Mauritius has prioritised the promotion of responsible and ethical business practices to ensure that companies operating within its borders adhere to the highest standards of environmental stewardship, social responsibility, and corporate governance. By fostering a culture of transparency and accountability, the country is building trust with investors, consumers and communities.
The Minister of Financial Services and Good Governance, Mr Soomilduth Bholah, made this statement through videoconference, today, during the official launching ceremony of a two-day Pan-African Regulatory Roundtable on Sustainability Standards, organised by the Financial Reporting Council of Mauritius (FRC) at the Maritim Resort and Spa in Balaclava.
The Chief Executive Officer (CEO) of the FRC, Mr Viswajithsing Tuhobol; the Member of the International Sustainability Standards Board (ISSB) and Member of the International Financial Reporting Standards Foundation, Dr Ndidi Nnoli-Edozien; and other personalities were also present on this occasion.
In his address, Minister Bholah highlighted that this roundtable serves as a platform to discuss the importance of sustainability disclosure standards in unlocking capital flows to Africa, as well as the potential next steps in the region. This, he stated, comes at an opportune time as challenges posed by climate change, resource depletion, and social inequity are pressing.
Furthermore, the Financial Services Minister stressed on the imperative of recognising the pivotal role played by the Sustainability Standards S1 and S2, crafted by the ISSB. These standards, he pointed out, are not just mere guidelines but serve as beacons of clarity by helping investors in navigating the complexities of the market. According to him, these standards empower investors to make decisions rooted in knowledge and foresight by providing consistent and dependable data on the environmental, social, and governance practices of companies.
Minister Bholah nonetheless conceded that the journey towards sustainability cannot be undertaken in isolation and requires collaboration, cooperation, and collective action locally, regionally, and internationally. He thus reiterated the importance of gatherings such as this Pan-African roundtable as they provide an opportunity to share best practices, exchange ideas, and forge partnerships that will enable relevant stakeholders to overcome the challenges ahead.
As for FRC's CEO, Mr Viswajithsing Tuhobol, he underlined that the objectives of the two-day roundtable are to facilitate dialogue and knowledge sharing, foster Pan-African collaboration, develop a common plan for the capacity building support needed in implementing the ISSB Sustainability Standards S1 and S2, and strengthen African capital markets in a bid to unlock private sector funding in a way that supports local sustainability agendas. He moreover dwelt on the role that regulators play in the adoption of sustainability standards.
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For her part, Dr Nnoli-Edozien remarked that some 24 African countries have been brought together to discuss progress in terms of the adoption of the Sustainability Standards S1 and S2. Participants, she added, will have the opportunity to share views and discuss how the application of these standards will provide better information to investors so as to encourage them to invest in Africa.
