MAURITIUS Law and Practice Contributed by: Valerie Bisasur, Jean-Vincent Dacruz and Shane Mungur, BLC Robert & Associates
The Code of Ethics and Code of Banking Practice The Code of Ethics and Code of Banking Prac - tice was issued by the Mauritius Bankers Asso - ciation (MBA), the association regrouping all banks registered in Mauritius. The professional codes that have been issued by the MBA aim at more transparency, respectively by: • setting out a common set of universally acclaimed principles pertinent to all banks, over and above those that they subscribe to as part of their internal Code of Ethics, with a view to further developing the commitment of the banking industry towards its customers and the community at large through best ethi - cal standards, and with the aim of continuing to improve bank-customer relationships; and • fostering good banking practices and enhancing the relationship and communica - tion between banks and customers. The Codes include a statement of adherence by all members of the MBA to the underlying principles relating to corporate governance in line with the Code of Corporate Governance for Mauritius and the BoM Guidelines. In addition, Section 64(1) of the Banking Act requires senior officers and directors of banks to be bound by an oath of confidentiality in a form prescribed in the Schedule of the Banking Act. 4.2 Registration and Oversight of Senior Management The Banking Act provides for the requirements applicable to the appointment and supervision of directors and of senior officers of banks, as well as to their disqualification. Senior officers include: • the CEO; • the deputy CEO;
• the chief operating offer; • the chief financial officer; • the secretary; • the treasurer; • the chief internal auditor; and
• managers of a significant business unit of the bank, or persons with similar positions and responsibilities. The Banking Act sets out the principles of a fit and proper person, which the BoM must be sat - isfied of at the time of approving the appoint - ment and reappointment of directors and sen - ior officers. The BoM must be notified and its approval requested at least 20 days before the date of appointment or re-appointment of the person. The notice must be accompanied by a certificate of good conduct, and the BoM must be satisfied of the fitness and probity of the pro - posed candidate. The BoM issued a Guideline detailing the fit and proper criteria for the assessment of the fitness and probity of directors, senior officers and shareholders holding a significant interest. The Guideline contains a questionnaire, which must be completed by any applicant and submitted to the BoM for its assessment prior to obtaining approval. According to the Guideline, a fit and proper person is a person who, when subjected to the criteria of the Guideline together with any other criteria prescribed by the board of directors, pre - sents the likelihood of their being in a position to discharge their responsibilities in a competent, honest and correct manner in the best interests of the institution. The key criteria (further detailed in the Guideline) that should apply and be demonstrated over time to the BoM are:
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