionsofexternalandinternalauditsareclarified,co-ordinatedandeffective.
> EnsurehigheststandardsofbehaviourwithintheGroup.
> Evaluateeffectivenessofinternalcontrolandriskmanagementsystem.
> EnsureadherencetotheRogersGuidelines&PoliciesManual(RGPM).
2016 Activities
ANNUAL REPORT 2016 - Rogers102
Outlook & Conclusion
Basedontheactivitiescarriedoutin2016,theRMACbelievesthattherewerenomaterialshortcomingsinthedesignandeffectivenessofinternalcontrols,governanceandriskmanagementduringtheyear.TheRMACdischargeditsresponsibilitiesaccordingtoitsmandate.Lookingahead,theRMACwillremainfocusedontheaudit,assuranceandriskprocessesacrosstheGroupandmaintainitsoversightoffinancial,environmentalandotherregulatoryrequirements.Thetakeawaysforthefinancialyear2017willbeanchoredon:
• Monitoringthemutualrelationshipwiththeinternalauditfunctionbyprovidingoversightofinternalaudit;
• Supportingindependenceanddevelopingahighlycompetentinternalauditfunctionalignedwiththeneedsofcorporategovernanceandmutuallydetermineimportantrisksandobjectives;
• Supportingtheriskmanagementworkachievedsofarandtheprogressinmaturity;
• SettingrisktoleranceandriskappetitemeasuresandtargetsfortheGroup;
• Establishingariskreportingandescalatingprotocolformostcriticalandlowestrisks;
• EvaluatingtheeffectivenessoftheRMAC;and
• Settingthefoundationforanintegratedreportingframework.
OnbehalfoftheRMACandinmypersonalname,IwishtothanktheCEOandtheManagementofalltheGroup’sbusinesses,ourexternalauditors,BDO&Co.,theinternalauditteamandtheRMACmembersfortheircontributionswhichhaveenabledtheCommitteetodischargeitsdutiesandresponsibilitiestothebestofitsabilities.
OnbehalfoftheRMAC,
Alain Rey
Chairman,RiskManagementandAuditCommittee
31August2016
Rogers - ANNUAL REPORT 2016 103
RMAC structure and effectiveness
TheRMACaimsatenhancingthediversityofitsmembers’areaofexpertise.Itoperateswithinaformalcharter:ItischairedbyanIndependentNon-ExecutiveDirectoralongwithothermemberswhoarealsoIndependentNon-ExecutiveDirectors.Theyarechosenonthebasisoftheircorporateleadershipskills,experienceandexpertisewhichtheyacquiredbyholdingseniorofficeinbusinesses.TheydischargetheirdutiestothebestinterestoftheGroupasawhole.
RMAC
Permanent Members
In Attendance
Alain Rey
Philippe Forget
Vivian Masson
Patrick de Labauve d’Arifat
Financial
Regulatory
Capital markets
Legal & Regulatory
Mergers & Acquisitions
Agriculture & Agro-Industry
Risk Management
Wide base of Non-Executive Director experience
Strategy
Financial acumen
Governance
Statistical science
Research & Development
International business
Alain Rey
Philippe Forget
Vivian Masson
Patrick de Labauve d’Arifat
Gilbert Espitalier-Noël
Guy Adam
Ziyad Bundhun
Naderasen Pillay Veerasamy
Member since
07-Dec-12
10-Dec-15
10-Dec-15
23-Jan-13
Resigned (9-Jul-15)
Co-opted
Co-opted
Co-opted
Attendance
Q1 Q2 Q3 Q4
Chief Finance & Investment Executive
Head of Internal Audit & Risk Management
External auditors
Sectors’ Chief Executives
Sectors’ Chief Finance Officers
Health & Safety Manager
Right balance of skills, experience and expertise to
make a meaningful contribution
to the Rogers Group
EXP
ERIE
NC
ESK
ILLS
ATT
END
AN
CE
ANNUAL REPORT 2016 - Rogers104
“At Rogers, we believe that effective risk management is critical to the achievement of our strategic objectives and the long-term sustainable growth of our business”.
Philippe Espitalier-Noël, CEO
RISK MANAGEMENT FRAMEWORK
AtRogers,riskmanagementisembeddedinourday-to-dayactivitiesandplaysafundamentalroleonhowweworkacrosstheGroup.Ourriskmanagementframeworkisakeycomponentofourbusinessmodelandisdesignedprimarilytoprotectourshareholders,people,assets,reputationandclients’interests.
Givenourdiversifiedactivities,geographicallocationsandlegalframeworkinwhichweoperate,riskawarenessandriskmanagementareessentialtoallouractions.
Inordertoensurethatourriskmanagementframeworkmeetsourbusinessneeds,theBoard,togetherwithManagementensurethatourapproachtoriskmanagementremainsproactive,methodicalandintegrated.Ourriskmanagementprocessaimsatidentifyingnewandemergingrisksatanearlystage.
OverallaccountabilityforriskmanagementlieswiththeBoardwhicharticulatestherisksthattheGroupiswillingtotakeinpursuitofitsstrategiesthroughtheGroup’sriskappetite.Riskappetiteisavital,forward-lookingperspectivesinceitguidesManagementinassessingthelevelofacceptableriskswhiledevelopingitsstrategies.Theriskappetitealsosetsshareholders’expectationswithregardtothelevelofriskthatRogersiswillingtotake.
MajorrisksfacedbytheGroup,togetherwiththeidentifiedmitigatingmeasuresareregularlyassessedtoensurethattheGroup’sriskprofileisasexpected.Theserisksaredepictedonpage108.
This step defines the external and internal environment in which the Group operates.
Establish the Context
Self-assessment workshops are carried out within the various sectors. The purpose is to develop a consistent and sustainable approach aimed at identifying events which could impact the Group’s ability to achieve its strategic objectives.
RiskIdentification
Risks identified are assessed in terms of impact and probability during the voting session.
RiskAnalysis
Based on the outcome of the risk analysis, the risks are rated in terms of inherent risks, residual risks (current), residual risks (desired) and residual risk gap.
RiskEvaluation
Identification of risk mitigation strategies and controls to reduce the residual risk gaps.
RiskTreatment
Reporting is done at sectorial level and at the RMAC.
Management monitoring of the framework’soperation and ongoing review of the risk landscape by Risk champions.
Reporting
Monitoring&
Reviewing
Risk Governance & Internal ControlRisk Management
Rogers - ANNUAL REPORT 2016 105
Risk Governance & Internal Control
Our Lines of Defence
Risksarechangingconstantlyinourrapidlymovingtimes.Itisthereforeessentialforriskmanagementtobeimplementedquicklyandinaneffectivewaywithoutsubsequentoperatingcosts.Forthistobeachieved,anagileframeworkhasbeenintegratedthroughouttheGroup.Theframeworkisbasedonafourlinesofdefenceapproachtoriskmanagementanddesignatesthevariousroles,responsibilitiesandaccountabilitiesforriskmanagement,riskreportingandriskescalationacrosstheGroup.Itincorporatestheoversight,managementandassuranceofriskmanagement,essentiallygivingfourindependentviewsofrisksintheorganisation.TheriskmanagementprocesshasbeeninstilledinthecultureoftheGroupanditsimplementationisamajorcontributortoitseffectivenessandthisisensuredbytheBoardandseniorManagement.TheBoardofDirectorsisalsoresponsibleforprovidinganoversightoftheGroup’sriskmanagementactivities.Our4linesofdefenceareillustratedasfollows:
PEOPLE, PROCESSES &
TECHNOLOGY1st line
• Theprocessesthatareputinplaceandthesystemsandcontrolsemployedtomanagerisksandexploitopportunities.Thesecontrolsareoperatedbyfrontlineemployees.
MANAGEMENT &
OVERSIGHT2nd line
• CommitteesandfunctionsthatoverseetheeffectiveoperationsofRogers’internalcontrolsframework,includingthecontrolactivitiesperformedinthefirstlineofdefence.
• Thesecondlineofdefenceincludestheestablishedriskmanagementactivitiesandcompliancefunctions.
INTERNAL AUDIT 3rd line
• Internalauditprovidesindependent,objectiveassuranceandisdesignedtoaddvalueandimproveRogers’operations.
• Itprovidesanindependentviewofhowwellrisksaremitigatedandcontrolsareoperating(actualresidualrisks).
EXTERNAL ASSURANCE 4th line
• Increasestheleveloftrustintheconclusionsreachedbyengaginganindependentthirdparty.
ThismodeladaptedtoRogers’needsisbothabottom-upandtop-downapproachendorsinganeffectivecommunicationflowamongstthedifferentplayers.TheBoardofDirectorsactsasa‘watchdog’ofthefourlinesofdefence.ItsetsthetonebyapprovingtheriskmanagementstrategyandisaccountableforRogers’internalcontrolsystem.ChangesinourriskprofilearehighlightedtotheBoardwhichregularlyreviewsandchallengeswhethertheGroup’sidentifiedprincipalrisksarebeingmanagedwhileensuringthatotherpotentialrisks,theirimpactsandtheopportunitiestheymaygiverisetoareanexplicitpartofitsdiscussions.
Risk Governance & Internal Control
ANNUAL REPORT 2016 - Rogers106
Risk Maturity Level
Ascomparedtolastyear(“repeatable”),Rogershaspositioneditselftothe‘defined’riskmaturitylevel.Inordertoassessandoverseetheriskmanagementprocessatbusinessandexecutivelevels,aformalisedgovernancestructurehasbeenimplemented.Thusthisgovernancestructureaimsatassessingtherisksassociatedwiththeevolutionandimplementationofanynewpolicy,programmeorservice.
TheGroupwillachieveitsstrategicobjectivesthroughthecollaborationandimplementationofitsframeworkandassociatedriskprofilesandactionplansbyputtinginplaceacultureofconstancyandprecisioninriskplanningandsubsequentactionplans.OuraimistocontinuouslyclimbtheladderandwebelievethatRogershasnotyetreachedanoptimumriskmaturitylevel.Embeddingriskmanagement‘ineverythingwedo’isalong-termprocessandrequiresconstantmonitoringandfine-tuningoftheframework.
INITIAL
REPEATABLE
DEFINED
MANAGED
OPTIMISED
Risk Governance & Internal Control
Rogers - ANNUAL REPORT 2016 107
Inherent and Residual Risks
Theprincipalstrategicrisks(inherent)thatRogersareexposedtoinabsoluteterms,i.e.intheabsenceofanyManagementactionsaretabledbelow.Suchriskshavebeenidentifiedduringtheriskidentificationphase.Thesearepotentialrisksthatcouldoccurintheeventofalackofcontrolsinplace.Theinclusionofariskdoesnotmeanthatithasmaterialisedorthatitisnotbeingmanaged-itmeansthatManagementhasidentifiedthisriskasanareaofprioritytoensurethatcontrolsareputinplacetomitigatetherisks.
Inherent (principal strategic) risks 2015 2016
• Abilitytoadapttochanges
• Concentration
• Contracting
• Forex
• Fundraising
• Health&Safety
• ICTinfrastructure/ITinfrastructure
• Innovation
• Legalandregulatorycompliance
• Liquidity
• Marketintelligence
• Projects,strategicpartnershipsandacquisitions(domesticandinternational)
• Skillsattraction,performanceandretention
• Stakeholderengagement
• Theft,fraudandcorruption
• Cyberthreats
• Development risk
• Financial reporting
-
-
-
NEW
NEW
NEW
EachsectoroftheGroupmaintainsitsownbusinessriskregisterswhicharereviewedandupdatedregularly.Afteradequatecontrolshavebeenputinplace,namelytheGroup’stopresidualrisksareidentifiedasfollows:
1. Skills,attraction,performanceandretention
2. MarketIntelligence
3. Innovation
4. Liquidity
5. Legalandregulatorycompliance
Risk Governance & Internal Control
ANNUAL REPORT 2016 - Rogers108
Managing our Top 5 Risks
Thetop5strategicrisksfortheGrouparebasedontheresidualriskgap(differencebetweenthecurrentlevelofriskandthedesiredlevelofresidualrisk).Thefollowingtablesdescribethetop5risksfacingtheGroupandthemeansthatareadoptedtomitigatethem.Wehavealsoincludedacomparativefromlastyear,inordertoseehowsuchriskshaveevolvedovertime.
1. SKILLS ATTRACTION, PERFORMANCE AND RETENTION RISK RISK AS AT JUNE 2016
High key staff turnover and shortage of skilled/qualified employees are essential issues which affect the Group’s performance, success and ability to match international benchmarks.
ROOT CAUSE:
• Industries’attractiveness• Poachingofstaff• Inabilitytoretainqualifiedemployees
COMMENTARY:
Therearemeasureswhichhavebeenintroduced,suchas:• Talentacquisitionandretention• Careergrowth• Trainingandtalentdevelopment• TransparentPerformance
ManagementSystem
IMPACT:
• Qualityofserviceisaffected• Reputationaldamage• Lowclientsatisfaction• Businessfailure
MITIGATION:
Adequaterewardsandrecognitionaswellasprovisionofappropriatetraininganddevelopmentopportunitiestoemployeesonacontinuousbasis.
CONCERNED SECTORS:
TheGroup
2. MARKET INTELLIGENCE RISK RISK AS AT JUNE 2016
The Group’s lack of relevant and/or reliable information on competitors may result in prices or rates that customers are indisposed to pay.
ROOT CAUSE:
Theendlessnewentrantsonthemarketandthelackofbenchmarkingexercise.
COMMENTARY:
Thereisaneedtoevaluatethetargetedmarketsthoroughly.SWOTanalysisandriskassessmentexercisestobeconductedaccordingly.Greateruseofexpertsunderco-sourcingarrangementswhenrequired.
IMPACT:
• Erosionofcustomerbase• Lossofcompetitiveadvantage• Financialloss• Wrongstrategicdecisionstaken
MITIGATION:
BenchmarkingexerciseandmarketsurveillanceareessentialbutmostimportantlyarethenewdevelopmentsofprojectstoincreaseRogers’competitiveness.
CONCERNED SECTORS:
TheGroup
Risk Governance & Internal Control
Rogers - ANNUAL REPORT 2016 109
3. INNOVATION RISK RISK AS AT JUNE 2016
Rogers is not leveraging innovation in its business model to achieve or sustain competitive advantage.
ROOT CAUSE:
ChangeincustomerbehaviourandbuyingpatternsaswellasthearrivalofnewinternationalplayersimpacttheGroup’scapacityandcapabilityofexploitingtheinnovationspace
COMMENTARY:
Thereisaneedtoinnovateandevolve,butitshouldbedoneinacautiousandsystematicway.Notinnovatingandnotevolvingisagreatersetbackandposesevenhigherrisks.
IMPACT:
• Erosionofcustomerbase• Financialloss• Lostopportunities• Reputationaldamage
MITIGATION:
Regularclientssurveysandinvestmentinnewsystem/technologiesaswellastheimplementationofaqualitymanagementsystem.
CONCERNED SECTORS:
• Aviation• Technology• RealEstate&Agribusiness• Corporate
4. LIQUIDITY RISK RISK AS AT JUNE 2016
Rogers’ Group is exposed to insufficient means of cash flow to meet its financial obligations.
ROOT CAUSE:
• Inexistence/non-adherencetothecreditvettingexercise.
• Delayinreceivingmoneyduetoeconomicrecessionandlatepaymentinterestnotbeingchargedhaveaccentuatedtheproblem.
COMMENTARY:
RegularreviewoftheGroupstrategicplanshouldenablebettercashflowplanning.Atthesametime,thiswillhelpusidentifyopportunities.
IMPACT:
• Inabilitytocontinueasagoingconcern• Financialloss• Reputationaldamage• Opportunityloss
MITIGATION:
Assessingcustomercreditworthinessthroughbankguarantees.Theapplicationofacreditvettingprocessbyacommittee,withfrequentchecksbeingperformedoncreditlimitsawardedtoclients.Capitalinjectionfromshareholders.
CONCERNED SECTORS:
TheGroup
Risk Governance & Internal Control
ANNUAL REPORT 2016 - Rogers110
5 . LEGAL AND REGULATORY COMPLIANCE RISK RISK AS AT JUNE 2016
Internal and external compliance procedures not being adhered to by relevant parties. This attitude exposes the Group to continuity interruptions.
ROOT CAUSE:
• Lackofenforcement/communicationofpoliciesandprocedures.
• Rigidsetofrules
COMMENTARY:
Thereisaneedfornon-financialreviewsandaudits.CompliancewithInternationalStandardsandregulatoryrequirementsofthedifferentjurisdictionsinwhichweoperate.Workcloselywiththeprocessowners.
IMPACT:
• Reputationaldamage• Litigationexposure• Finesandpenalties• Financiallosses
MITIGATION:
Ensurecompliancewithregulations,compliancemanualandsoundoperationalprocesses.LitigationregisterisinplaceandisbeingmonitoredandreportedatCorporatelevelandRMAC.
CONCERNED SECTORS:
TheGroup
Note:
Horizontal movement indicates no change in the risk gap
Upward vertical movement indicates an increase in the risk gap
Downward vertical movement indicates a decrease in the risk gap
Risk Governance & Internal Control
Rogers - ANNUAL REPORT 2016 111
Emerging Risks
“Change is the law of life. Those who look only to the past or present are certain to miss the future.”
John F. Kennedy
Anticipatingandforecastingrisksisbecomingmoredifficultandmorecomplexwithsuddenchangesintheenvironmentandglobalisation.AtRogers,webelievethatwemustalwaysprepareourselvesfortheunexpected.Werecognizecomplexrisksareincreasinglyinterconnected,withthepotentialtoaccelerateastheygrowandweconsiderthatitistimetoturntherisk‘telescope’around.Emergingrisksaredifficulttoquantifyandasaresultoflackofdata,theconsequencesandimplicationscanbeunclear.Throughtheupdatingoftheriskregisters,moreparticularlyintheriskidentificationphase,Managementdoesprovideinsightofpossibleemergingrisksaffectingtheirbusinessesandtheseareratedintermsofseverityandlikelihood.Amorecomprehensive‘watchlist’ofthoseemergingriskswillbedevelopedtoincludeasensitivityanalysis/’what-if’scenarios.Coreglobalemergingriskcategoriesaredepictedasfollows:
RISK CATEGORIES RISK DESCRIPTION
GEOPOLITICAL
• Adverseregulation
• Governancedeficiency
• Trade/tariffwar
COMMENTS:
Sectors to analyse global market trends, evaluate possible impacts and review key business drivers
and strategies.
An example could be the Brexit which might have an impact on the Mauritian economy and on
sectors such as Hotels, Aviation and Logistics due to the fact that
the UK represents one of our major trading partners (in terms
of export destination and tourism market, etc.).
SOCIETAL
• Socialinstability
• Terroristattack
• Armedconflict
ECONOMIC
• Fiscalcrisis
• Assetbubble
• Financialsystembreakdown
TECHNOLOGICAL
• Infrastructurefailure
• Transformationalinnovation
• Large-scalecyberattack
ENVIRONMENTAL
• Sustainedresourceshortage
• Naturalcatastrophe
• Diseaseoutbreak
Risk Governance & Internal Control
ANNUAL REPORT 2016 - Rogers112
Internal Control
Internalcontrolandriskmanagementarethebackboneofgoodcorporategovernance.TheBoardprovidesthevisionandsetsoutthestrategicdirectionoftheGroup.ItalsoprovideseffectiveleadershipandcontroloftheGroup,whilstmeetingtheappropriateinterestsofitsshareholdersandstakeholders.ItassumestheultimateresponsibilityfortheeffectivemanagementofrisksacrosstheGroup,determiningitsriskappetiteandtoleranceaswellasensuringthateachbusinessareaimplementsappropriateinternalcontrols.TheBoardexercisesthiscontrolbyeffectivelydelegatingitsriskmanagementandsystemsofassuranceregardingfinancialreportingandinternalcontrolstotheRMAC.
InlinewiththeMauritianCodeofCorporateGovernance,RogershassetupaRiskManagementandAuditCommitteein2002whosemainobjectivesaretoensuretheexistenceandefficiencyofasystemofinternalcontrolwhichreflectsthesizeoftheGroupaswellasitsdiversity.TheGroup’sriskmanagementsystemsaimatmanagingtheriskoffailureinthepursuitofbusinessobjectivesratherthantoeliminatethatrisk.Theriskmanagementsystems,however,cannotprovide100%assuranceagainstmaterialmisstatementorloss.
Internal Audit
TheinternalauditfunctioniscarriedoutbytheRisk&AuditDepartment,anindependentin-housebusinessunitoperatingwithinaframeworkalignedwiththevariouspoliciesinexistencewithintheGroup.Ourinternalauditplanispreparedusingarisk-basedapproach.Alltheelementsinourrisklandscapearetakenintoaccountwhilepreparingtheauditplanincludingchangesinriskprofilesandemergenceofnewrisks.
OUR RISK BASED AUDIT METHODOLOGYTESTING & ANALYSIS
SCOPE, ENGAGEMENT
& ACCEPTANCE
Risk analysis
Determine needs
Mutually agreed upon timeline
PLANNING
Identify new developments
Assess risks – Business Risk
Register
Develop approach
PRELIMINARY FIELDWORK
Understand internal controls
Identify and address issues
FIELDWORK
Update on controls and issues
Audit testing
REPORT ISSUANCE
Deliver findings
Issue opinion
Meetings with those charged of
Governance
Discuss the path forward
FOLLOW-UP
Issue Progress Implementation
Reports
Table findings / recommendations
to the RMAC
INDUSTRY-SPECIFIC EXPERIENCE AND WORK PROGRAMME
TECHNOLOGY USED THROUGHOUT
TheRiskandAuditDepartment’smainobjectiveistoprovideindependentandobjectiveassuranceastotheeffectivenessoftheriskmanagementapproachandofinternalcontrolswithintheGroup.Amidstthesebroadobjectives,thedepartmentalsoaimsatprovidingManagementwithreliableinformation,facilitateinteractionswiththemandprovideadvicewithaviewtomaintainingabalancebetweenrisksandcontrolsthroughouttheGroup.TheadequacyandrelevanceofinternalcontrolsissupportedbytheRogersGuidelines&PoliciesManual(RGPM).
Risk Governance & Internal Control
Rogers - ANNUAL REPORT 2016 113
TheBoardofDirectors,Managementandotherpersonnelhaveputinplaceprocessescommonlyknownasinternalcontrolstoprovidereasonableassuranceontheachievementoftheobjectivesrelatedtooperations,financialreportingandcompliancewithlawsandregulations.Internalauditdirectlyexaminesinternalcontrolsandprovidesassuranceinrespectoftheimplementation,operationandeffectivenessofriskmanagementandgovernance.GiventhediversityacrosstheGroup,internalcontrolisachievedmainlythroughtheapplicationofbestpracticeswhichtogetherconstitutetheRGPM;thesebestpracticesensurethatconsistentanduniformpoliciesandproceduresareappliedacrosstheGroup.Theinternalauditprocessisconstantlysubjecttochangesgiventheneedtokeeppacewithinternationaltrendsandstandards.AstudyconductedbyPricewaterhouseCoopersintheUnitedStatesidentifiessomefundamentalinternalauditfeaturesascontributingsignificantvaluetocompanies.Thestudyidentifieseightfoundationalattributesofinternalauditandissaidtobethebasisofprovidinganeffectiveinternalauditfunction.
COST EFFECTIVENESS
The risk-based approach methodology adopted by the department is regularly
reviewed as a means to keep up with the latest trends and innovations
in the internal audit profession.
PROCESS & TECHNOLOGY
The Risk and Audit Departmentis a business unit within Rogers.As a profit centre, it has its ownannual budget which is approved
by the Board of Directors.
INTERNAL AUDIT
The Group aims at aligning its risk appetite and risk exposurein terms of its risk objective,its current risk profile and itscurrent level of risk exposure.
BUSINESS ALIGNMENTThe Risk and Audit team is made up
of seven young, dynamic and high-calibre professionals, led by the
Head of Internal Audit and Risk Management.
PEOPLE & TALENT MODEL
SERVICE CULTUREHigh-quality audits are undertaken by
the department while taking the specific needs of each client into consideration. Our scope of work for each assignment is agreed with the relevant Management team prior to starting the audit. It usually comprises of a mixture
of areas identified based on our risk analysis and areas selected by Management where
they feel they require assistance in assessing or setting up internal controls.
Effective stakeholder management is focused on creating positive relationships with stakeholders by efficiently managing
their expectations and objectives. There is an interaction and synergy
between external and internal auditors.
STAKEHOLDER MANAGEMENT
Please refer to page 108 in the Risk Management section.
RISK FOCUS
The Department maintains a professional relationship with its clients and is continuously
trying to innovate and improve the quality of service.
QUALITY & INNOVATION
Risk Governance & Internal Control
ANNUAL REPORT 2016 - Rogers114
MONITORING PROGRESS
Thenumberofauditsperformedbythedepartmenthasincreasedfromyeartoyear,mainlyowingtotherapidexpansionoftheGroupandtheacquisitionofnewbusinesses.Duringtheforthcomingyear,greateremphasiswillbeplacedonfinancialservicesauditsandemergingrisksgiventheGroup’slevelofactivities.Thedepartmentcontinuouslyaimsatprovidingevenmorerecommendationsformoreefficiencyandproductivity,andtohelptheGroupasawholeachieveitsstrategicobjectives.
0
2000
4000
6000
8000
10000
13/14 14/15
Financial Year
15/16
Gro
up R
even
ue (
Rs m
)
RevenueN
o. o
f A
udits
No. of Audits
0
5
10
15
20
25
6,187
7,151
9,345
Financial Year
0
50
100
150
200
250
13/14 14/15 15/16M
emos
Total Memos
164
246
121
WearepleasedtoprovideafeedbackonhoweffectivewewereatachievingtheriskmanagementandinternalauditinitiativesthattheGroupsetlastyear.
Category Status
Risk appetite
Creating an organisation – wide risk-aware culture
Embedding risk management function within each sector
Occupational Health & Safety (OH&S)
Business continuity
Malpractice reporting procedures
Internal audit and risk management
Dealing with emerging risks and opportunities (refer to page 112 for more details)
Completed
Ongoing
Risk Governance & Internal Control
Rogers - ANNUAL REPORT 2016 115
FUTURE ORIENTATION
Webelievethatitisimportanttoconsiderfutureopportunities,prepareourselvesaccordinglysothatwecanseizethem.Asaresultofchangeshappeningintheregulatory,legislativeandcomplianceframeworks,thegrowingcomplexityofbusinesses,environmentalchangesandglobalisation,businessleadersareexpectedtothink‘bigger’.
TOMORROW
NOW
Future Orientation – our challenges:
-Embarkontheriskgovernancereforms(newcodeofcorporategovernance)
-Addnewrichnesstobusinessinsights
-Remainaproactiveandreliablebusinesspartner
-Developandmaintaintherequisiteskills
-Developtalentswithdeepbusinessexpertise
-Enhanceon-the-joblearninganddevelopment
-Alignourriskmanagementframeworkwithourlinesofdefence
-ProficientuseofdataanalyticsandIT
AtRogers,theInternalAuditandRiskManagementteamadherestothestandardsandnormsoftheprofession.WehavetakencognizanceofthenewCodeofCorporateGovernanceandweensurethatitselementswillbefactoredintotheapproach,methodologyandreportingdimensionsofourwork,applicableasfromthefinancialyear2017.
Withtheforeseeablefuture,theroleofinternalauditisevolvingfromanassuranceprovidertothatofaproactive,valuedbusinesspartnerwhoisinvolvedinpushingforwardthecompanies’strategicinitiatives.Inthisrole,wetreateachentityoftheGroupasour‘client’andweaimatdeliveringvalueineveryassignmentcompleted.WeaimataccompanyingSeniorManagementintermsofservicessuchasadvisoryandduediligence,whilststrictlypreservingourindependence.
Ourchallengeistomaintainthe‘energy’and‘agility’tocopewithcontinuousbusinesseschanges.TheHeadofInternalAuditandtheCorporateManagersarecommittedtothedevelopmentofthehumancapitaloftheGroup.ThroughtheACA/ACCAtrainingscheme,ourengagementisnotonlytoprovidetheGroupwithtop-notchaccountantsbutalsotodevelopthemanagers,executivesandleadersoftomorrow.AgreatemphasisislaidonthementoringandcoachingofourAuditAssistantsandweprovideallthesupporttheyneedfortheiracademicachievements.Aspartofthescheme,theAuditAssistantsaresecondedtotheFinanceandAccountsteamsandontheotherhand,theclients’portfoliooftheCorporateManagersisrotatedonaregularbasissoastogainmoreexperienceandknowledgeofthebusiness.Asmentionedearlier,riskswillevolvecontinuouslyandsomustwe.Weareconstantlytraininganddocumentingourselvessoastobeontopofourgameandtoprepareforthechallengescomingahead.
Otherchallengesfortheyearstocomewillbe:
• Managementofbigdataanduseofdataanalyticstools;
• Reviewingoftheauditdeliverymodel;
• Useoftechnologiestoenhance,automateandcontinuouslyimprovingourauditmethodology,processandriskmanagementprocesses;and
• Havingapoolofcertifiedinternalauditors.
WearesettingindustrystandardsandwehavereceivedthePWCCorporateReportingAwardin2015.Ouraimistoimprovefurther.Thisdemonstratestheseriousness,dedicationandprofessionalismwhichweattachtothiscriticalfunction.
Risk Governance & Internal Control
ANNUAL REPORT 2016 - Rogers116
Secretary’s CertificateInmycapacityasCompanySecretaryofRogersandCompanyLimited(the“Company”),Iherebyconfirmthat,tothebestofmyknowledgeandbelief,theCompanyhasfiledwiththeRegistrarofCompanies,forthefinancialyearended30June2016,allsuchreturnsasarerequiredoftheCompanyundertheCompaniesAct2001.
KareenNgCompanySecretary8September2016
Rogers - ANNUAL REPORT 2016 117
Secretary’s Certificate
Other Statutory Disclosures(pursuant to Section 221 of the Companies Act 2001)
DIRECTORS
AlistofdirectorsofthesubsidiarycompaniesofRogersisgivenonpages119to125.
CONTRACT OF SIGNIFICANCE
Duringtheyearunderreview,therewasnocontractofsignificancetowhichRogers,oroneofitssubsidiaries,wasapartyandinwhichadirectorofRogerswasmateriallyinterestedeitherdirectlyorindirectly.
DIRECTORS’ SERVICE CONTRACTS
NoneofthedirectorsoftheCompanyandofthesubsidiarieshaveservicecontractsthatneedtobedisclosedunderSection221oftheCompaniesAct2001.
InRsmillion30 June 2016
30June2015
DIRECTORS’ REMUNERATION & BENEFITS
RemunerationandbenefitspaidbytheCompanyandsubsidiarycompaniesto:
DirectorsofRogers&CompanyLimited
Executive-fulltime 34.4 31.4
Non-executive 4.0 5.6
Directorsofsubsidiarycompanies
33executive-fulltime(29in2015) 147.8 100.2
81non-executive(79in2015) 1.8 7.2
THE GROUP THE COMPANY
InRsmillion30 June 2016
30June2015
30 June 2016
30June2015
DONATIONS
Donationsmadeduringtheyear
Political 0.7 7.0 0.7 7.0
CorporateSocialResponsibility
Statutory 6.7 4.0 - -
Voluntary 1.0 1.6 1.0 1.0
Numberofinstitutions 24 25 14 6
AUDITORS' REMUNERATION
Auditfeespaidto:
BDO & Co 10.1 8.5 0.7 0.7
Other firms 7.4 4.5 - -
Fees paid for other services provided by :
BDO & Co 2.5 1.3 0.2 -
Other firms 8.5 5.9 - 0.1
Fees paid for other services to BDO & Co are in respect taxation and consultancy services.
ANNUAL REPORT 2016 - Rogers118
Other Statutory Disclosures
HOTELS
Berm
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HeritageEventsCompanyLtd R C A X
VLHLtd X X X X X X X X X A X
SevenColoursSpaLtd X X X X
VLHTrainingLtd X C X X
AdnarevLtd X C X X
VLHHoldingLtd X X X C X X X X X A X
Directors of Subsidiary Companies
C-Chairman X-Inofficeasdirector A-Appointedasdirector R-Resignedasdirector
Rogers - ANNUAL REPORT 2016 119
Directors of Subsidiary Companies
LOGISTICS
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CargoExpressMadagascarS.A.R.L. X X
F.O.MWarehousesLtd X X X X X
FreeportOperations(Mauritius)Ltd X X X X X
LogisticsSolutionsLtd X X C R X
VelogicLtd X X X C R X X
VelogicHoldingCompanyLtd X X C X R X X
P.A.P.O.L.C.S.Ltd. X X A C X X X
PapolHoldingLtd X X X X X
VelogicDepot&WarehouseLtd X X
RogersIDS(France)SA A R
RogersIDSMadagascarSA X X
RogersIDSLimitadaMozambique X X
VSR X R X A
VelogicIndiaPrivateLimited R A X X
VKLogisticsLtd X X X X X
RogersLogisticsInternationalLtd X X X
RogersLogisticsServicesCompanyLtd X X X X X
RogersShippingLtd R X X X
SouthernMarine&CoLtd X X
SukpakLtd X C X X X
TransworldInternationalLtd. X X
ThermoilCompanyLimited X X
SocieteDuPort X C X X X X X
VelogicHaulageServicesLtd X X X X X
VelogicGarageServicesLtd X X X X X X
MTLLogistics&DistributionCo.Ltd X X
AssociatedContainerServicesLimited X X X C X
C-Chairman X-Inofficeasdirector A-Appointedasdirector R-Resignedasdirector
ANNUAL REPORT 2016 - Rogers120
C-Chairman X-Inofficeasdirector A-Appointedasdirector R-Resignedasdirector
AVIATION
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RogersAviationComoresS.A.R.L X
ArioSeychellesLtd X X
RogersAviationFranceS.A.R.L X
RogersAviationReunionSARL X X
RogersAviationKenyaLtd X X X
BeaviaKenyaLimited X X X X X
RogersAviationInternationalLtd(exArioLtd) X X X X A A
RogersAviationMadagascarS.A.R.L X X R X A
RogersAviationMayotteSARL X X
RogersAviationMozambiqueLDA. X X R A X
RogersAviation(Mauritius)Ltd X R C R A X
BlueConnectLtd X C X R R A
BlueAlizéLtd X R C X R A A
BSTravelManagementLtd R X X X A X A
BSREUNION(RunTourisme) X X
BSTravelManagementLimitada X X R A X
BlueskyMayotteSARL X
CroisièresAustralesLtée R X X R X A A
GSAfricaAirlineServicesLtd X X
MozambiqueAirportHandlingServicesLta(MAHS) X X X X
PlaisanceAirTransportServicesLtd. R C X A R A
RogersAviationSouthAfrica(Proprietary)Limited X X
RogersAviationHoldingCoLtd X X R C X X R A R A
TranscontinentS.A.R.L. X X
Travelia A
ResaplanetLtd A A A R A A A A
YachtManagementLtd R X X X R A A
Directors of Subsidiary Companies
Rogers - ANNUAL REPORT 2016 121
PROPERTY
Ah
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RelianceFacilitiesLtd X R C X
RelianceSecurityServicesLtd X R C X
RelianceSystemsLtd X R X
TheGardensofBagatelleLtd X A X A
BagapropLtd R X X X R X A R
C-Chairman X-Inofficeasdirector A-Appointedasdirector R-Resignedasdirector
ANNUAL REPORT 2016 - Rogers122
C-Chairman X-Inofficeasdirector A-Appointedasdirector R-Resignedasdirector
REALESTATE&AGRIBUSINESS
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CaseNoyaleLimitée X R X X X C X X X R X
CodeLimitée X
CompagnieSucrièreDeBelOmbreLimited X R X X X C X X X R X
LesVillasDeBelOmbreLtée X R A X R X X R R X
VillasValricheResortLtd R R X A R A R R R A
Directors of Subsidiary Companies
Rogers - ANNUAL REPORT 2016 123
FINANCIALSERVICES
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KrossBorderBusinessServicesLtd A A A
KrossBorderCorporateServicesLtd X X A R C X X X
KrossBorderCorporateServices(Singapore)PteLimited R R R A A X A
KrossBorderSpecialistServicesLtd R R X A A
KrossBorderInsuranceServicesLtd R X A A R A
KrossBorderFinancialServicesLtd X X R A A A A
KrossBorderHoldingsLtd R R A A A R X
RogersAssetManagementLtd X A A C R A
RogersCapitalLtd X X X X C X
RogersWealthManagementLtd X X
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RiverCourtNomineesLimited A A A
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C-Chairman X-Inofficeasdirector A-Appointedasdirector R-Resignedasdirector
ANNUAL REPORT 2016 - Rogers124
TECHNOLOGY
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C-Chairman X-Inofficeasdirector A-Appointedasdirector R-Resignedasdirector
Directors of Subsidiary Companies
OTHERINVESTMENTS
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MauritianCoal&AlliedServicesCo.Ltd X X X X X C
FleetInvestmentSupplyandHusbandryLtd X
RogersCorporateServicesLtd X
JacotetBayLimited X X X X X
Rogers - ANNUAL REPORT 2016 125