BIZweek n°310 2 oct 2020
BIZweek n°310 2 oct 2020
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  • Parution : n°310 de 2 oct 2020

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  • Editeur : Capital Publications Ltd

  • Format : (260 x 370) mm

  • Nombre de pages : 10

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VENDREDI 02 OCTOBRE 2020 BIZWEEK ÉDITION 310 SANJEEVE JHURRY Sustainability Manager Bank One Irs Increased credibility and gain in reputation Lower risk and better returns Increased value to stakeholder Potential for business development POST SCRIPTUM THOUGHT LEADERSHIP PIECE Banking on Sustainability Sustainability has been a buzzword in recent years, but what does the termsustainability really entail for the banking sector ? Taking International Finance Corporation’s (IFC) apt definition for this sector, they define sustainability as « ensuring long-termbusiness success while contributing toward economic and social development, a healthy environment, and a stable society. » Today, events like economic and environmental disasters, geopolitical tensions, depletion of natural resources and pandemics have deep economic and social consequences around the world and our little Mauritius is not being sparedeither. The private sector at large has understood that sustainability is not limited to the creation of financial and economic value but also encompasses broader objectives such as longtermenvironmental and social value for their stakeholders, which includes shareholders, employees, customers, suppliers, media, communities, and public-sector partners – with particular consideration for the needs of future generations. A clear global trend has emerged in the last couple of years and Mauritius is now slowly but surely following the same trend – in other words, following the global transition towards sustainability-driven economies. Many industries acknowledge that the element of sustainability is now becoming an essential criterion of competitive advantage that they can no longer ignore. Sustainability and Finance  : The crucial role of the Mauritian banking sector The Mauritian banking sector as a major provider of finance for all businesses, regardless of shapes and sizes, plays a pivotal role in promoting environmental and social sustainability acrossindustries, sectors and communities. Let us not underestimate the influence of the banking sector in positively shaping their clients’environmental and social actions through their products and services. Over the years, traditional banks have launched a plethora of retail and corporate banking green products such as green car loans, green mortgages or green debit cards. Around the world, the demands for such products and other financial instruments such as green bonds are on the rise thus creating an array of opportunities for banks and other financial institutions towards both customers and investors. Creating Business Value through Environmental and Social Management Demand by investors Banks/clients facing liability claims Non-performing loan experience Demand by clients Considering sustainability issues For banks, only adopting the ‘traditional’risk management models (which includes financial and credit risks assessment framework) will not be sufficient to target new markets and generate profits. However, if a bank effectively manages social and environmental opportunities alongside risks, they will be in a better position to create long-termvalue for their businesses. Although we need to bear in mind that pursuing sustainability-related opportunities alone would not help to reduce the bank’s environmental and social risks ! One may tend to think that that the financial sector in itself does not pollute much or have a high negative social impact as compared to other industries such as manufacturing or non-renewable energy. Yet, did you know that more than 90 percent of a bank’s environmental and social footprint is accounted indirectly through its lending facilities to clients ? According to The Economist, investing with an eye on environmental and social issues, rather than just financial returns, is becoming more mainstream. The World is now entering into a ‘sustainable banking era’and according to the Global Sustainable Investment Alliance (GSIA), USD 31trn or 34% of allassets under management in 2018 were in ‘socially responsible investments’that take into account environmental, social and governance (ESG) issues. In the local context and in particular at Bank One, we are fully cognizant of this changing business landscape and we are thrilled to have recently embarked on a new transformational journey to place sustainability at the very heart of our business. With the close support of a major Development Finance Institution (DFI), we are working towards a systematic approach in the formof an Environmental & Social Management System (ESMS) that is fully integrated into our core processes and operations. There is stilla long way to go but Bank One laying the groundwork for a strategy to create longtermvalue through sustainable banking practices. It means that the Bank will be providing products and services only to those customers that take into consideration the environmental and social impact of their activities. Bank One is fully prepared for the journey ahead and is gearing for the adoption of sustainability as a holistic approach. This entails capacity building and training as wellas setting measurements and standards of performance across the bank. The Environmental & Social Risk Management Framework willact as a complement the other risk management models already in place (ex. operational risk management, credit risk management, etc.). Moreover, an efficient Social & Environmental Risk Management Framework will definitely improve the quality of our client portfolio, lower credit and compliance risk and ultimately the cost of doing business. We believethat pursuing innovative financial solutions and products generates new markets with new clients that have a soft spot for sustainable solutions. The importance of a strong regulatory framework on the sustainability front for the banking sector in Mauritius. Our domestic banking system has a strong regulatory framework but, until recently, we were lagging behind compared to some of our African peers when it comes to understanding and managing climate-related risks in the financial sector. However, we are pleased to note that things are moving rapidly in this space, as the BOM became a full-fledged member of the Network of Central Banks and Supervisors for Greening the Financial System (NGFS) in July 2020. The NGFS is a platformthat promotes the sharing of experience and best practices among central banks and supervisors to address climate risk management. The network also enables its members to work together for a green and sustainable financial system. I believethat having a strong banking regulation framework with a clear focus on the Sustainable Development agenda is vital in today’s fast-changing environmental and business context. Having the support of the BOM will definitely encourage banks to embed the concept of a greener banking sector in Mauritius in line with the United Nations Sustainable Development Goals and the Paris Agreement. 8
VENDREDI 02 OCTOBRE 2020 BIZWEEK ÉDITION 310 DEBRIEF MAURITIUS INSTITUTE OF PROFESSIONAL ACCOUNTANTS Chartered accountants will be key to COVID-19 recovery The accountancy profession must play a key role in helping Mauritian businesses recover from the impact of COVID-19, according to professional accountancy bodies ICAEW (the Institute of Chartered Accountants of England and Wales) and the Mauritius Institute for Professional Accountants (MIPA) ICAEW and MIPA stressed the importance of chartered accountants to economic recovery at a joint event they held virtually on Thursday 17 September, which brought together more than 300 professionals working in accountancy and in business, to discuss the effect the coronavirus pandemic has had on the Mauritian economy. ICAEW and MIPA highlighted how accountants were essential in helping to advise businesses and people about what government support was available and ensure they received the help they were entitled to. The two professional bodies will support their members in continuing to give businesses and the government the best guidance on how to face the challenges created by the pandemic. Speakers during the event included MIPA Chief Executive Officer Sudhir Newaj, ICAEW President David Matthews, PwC Mauritius Senior Partner Anthony Leung Shing, EY Mauritius Managing Partner Gerald Lincoln, and Pierre Dinan Economic Consultant. David Matthews, ICAEW President, said  : « The COVID-19 pandemic is primarily a global health crisis, but it is also an economic crisis, the likes of which none of us have ever seen before. The economies which will have the best chances of strong recoveries will be those where people can trust data, leaders can make well-informeddecisions, public finances are transparent, and businesses are accountable. Accountants and their measuring and analysing skills will be key to ensuring this, and we are pleased to work with MIPA to make sure accountants in Mauritius are well-prepared. » Sudhir Newaj, MIPA Chief Executive Officer, said  : « MIPA is delighted to have collaborated with the ICAEW to organise this event. The discussions provided participants with pertinent insights on the impact of COVID 19 on the economy and the country as a whole, and it was very fruitful, constructive and productive. » The speakers also discussed the consequences of the Mauritian Government-ordered lockdown, how the country’s tourism sector will recover, and how auditors have been able to adapt audit procedures which required them to be physically present in businesses. ACCA Mauritius récompense les meilleurs étudiants de l’année Une trentaine d’étudiants mauriciens qui ont réalisé les meilleurs résultats aux examens de l’Association of Chartered Certified Accountants (ACCA) en septembre et décembre 2019 ainsi qu’en mars 2020 ont été récompensés par ACCA Mauritius le 30 septembre 2020 à la High Achievers Celebration organisée au Westin Turtle Bay Resort & Spa, Mauritius, à Balaclava. Lors de cette High Achievers Celebration, des shields ont été offerts aux étudiants qui ont été classés 1er, 2ème et 3ème en général au niveau national ou qui ont obtenu les meilleurs résultats dans chaque module aux trois derniers examens de l’ACCA. Parmi ces étudiants, quatre ont obtenu des résultats qui les placent dans le ‘Top 5’mondial dans un ‘Paper’(examen) de l’ACCA. Deux autres se sont classés dans le ‘Top 10’. Lutte contre le cancer  : CIDP aux côtés des DunienZîl durant leur tour de Maurice à pied Après presque un mois passé sur les routes, Laurent, Amélie, Victor et Raphaël ont complété leur tour de Maurice à pied le dimanche 20 septembre. La famille d’Unienville, plus connue comme Les DunienZîl, avait en effet pris la route le 24 août dernier. Au-delà du défi physique, l’objectif de cette initiative était de lever des fonds pour Link to Life, et ainsi permettre à cette ONG de poursuivre ses programmes de soutien et d’accompagnement destinés aux personnes atteintes de cancer. Sensible à cette cause, le Centre International de Développement Pharmaceutique (CIDP) a tenu à être à leurs côtés pour les encourager. C’est ainsi qu’une équipe d’employés a rejoint Les DunienZîl le 13 septembre sur le parcours Le Bouchon - Bénarès, ensemble ils ont parcouru plus de 18 km. Ce tour de l’île à pied a permis de récolter Rs 900 000, somme qui a été entièrement reversée à l’ONG. Le Buddha-Bar Beach primé pour son design aux International Hotel & Property Awards 2020 Le restaurant Buddha-Bar Beach a remporté les International Hotel & Property Awards 2020 dans la catégorie ‘Restaurant within a hotel – Global winner’. Design et Al est l’un des principaux magazines de design d’intérieur au Royaume-Uni. Les International Hotel & Property Awards proposent un certain nombre de catégories qui récompensent principalement le design des hôtels et la décoration intérieure entre autres. Ouvert le 14 décembre 2018, le Buddha Bar, premier Buddha Bar Beach à l’Ile Maurice, est plébiscité notamment pour son design signé Paul Bishop. DISNEY+ rejoint les offres CANAL+ à partir d’aujourd’hui A compter d’aujourd’hui, 2 octobre 2020, MC Vision/CANAL+ Maurice propose Disney+ à ses abonnés, ayant le service PLAY avec le décodeur 4K-ULTRA HD. PLAY offre un vaste catalogue de plus de 20 000 films, séries, documentaires, programmes Bollywood et programmes pour enfants à regarder à tout moment. Avec Disney+, les abonnés profiteront d’une grande variété de longs-métrages originaux, de documentaires, de séries en prises de vues réelles et animées et de courts métrages, en plus d’un accès sans précédent à l’incomparable catalogue de films et de contenus TV issus des 5 marques Disney, Pixar, Marvel, Star Wars et National Geographic et plus encore. Les abonnés pourront aussi profiter de l’intégralité des contenus Disney+ avec myCANAL et sur leur TV avec PLAY et le décodeur 4K-ULTRA HD. Long Beach  : Le restaurant Hasu et Shores Bar accueillent à nouveau à partir du 9 octobre Long Beach, hôtel de la côte-est, a annoncé la réouverture de son restaurant japonais Hasu ainsi que le Shores Bar dès le 9 octobre, tous les vendredis et samedis. Le Shores Bar permettra de se détendre tout en sirotant un cocktail avant de passer au dîner. Profitez de l’offre « Happy Hour » entre 17 h et 19h sur une sélection de boissons. Un DJ et un groupe de musique sera aussi sur place pour animer toute la soirée. 9

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