Le ministre des Services Financiers et de la Bonne Gouvernance a pris la parole lors de ce sommet organisé par la FSC en présence des Professeurs Ian Thomson et Colin Dey de l’Université de Dundee.
It is a privilege to be here at the FSC House and be associated with the launch of the ESG and Sustainability Reporting Summit.
As the world stands at crossroads of political, economic, social and environmental changes, there cannot be a more globally relevant conversation right now. Far beyond conversations on Saving the Planet, today discussions on Sustainability are about Saving Mankind.
I wish to commend so many Captains of Industry and professionals who have found time in their busy schedules to attend this event.
I understand that many of my confrères from the Accountancy Profession are here with us.
There are complex global challenges ahead of us and business will need the accounting and audit profession to provide leadership and guidance.
Financial reporting alone is no longer enough. Disclosure of sustainability information on economic, social and environmental performance is increasingly the Expected Practice so that companies and investors can properly price risk, measure performance, and identify market opportunities.Ladies and Gentlemen,
I also understand that many employers having embarked on the Sustainability Journey have signed up their People to attend this Summit. Sustainability skillsets are now very much sought-after and thus the need to nurture in-house, future-ready talent in this core area. We need a deep pool of skilled and adaptable talent. We must therefore invest in the skills and capabilities of our people and organisations.From the perspective of employees as well, it is a fact that the younger generation are more attracted to companies which take their Sustainability Agenda seriously.
I take the opportunity to thank the Financial Services Institute for giving employers and employees the opportunity to hear from international leaders and engage in robust discussions on ESG and Sustainability Reporting.
I wish here to express sincere gratitude to our distinguished speakers, Professor Ian Thomson and Professor Colin Dey from the University of Dundee for coming such a long way to share invaluable knowledge and experience with us.
On this long, arduous journey towards a better sustainable world, we need exceptional Path-Finders such as Professors Thomson and Dey who will venture ahead and show the rest of us the way. Thank you very much indeed for the trust and confidence you have placed in us. Thank you for trusting Mauritius as a Beacon of Hope in this part of the world.
I have been through the Agenda with much interest and I am certain that key takeaways will help businesses better understand the true essence of sustainability and more importantly, How It Connects to Them. In better appreciating the challenges and opportunities, we can build better resilience in face of external Risks.
Ladies and Gentlemen,
Mauritius is being increasingly recognised as a Centre for Sustainable Finance in the region.We have come a long way to reach here and Government is committed through various initiatives and actions to consolidate the position of our country. The list of committed measures is long. Allow me to mention a few salient initiatives.
We are in the process of starting the Review of the National Code of Corporate Governance ensuring that ESG principles are well embedded. This will not only strengthen our reputation as a responsible financial centre, but also unlock opportunities for sustainable investment and growth.
I have had the opportunity of mentioning in a previous public address that in the realm of governance, our Code is not just a document. It is a blueprint for integrity, transparency, and prosperity. This revised Code will be a cornerstone for shaping a future where prosperity goes hand-in-hand with sustainability.
The upcoming revision of the Code aims to align it with national priorities, the UN Sustainable Development Goals, the revised G20/OECD Principles of Corporate Governance, amongst others. Clarity and credibility in standards, Ladies and Gentlemen, are foundational to a trusted and sustainable financial centre.
Once reporting happens at corporate levels, it becomes much easier for governments to compile and collate this data to then measure progress against SDGs at national level.
Ladies and Gentlemen,
With the pressing climate agenda and a view to positioning Mauritius as an attractive jurisdiction for sustainable finance, the Bank of Mauritius published a Guide for the Issue of Sustainable Bonds in Mauritius. The Guide was issued with a view to assisting potential issuers in better understanding the legal and regulatory requirements for the issue of sustainable bonds and the listing of these bonds on exchanges licensed in Mauritius.The Financial Services Commission, on its part, published the ‘Guidelines on the issue of Corporate and Green bonds in Mauritius’. Both the BoM and FSC Guidelines demonstrate the jurisdiction’s commitment to best international practice and pursuing Government’s objective of being recognised as the Sustainable Finance Gateway into Africa.
Ladies and Gentlemen,
I am happy to say that the implementation of a comprehensive ESG framework is Work in Progress. We have received a grant from the African Development Bank for the development of our ESG Framework for Impactful Investment.
The principal objective of this project is to support the development of Mauritius’ ESG Framework to attract sustainable and impactful investments, further positioning the country as Africa’s financial hub. And this augurs so well in the context of the African Development Bank Group Statement in its Macroeconomic Performance and Outlook (MEO) that Africa will account for eleven of the world’s 20 fastest-growing economies in 2024.
By attracting green investment and fostering a sustainable and inclusive economy, Mauritius represents such a promising conduit for investments into these fast-growing economies of the Continent. Mauritius is all set in the pursuit of its ambition to become an inspiration for sustainable finance in Africa.Ladies and Gentlemen,
To add to these initiatives, the Ministry of Finance recently launched the Sustainable Finance Framework, a monumental step in our journey towards a more sustainable and resilient future. This framework will allow Government to channel funds into ventures such as renewable energy initiatives, social infrastructure development, and clean transportation projects.Ladies and Gentlemen, we are here today standing on the right side of history. We are here to help shape an important dialogue that will guide history. We have made a good start and are on a promising trajectory.
Ladies and Gentlemen
One Summit will not change the world. But this Summit can be a powerful moment to generate momentum. From Financial institutions, businesses, academia to government agencies, everyone here today has something to offer to the Sustainability Cause.
The sustainability movement is not new. But more than ever, there is today a definite call for a new level of leadership in sustainability. I therefore encourage you to use this opportunity for peer learning to share your experiences, forge partnerships, and put forward innovative ideas that can help drive meaningful change.Let us leave this Summit with a promise that the institutions that you lead will be engines of positive change partnering with the Government to shape the future Sustainability landscape that we all deserve.
I look forward to your continued contributions to grow the sustainability ecosystem of Mauritius. May our efforts today inspire more and more stakeholders to join the cause.
As the late former Secretary-General Kofi Annan once said, we must work tirelessly to achieve a better world that is free from fear… and free from want.
I hope you enjoy the Summit and find it informative and inspiring.
I thank you for your attention!
