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Board Composition
The Board of Directors of MauBank Ltd consists of the following members:
The Board of Directors is responsible for the overall direction, supervision and control of the Bank. Specific responsibilities of the Board include laying down and approving the business objectives of the Bank, approving strategies and policies which need to be pursued in order to achieve these objectives, and reviewing on an on-going basis the performance of the Bank in relation to its stated objectives as well as adherence to policies.
Click here to view the Charter & Terms of Reference of the Board of Directors.
Profile of Directors
Sanjay Matadeen is an economist and business consultant with over 25 years of experience in international trade, economic analysis, policy formulation, and private-sector development. He has held roles at Kemp Chatteris, Bank of Baroda, Enterprise Mauritius, and Middlesex University. He has worked with international organisations, including the European Union Delegation and the Commonwealth Secretariat, and has undertaken international assignments in Kenya, Tanzania, Uganda and the United Kingdom. He holds a BSc (Hons) in Economics, an MSc in Information Technology with Management, a Master of Business Administration (MBA), and an MSc in International Trade and Trade Law from Lund University, Sweden.
Ramduth Luchoo is a retired senior tax administration professional with over 35 years of experience in revenue management and public‑sector governance. He began his career in 1983 at the Income Tax Department, where he rose to the position of Principal Inspector of Taxes, and later served at the Mauritius Revenue Authority as Technical Officer until his retirement in 2019. He holds a B. Com (Hons) from Delhi University and an MBA from MANCOSA. His professional training includes advanced bookkeeping and accounts, personnel management, and internal auditing techniques. He led training programs for Revenue Officers with a view to enhancing expertise in tax assessments, auditing practices and effective policy implementation. Besides his unwavering commitment to public service, he is also engaged in various community policing initiatives. He brings to the Board extensive expertise in taxation, compliance, internal controls, and administrative processes.
Geerish Beeharry is a senior business leader with over 20 years of experience in project management, digital transformation, IT governance, and corporate governance across the hospitality sector. He currently serves as Project Manager at Constance Hotels & Resorts, where he has led complex infrastructure and technology projects across the Indian Ocean region. Throughout his career, he has implemented robust IT governance policies to enhance data security and reduce compliance risks, and brings relevant experience in risk management and regulatory compliance to the Board. He holds a BSc (Hons) in Computer Science from the University of Mauritius, a Certificate in High Impact Leadership from the Cambridge Institute for Sustainability Leadership, and is a Member of the Mauritius Institute of Directors.
Anand Bhugun is a seasoned banking professional with over 43 years of experience within the SBM Group, having joined at its inception in 1973. He has held several senior leadership positions across both Banking and Non-Banking clusters, with strong expertise in operations management, credit, risk control, and service excellence. Mr. Bhugun has played a key role in major transformation initiatives, including credit transformation, change management, and core banking system implementation. He holds an MBA from Heriot-Watt University and is widely recognised for his integrity, strategic insight, and people-focused leadership.
Shahannah Abdoolakhan is the Founder and Chief Executive Officer of Abler Group, an independent risk and compliance advisory firm with operations in Mauritius and the UAE, supporting clients across Europe, the Middle East, Africa and offshore jurisdictions. She brings over 23 years of experience in financial crime compliance, governance and risk management, with deep expertise in AML/CFT and counter-proliferation financing. She has advised boards, financial institutions and global corporate service providers on complex regulatory and cross-border risk matters, including compliance transformation, regulatory remediation and governance frameworks. In addition to her executive role, Shahannah serves as a Non-Executive Director and Chair of Audit and Risk Committees, contributing strategic oversight, independent judgment and regulatory insight at board level. She is also an active contributor to industry dialogue on regulatory developments and financial integrity.
Rooben Armoogum is a Chartered Accountant with over 20 years of international experience in finance, taxation, and corporate services. He has proven expertise in financial reporting, tax compliance, and business advisory, with a strong track record of supporting both local and global organisations, including FIFA. He currently manages a diverse client portfolio, acting in various capacities such as Director, Company Secretary, and Accountant, and provides tailored solutions for business structuring and regulatory compliance. His competencies include budgeting, forecasting, and risk management, underpinned by a pragmatic and commercially focused approach. He is committed to building strong stakeholder relationships and navigating complex regulatory environments, bringing a combination of technical expertise, leadership, and strategic insight to drive business performance and sustainable growth.
Yousouf Ramjan reckons more than fifty years of experience in the field of Accounting, Taxation and Auditing. He started his career working as an Accountant for 7 years at Lam Po Tang Co Ltd and then for 9 years at Bonair Group. He then started his own Accounting Firm in 1993 and has since then been the Accountant and Tax Advisor to several type of businesses, representing them at the Mauritius Revenue Authority and Assessment Review Committee (now Revenue Tribunal).
Corporate Governance
Corporate Governance involves a set of relationships between MauBank’s management, board, shareholders and other stakeholders. Effective corporate governance practices are essential to achieve and maintain high level of public trust and confidence in the banking system. The Bank is mainly guided by the Bank of Mauritius Guideline on Corporate Governance and the National Code of Corporate Governance on governance matters.
The Board of MauBank Ltd (‘Bank’) is fully committed to attaining and maintaining the highest standards of corporate governance. It has all the powers for managing, directing and supervising the Management of the business and affairs of the Bank.
View the Constitution of the Bank
The Board has constituted the following committees to assist effective implementation of its responsibilities;
The Audit Committee’s principle function is to oversee the Bank’s financial reporting process, monitor the internal control systems, review financial statements, provide support to the Board of directors on compliance, audit and financial matters, oversee performance of external and internal auditors of the Bank, and review internal and external inspection reports.
The Audit Committee shall be appointed by the Board and shall be made up of at least three (3) members who shall comprise of only independent directors.
Responsibilities of the Audit Committee
The Audit Committee’s responsibilities, among others, include:
- Approve the risk-based audit plans of the internal and external auditors which address all activities over a measurable cycle and the work of external and internal auditors is coordinated.
- Recommend to shareholders, through the Board, the appointment, removal and remuneration of external auditors. It should approve the engagement letter setting out the scope and terms of external audit.
- Assess periodically the skills, resources and independence of the external audit firm and its practices for quality control.
- Assess whether the accounting practices of the auditee are appropriate and within the bounds of acceptable practice.
- Discuss with senior management and external auditors the overall results of the audit, the quality of financial statements and any concerns raised by external auditors.
The Board Investment & Credit Committee (BICC) mandate is to act as the credit sanctioning authority of the Bank on behalf of the Board and ensure compliance to the Credit Risk Policy (“CRP”) of the Bank at all times. The Committee shall have the authority to make a final decision on approval or rejection of proposed requests/transactions as well as to establish general lending parameters in accordance with its powers.
Members of the Committee shall be appointed by the Board and shall be made up of at least three (3) members, consisting of a majority of independent or non-executive directors and may include the CEO.
Responsibilities of the Board Investment & Credit Committee
The Board Investment & Credit Committee’s responsibilities, among others, include:
- To ensure that concentration of credit risks is within the Bank’s risk tolerance.
- Consider and approve all credit facilities exceeding the delegated authority of the Management Investment & Credit Committee (MICC) as set out in the CRP.
- Consider and approve the restructure of credit facilities as per the CRP.
- Consider and approve, amend, withdraw all credit financing schemes of the Bank.
- Ensure that all facilities advanced are in accordance with the Bank’s defined overall credit risk strategy while adhering to the Bank’s Credit Risk Policy (CRP) and any Guidelines from the Bank of Mauritius.
- Ensure that any deviations / exceptions to policies are communicated to the Board for corrective actions to be taken.
- Review the credit policies and procedures periodically to ensure their continuing adequacy and enforcement, in the best interests of the Bank
The role of the Board Risk Management Committee (BRMC) has the responsibility to advise the Board on the financial institution’s overall current and future risk appetite, tolerance and strategy and oversee Senior Management’s implementation of the risk appetite framework and reporting on the state of risk culture in the Bank.
Members of this Committee shall be appointed by the Board and shall be made up of at least three (3) independent or non-executive members with a reasonable number having an adequate familiarity with risk management. The Chief Executive Officer shall be a member of this Committee.
Responsibilities of the Board Risk Management Committee
The Board Risk Management Committee’s responsibilities, among others, include:
- Advise the Board on the Bank’s overall current and future risk appetite tolerance and strategy.
- Recommend the Board on appropriate risk appetite framework for the Bank which shall be consistent with the Bank’s short term and long-term strategic plan.
- Identify the principle risks, including but not limited to credit, market, liquidity, operational, compliance and regulatory and reputational risks and the actions taken to mitigate them.
- Review the Bank’s key credit related management and stress testing reports.
- Monitor the Bank’s compliance with regulatory capital adequacy requirements taking into account ICAAP implementation.
- Appoint a Chief Risk Officer who, among others, shall provide assurance that the oversight of risk management is independent from operational management and is adequately resourced with proper visibility and status in the organisation.
- Require the Chief Risk Officer to provide regular reports to the Committee, senior management and the Board on his activities and findings relating to the institution’s risk appetite framework.
The Nomination and Remuneration Committee (REMCO) has the responsibility of selecting competent and qualified personnel and making recommendations to the Board. The Committee aims to retain and attract qualified and experienced personnel for the smooth running of the organisation.
Members of the Committee shall be appointed by the Board and shall be made up of at least three (3) members, consisting of a majority of independent or non-executive directors.
Responsibilities of the Nomination and Remuneration Committee
The Nomination and Remuneration Committee’s responsibilities, among others, include:
- Recommend to the Board candidates for Board positions, including the chair of the Board and chairs of the Board Committees.
- Recommend criteria for the selection of board members and criteria for the evaluation of their performance.
- Prepare for approval of the Board, the remuneration and compensation package for directors, senior manager and other key personnel.
- Recommend to the Board, and incentive package, as necessary, to enhance staff performance, while ensuring that incentives embedded within remuneration structures do not incentivise staff to take excessive risk.
- Approve remuneration and compensation frameworks, reward, talent management and performance appraisal structures.
- Review and approve design of pensions and other benefits.
The Committee is responsible to determine, agree and develop the bank’s general policy on corporate governance in accordance with applicable Code of Corporate Governance and legislations. It should also ensure that the corporate governance report and disclosures to be published in the bank’s annual report is in compliance with provisions of the Code of Corporate Governance.
Members of the Committee shall be appointed by the Board and shall be made up of at least three (3) non-executive directors.
Responsibilities of the Corporate Governance Committee
The Corporate Governance Committee’s responsibilities, among others, include:
- Determine, agree and develop the Bank’s general policy on corporate governance in accordance with applicable Code of Corporate Governance and legislations.
- Ensure that the corporate governance report to be published in the Bank’s annual report is in compliance with provisions of the Code of Corporate Governance.
- Ensure that disclosures are made in the annual report in compliance with the disclosure provisions in the Code of Corporate Governance.
- Consider any other corporate governance matters as directed by the Board.
The Procurement Committee reviews certain revenue and capital expenditures of the Bank to ensure that the Bank’s expenditure is appropriate in the pursuit of the Bank’s operations.
Responsibilities of the Procurement committee
- Consider and approve the following capital and operational expenditures for the smooth running and operation of the Bank:
- Expenditure within approved annual budget for an amount of MUR 5M and up to MUR 25M.
- Expenditure that is not budgeted for an amount of MUR 1M and up to MUR 10M.
- Any other unforeseen expenditure not exceeding MUR 3M.
- Notwithstanding paragraph 8.1.1, the Committee may in its discretion consider and approve any of the above expenditures provided that the amount of such expenditures do not exceed 10% of the applicable threshold.
- Examine and recommend to the Board any unbudgeted expenditure exceeding MUR 10M and advise the Board on the financial and other resource implications.
- Review and make appropriate recommendations to the Board with respect to budgeted expenditure exceeding MUR 25M.
- Approve the list of preferred/prequalified suppliers/service providers of goods, works and service.
- Evaluate and make recommendation to the Board on any acquisition or disposal and/or any undertaking or part of any undertaking of the Bank.
- Approve any emergency procurements.
- Monitor, evaluate and review management’s procedures for procurement, on a regular basis and the controls in place to ensure value for money and determine and set inbuilt accountability parameters for management in case of failure.
- Review the Procurement Policy for recommendation to the Board.
The Board Cybersecurity Committee (BCSC) is mandated by the Board to assist the Bank in fulfilling its cybersecurity risks management and control responsibilities. In doing so, the Committee will ensure cybersecurity is managed in a manner consistent with the Bank’s strategic objectives, regulatory requirements and its approved operational risk appetite. Members of the Committee shall be appointed by the Board and shall be made up of at least three [3] independent or non – executive members with a reasonable number having an adequate familiarity with. Information/cyber security. The Chief Executive Officer of the Bank shall be a member of the BCSC.
The duties of the Board Cybersecurity Committee (BCSC) shall include the following:
- Advise the Board on the Bank’s overall current and future cybersecurity and information security risk strategy, risk appetite and tolerance.
- Oversee Senior Management’s implementation of the cybersecurity and information security risk appetite framework and reporting on the state of cybersecurity and information security culture in the Bank.
- Review the Bank’s compliance with regulatory requirement including cloud base outsourcing.
- Consider and approve recommendations in respect to cybersecurity and information security related matters.
- Ensure adequacy of resources and funding for cybersecurity and information security related activities and projects.
- Ensure that the cybersecurity and Information security and risk management function in their role as second line of defense are independent of operations.
- Review and approve policies/frameworks related to Information/cyber security.
- Receive and review periodic reports on controls for information/cyber-risk metrics and information/cyber risk assessments together with preparedness on incident response and disaster recovery capabilities.