NEWS & MEDIA

Funding of Political Parties

In the context of the forthcoming by-election to be held on December 17, 2017, Business Mauritius invites its members to take cognizance of the contents of the Implementation Guidance on “Reporting with Integrity” of the National Code of Corporate Governance for Mauritius (2016) which came into effect on December 3, 2016 pursuant to GN 1804.

The Implementation Guidance with respect to Reporting with Integrity (Principle 6) states that:

“It is the responsibility of the Board to decide whether the organisation should make donations to charities, political parties or other causes.  Any donations or funding should be within the law and in the interests of the organisation.  A donation includes gifts of money or other property, any sponsorship, membership subscription or fee, the payment of expenses; and the provision of services, facilities or loans other than on commercial terms.  Political contributions include any expenditure incurred by the organisation for the preparation and distribution of publicity material for any political party or organisation or independent candidate or for any other activities that could reasonably be regarded as intended to affect public support for a political party or organisation or independent candidate.

If the Directors decide that it is appropriate to provide funds for charitable or political parties or causes, then that contribution should be declared in the annual report.  Boards are encouraged to provide details of each contribution”.

In furtherance of the commitment of the business community to enhance transparency, BM invites all companies, deciding to fund any political party to comply with the Implementation Guidance on “Reporting with Integrity”, (Principle 6) of the National Code of Corporate Governance for Mauritius (2016).