The Board of Directors of The Mauritius Union Assurance Cy. Ltd (the Board) endorses the Code of Corporate Governance for Mauritius issued by the National Committee on Corporate Governance.
The Board advocates the conduct of business practices that display characteristics of good corporate governance, namely discipline, transparency, independence, accountability, fairness and social responsibility.
The directors further confirm that the Company has striven to comply, in all material respects, with the principles of the Code and has provided the necessary explanations where appropriate.
Catherine McIlraith, a Mauritian citizen, holds a Bachelor of Accountancy degree from the University of the Witwatersrand, Johannesburg, South Africa and has been a member of the South African Institute of Chartered Accountants since 1992. After serving her Articles at Ernst & Young in Johannesburg, Catherine then joined the Investment Banking industry and held senior positions in corporate and specialized finance for Ridge Corporate Finance, BoE NatWest and BoE Merchant Bank in Johannesburg. She returned to Mauritius in 2004 to join Investec Bank where she was Head of Banking until 2010.
Catherine is a Fellow Member of the Mauritius Institute of Directors (“MIoD”). She has served as an Independent Non-Executive Director and as a member of various Committees of a number of public and private companies in Mauritius including AfrAsia Bank Limited from 2011 to 2017. Catherine also served as a Director of MIoD for 5 years and as its Chairperson for 2 years from 2014 to 2016.
Directorships of listed companies: Astoria Limited, CIEL Limited, Grit Real Estate Income Group Limited and Les Gaz Industriels Limited
Mr Dominique Galea, born in 1952, holds a degree from HEC (Hautes Etudes Commericales, 77). He started his career in the clothing industry by setting up a buying office for overseas buyers (Kasa Textile Ltd). He has since diversified his activities by acquiring controlling stakes in Ducray Lenoir Ltd in 1988, and in Rey & Lenferna Ltd in 1998. He was appointed to the Board of The Mauritius Union Assurance Cy. Ltd in 2010 and was elected Chairman. Mr Galea is the Chairman of La Prudence (Mauricienne) Assurances Ltée, United Docks Ltd, Rey & Lenferna Ltd, Forges Tardieu Ltd and Phoenix Transafrica Holdings Ltd, Phoenix of East Africa Assurance Company Limited, and is a director of its three subsidiaries. He is also a director of Ascencia Ltd.
Directorship of listed companies: United Docks Ltd, Ascensia Ltd, Forges Tardieu Ltd.
Bertrand Casteres, born in 1978, holds a Master’s degree in applied mathematics, actuarial science and finance and an Executive MBA from HE C (Paris).
Mr Casteres has worked for major insurance companies in Europe. Before joining the Mauritius Union Group in January 2012 as head of internal audit, he worked in the internal audit department of Aviva Europe as audit senior manager in the financial management and actuarial audit department, conducting internal audit reviews in actuarial processes across Aviva’s European subsidiaries. He was also involved in the implementation of Solvency II EU Directive within the Aviva Group.
Mr Casteres was appointed CEO Designate of the Mauritius Union Assurance Cy Ltd on 1 January 2013 and CEO in January 2015.
Mr Vincent Ah Chuen, born in 1944, is the Managing Director of ABC Group of Companies. He was appointed to the Board of The Mauritius Union Assurance Cy. Ltd in 1992. He is the Chairman of Associated Brokers Ltd and a Director of La Prudence (Mauricienne) Assurances Ltée. Mr Ah Chuen is Chairman of Policy Ltd and also a Director of Les Moulins de La Concorde Ltée, ABC Motors Co. Ltd, New Goodwill Investment Ltd and is a Council Member of Sir J.Moilin Ah Chuen Foundation. He is also a director of Phoenix Transafrica Holdings Ltd, of Phoenix of East Africa Assurance Co Ltd and two of its subsidiaries.
Directorship of listed companies: POLICY Ltd, Les Moulins de La Concorde Ltée, ABC Motors Co Ltd.
Mr. Bouckaert born in 1946 holds a bachelor degree from the University of Louvain, Belgium.
He started his career at Arthur Andersen and joined the Chase Manhattan Bank in 1972 where he held various positions as Manager Commercial Banking Belgium, General Manager Chase Denmark, and General Manager Chase Belgium. In 1989, the Chase Manhattan sold most of its European operation to Credit Lyonnais where Mr. Bouckaert became CEO Belgium. He became in 1993 General Manager of the international operations of Crédit Lyonnais and was in charge of the divestiture of 21 banks of the group. Subsequently he joined AXA in 1999 where he was appointed General Manager of their Belgian acquisition “Royale Belge” (largest property/casualty company in Belgium) later rebranded Axa Belgium. In 2004 his responsibilities were extended to the northern region of AXA which comprises Belgium, Germany, Switzerland (with the acquisition of Winterthur), the central European countries, Ukraine and Russia. Mr Bouckaert became a member of the directoire of AXA in 2006. He retired from Axa in 2010 and was later asked by the Belgian government to preside over the Belgian arm of Dexia which had collapsed in 2011.
He left that responsibility in 2013 and now holds positions in several boards of non-quoted and quoted companies outside Mauritius.
Mrs Mélanie Faugier, born in 1980, is the Managing Director of Cottons Trading Ltd and Senior Homes Ltd. From June 2004 to July 2007, she was the Trading Manager of Thon des Mascareignes (which belongs to the IBL Group). She also worked for Schlumberger Oilfield Services in Equatorial Guinea and for Association Solidari’terre in Madagascar. Mrs Faugier was appointed to the Board of The Mauritius Union Assurance Cy. Ltd in July 2010. Mrs Faugier is a director of Phoenix Transafrica holdings, of Phoenix of East Africa Assurance Co Ltd and two of its subsidiaries.
Mrs Faugier holds a DEUG in economics from University of Paris I – Panthéon Sorbonne and an MSc in Management from EM Lyon School of Management
Mr Bruno de Froberville, born in 1962, is currently the General Manager and owner of Square Lines Ltd, a property development company. He has extensive knowledge of the building sector. From 2005 to 2008 he worked with La Prudence (Mauricienne) Assurances Ltée for property development. He was the general manager and owner of B.E.A.M. Ltd (a residential and industrial buildings company) between July 1994 and December 2004, and the manager of Building Art Ltd from July 1988 to June 1994. He was also the marketing manager of Loom Art Ltd, a manufacturer of hand-made carpets. He was appointed to the Board of The Mauritius Union Assurance Cy. Ltd in August 2010.
Mr de Froberville holds an MBA from the University of Birmingham, a Bachelor in Science with a Major in Marketing from Louisiana State University.
Directorship of listed companies: Mauritius Freeport Development Co Ltd
Mr. Angelo Letimier, born in 1948, is an experienced banking executive with international experience. He has enjoyed a stimulating career with MCB Ltd in two-times slots: 1966- 1992 and 2005 till today.
He was responsible for establishing the first Credit Card Program of Mauritius in 1988 and opening the Representative Office of the bank in Paris in 1990. In 1992, he joined MasterCard International Inc as Senior Vice President and General Manager Middle East & Africa Region based in Paris for 8 years.
Since he returned to Mauritius, he launched the first non- bank Credit Card operations for Rogers, now operating under the CIM Group. He was the General Manager of Cirne Financial Services from 2002 to 2004 now IPRO. He has also served as a director of Investec Bank (Mauritius) Ltd – 2000- 2004; Bramer Investment Management Co Ltd – 2000-2001; AXA Assistance Océan Indien – 2005-2010; Director of Happy World Ltd – 2004 to date.
In 2008, he created, as a subsidiary of the MCB Group, ICPS Ltd (International Card Processing Services Ltd), a company involved in all aspects of Card Processing for banks and financial institutions. He is the Managing Director of ICPS.
As from 2016, Mr. Letimier has been appointed as non- executive director of MCB Consulting Services and HPS Switch Morocco (The national switch for payment).
Mr Musbally, born in 1969, graduated in 1993 from City University, London, in Insurance & Investment. He holds an MBA from Imperial College, London, and is a Fellow of the Chartered Insurance Institute (FCII). He worked as Management Consultant at Kemp Chatteris Deloitte & Touche before joining La Prudence (Mauricienne) Assurances Ltée in 1997 to manage and develop its health insurance department, a post he held until 2004, when he was appointed Chief Operations Officer – General Insurance.
Mr Musbally kept the same position after the merger of the activities of Mauritius Union Assurance Cy Ltd with La Prudence (Mauricienne) Assurances Ltée in 2010, and in January 2012 he took the responsibility of the Underwriting Department of the General Insurance.
He was promoted to Head of the General Insurance cluster in January 2014.
In April 2016, Mr. Musbally has been appointed Group Managing Director of Phoenix of East Africa Assurance Company Limited.
Mr Mushtaq Oosman was a Partner in PwC Mauritius since 01 July 1991. He was primarily an Assurance Partner, also responsible for Business Recovery Services as well as the Chief Operating Partner for Mauritius. He has served on the Africa Central Governance Board and is well versed with the working and responsibilities of a Governance Board. Mr. Oosman has over 25 years professional experience in audit and financial advice, with a diversified portfolio of clients in sectors such as banking, insurance, manufacturing, sugar companies, the hospitality industry, betting operator, textiles and trading. He retired from PwC in November 2015. He trained and qualified as a Chartered Accountant with Sinclairs in the UK, joined Roger de Chazal & Partners (founders of Price Waterhouse in 1988 in Mauritius) and have been with PwC since then. Mr Oosman is a fellow of the Institute of Chartered Accountants in England and Wales.
Directorship in listed companies: ENL Land Ltd, Automatic Systems Ltd.