The Bank has outsourced its secretarial functions to IBL Corporate Services Ltd.
The strategy is to offer competitive remuneration and compensation packages throughout the Bank; individual rewards are a reflection of overall performance; this has proven to be a proactive way to both reward and retain our talent.
INCENTIVE STRUCTURE OF THE BANK, REMUNERATION POLICIES AND EXECUTIVE COMPENSATION
With the ‘Bank Different’ approach, the experience within the senior management team and the support from the Board of Directors has once again helped us produce fantastic results. As well as offering competitive remuneration and compensation packages, the values and culture within AfrAsia Bank Limited are ensuring its continued success. The Bank’s balanced scorecard approach to performance management helps ensure development, feedback and continued growth for individuals and the organisation. With over 180 employees both locally and overseas, some key HR goals for the year included:
Reward & retain talent
- As well as seeking out the best talent, at AfrAsia Bank Limited, high performing individuals are recognised and rewarded through feedback, promotions and other non-financial rewards
- ROERS (Return on Equity Reward Scheme) has proven to be well received by the Board of Directors and the employees. From the outset, the ROERS Scheme was expected to be a tool to both reward and retain the best talent. The Bank is pleased to note that this is the case, as its employee turnover continues to be within industry norms
The Bank aims to develop future leaders at all levels in its business.
Provide growth through career opportunities and training:
- The Bank aims to develop future leaders at all levels in its business; over 16 employees were promoted to higher positions.
- With unemployment amongst the youth increasing and many fresh graduates finding it difficult to secure work, the Bank has taken a proactive approach to providing over 37 students the opportunity to undergo internships over the last 12 months; some of these students have been earmarked for roles within the Bank upon their graduation
- The Bank policies and practices are reviewed every year to help ensure that it is all inclusive and provides equal opportunities. AfrAsia Bank Limited are working with the Ministry of Finance via the Youth Empowerment Programme scheme and Training and Employment of Disabled Persons Board to help improve the availability of information in relation to job opportunities within the Bank
- The Bank has noted an increasing number of Mauritians returning from overseas; a new talent pool is emerging. Our strong presence online, international and local branding have helped us tap into this global talent pool.
‘Protect’ THE unique culture through THE BANK’S values employee engagement
- Results of the employee engagement survey were cascaded during a face to face communication event and high level results are available on the Bank’s website
- There’s a risk of culture dilution when new businesses come into the corporate structure (i.e. AfrAsia Capital Management and AfrAsia Corporate Finance); early engagement, alignment of policies, joint activities and communication have enabled the protection of the Bank’s unique culture and values
- The Bank’s social committee, The AfrAsians, planned and organized a variety of social events and activities throughout the year. Anyone can be part of this very dynamic team that allows members to demonstrate leadership and management skills they might not have the opportunity to show in their day to day role. The AfrAsian’s help new colleagues to become more involved and integrated into the ‘Bank Different’ culture
- In addition to this, the Health & Safety Committee organises activities that focus on wellbeing in the workplace; these are always appreciated by the employees
- More strategies are planned for the coming year as the brand continues to grow in Mauritius and globally
Continue to improve internal communication
- Information sharing is an important part of AfrAsia Bank’s culture; the CEO presents high level results, strategy and introduces new initiatives through regular roadshows. Feedback from these events is used when preparing for the next event
- ‘The AfrAsian’ newsletter is circulated for general information to colleagues and clients. We also have a dedicated email address for feedback and suggestion boxes in communal areas. These touch points, along with our open door style of management, help make AfrAsia Bank Limited a great place to work
MATERIAL CLAUSES OF CONSTITUTION
Article 21.2 of the Bank’s Constitution provides for a list of matters which is subject to special resolutions of the voting shareholders of the Bank and the prior approval of Société de Promotion et de la Participation pour la Coopération Economique S.A.
The provisions of the current shareholders’ agreement have been replicated in the Bank’s Constitution.
The current shareholders agreement is between Société de Promotion et de la Participation pour la Coopération Economique S.A., GML Investissement Ltée, GML Ineo Ltée, Intrasia Capital Pte Ltd, Matalla Holdings Limited Pension Fund, C I Industries Retirement Fund and McPin Foundation.
There is currently no significant contract between third parties with the Bank and its subsidiaries.
There is currently no management agreement between third parties with the Bank and its subsidiaries.
GIFTS AND DONATIONS
The Group and the Bank made MUR 671,391 of gifts and donations during the year ended 30 June 2014 (2013: MUR 271,746 / 2012: MUR 2,918,961).
The Group and the Bank did not make any political donations during the year ended 30 June 2014 (2013: Nil / 2012: Nil).
RELATED PARTY TRANSACTIONS
Please refer to the note on ‘Related Party Disclosures’ contained on Note 37 of the Annual Report