The Economic Development Board (EDB) is a statutory body set up under the Economic Development Board Act 2017, falling under the aegis of the Ministry of Finance, Economic Planning and Development.
EDB views good corporate governance practices as an integral part of performance for enabling success. As a parastatal body wholly owned by Government, EDB is committed to fulfilling its mandate in a manner which is consistent with good governance practices, particularly accountability, transparency, responsibility and ethics.
The direction, control and accountability of the business of EDB are vested in the Board.
Business is conducted in accordance with the provisions of the Economic Development Board Act 2017. other relevant statutory provisions, and the application of principles of good governance. All functions are exercised in good faith with due care and diligence, and in the best interest of EDB and its stakeholders.
The Directors of the Economic Development Board acknowledge their responsibilities for:
The external auditor (i.e., the Director of Audit, National Audit Office) is responsible for reporting on whether the financial statements are fairly presented.
Meetings of the Board are scheduled in advance and Board papers are circulated before the meeting. In order to ensure a synergy between Management and the Board, the Economic Development Board Act provides that the Chief Executive Officer is entitled to attend every meeting of the Board, except when the Board otherwise decides. This facilitates the implementation of policy decisions taken by the Board. The views and recommendations of the Board are also sought via e-circulation on operational matters, and subsequently ratified by the Board.
Mr. Ken Poonoosamy is Chief Executive Officer of the Economic Development Board. Mr. Poonoosamy has a solid academic and professional background with more than 20 years of experience in the fields of investment promotion and has implemented targeted promotional campaigns to access emerging markets with a view to spurring FDI inflows in the ICT/BPO, real estate, financial services, biotechnology, logistics, seafood, manufacturing and the Freeport sectors.
He is also a much-solicited adviser and speaker at international conferences on Africa-related investments, good governance for IPAs, ease-of-doing-business practices, shipping, seafood and logistics, amongst others. Moreover, he currently serves on the boards of several important government bodies. Mr. Poonoosamy also served in the Mauritius Freeport after having been in employment at Deloitte and Touche.
The main and most important asset of EDB is its human capital and the collective knowledge of all its staff. Accordingly, EDB is shaped to become a conducive environment where each employee is efficient, committed, and motivated.
With a view to creating more fairness, equity and transparency, a Human Resources Committee has been set up where HR issues are discussed in all fairness.
EDB has a concise Recruitment and Selection Policy whereby best talents are recruited. Furthermore, EDB adopts a structured and transparent recruitment process to help the organisation to integrate its employee-retention measures, thereby fostering growth for itself.
There are clearly defined HR policies and procedures within the organisation thus providing guidelines on employer -employee interaction, appropriate work behaviours, work schedules, employment laws, conflict resolution, disciplinary measures and health, and safety measures. These policies allow the employees to work together peacefully.
For the period from 1st July 2020 to 30th June 2021, EDB recruited 23 officers while 8 officers left the organisation.
We are an equal opportunity employer, and we are committed to attracting and retaining the best people. We believe that our people are the source of our success. We aim at motivating and compensating them by providing a competitive salary package along with related benefits.
Priority in recruitment is given to employees within the organisation and selection is based on the principle of meritocracy.
We also welcome external candidates for job openings at all levels of the organisation, especially when and where specific skills and expertise are being sought.
The individual performance is regularly and objectively measured in line with agreed objectives in order to promote a performance culture while ensuring individual growth and development.
EDB honours its responsibility in providing an ethical and safe working environment for its personnel. All EDB employees must adhere to stringent ethical standards and the highest level of professionalism at all times. As such every employee is informed to be cautious in whatever he does to avoid tarnishing the public image of the organisation. Every employee is required to maintain a high level of civility and good orderliness and refrain from any conduct that may adversely affect or impair the name and good repute of the organisation. Every employee is required to behave towards his colleagues, staff, customers, and the public in general with civility and respect, and without partiality or preference.
EDB is developing an internal Enterprise Risk Management system based on COSO framework which will include a handbook detailing all its policies and procedures.
EDB has subscribed to a medical insurance cover for its entire staff as well as 24-hour insurance cover in case of accidents for its entire staff.
EDB has developed a Human Resource Policy Manual that establishes the standard of conduct and ethics for its employees and provides guidance on employees’ professional obligations.
EDB participates to the Public Private Partnership Against Corruption (PPPAC) committee set up by the Independent Commission Against Corruption (ICAC). This Committee is responsible for developing and coordinating the implementation of the anti-corruption initiatives and programmes across organisations in Mauritius. In line with its recommendations, EDB is developing an anti-corruption policy based on the ICAC’s guidelines, which includes a Gift Policy which details the procedures to be followed in the handling of gifts.
EDB is committed to promoting work practices that preserve the environment. Sustainability can only be achieved through a concerted effort to minimize impact on the environment. EDB promotes a work environment with minimal paper utilization by the revamping of the existing CRM system.
The EDB Welfare committee aims to create a bond of solidarity and a spirit of satisfaction among the staff members, which in turn enhances the organisation climate. The Welfare Committee builds a healthy and happy working environment and foster good relationships among the staff.
EDB, in line with its commitment to providing and maintaining a healthy, safe, and secure working environment recruited a Health and Safety Officer (HSO) as required by Law. The key functions of the HSO include raising awareness of health and safety issues and ensuring that EDB personnel are aware of measures to be implemented and precautions to be taken to prevent workplace accidents and in improving the well-being of its staff.
Moreover, as part of the post COVID-19 lockdown, the HSO has been actively involved with the HR Department and the Audit & Compliance Department in ensuring that the offices of EDB was appropriately sanitised and warning signage in place for guiding and informing employees and visitors about hygienic precautions.
EDB is keeping itself alert to protect its employees. Renewed attention is being given to safety procedures especially while receiving visitors from abroad as from reopening of borders.
We are committed to a high level of project governance to ensure that resources allocated for information Systems and Technologies are effectively managed to deliver recognisable benefits and value to our stakeholders.
Through the implementation of the National E-Licensing System under its mandate, the EDB has conducted several digital transformations initiatives with ministries and other government agencies. Numerous e-licensing projects have been successfully operationalised during the past 2 years, and additional projects with other stakeholders are in-progress and in the pipeline.
The EDB has migrated to cloud-based services in order to modernise and enhance its electronic communications systems, office automation and collaboration systems. A contact centre and a dedicated IT Helpdesk service have been setup to enhance customer services.
EDB ensures that Information Systems and Information Technologies are regularly reviewed, assessed, and re-engineered to support the organisation in achieving its corporate objectives and to enhance business facilitation with the National E-Licensing System for government agencies.
The ISO 27001 Information Security Management System (ISMS) and policies are being implemented at EDB to manage information security risks, and protect the confidentiality, integrity, and availability of information assets of the organisation. The ISMS will be subject to ISO 27001 certification and audit upon completion of the implementation activities.
A Business Continuity Management System based on ISO 22301 BCMS standards is being elaborated to provide assurance of business continuity through on-line services, and to mitigate the impacts of eventual adverse and catastrophic situations.
EDB is aware that with a proper risk management and internal control system, it is better to understand the risks it is likely to be exposed to, put controls in place to counter threats, and effectively pursue their objectives. They are therefore an important aspect of an organization’s governance, management, and operations.
BDO has been appointed as internal auditor since 2018. The objectives are to assist members of the Board, the management and the Board committees in the effective discharge of their responsibilities by furnishing them with analysis, appraisals, recommendations, counsel, information concerning the activities reviewed, and by promoting effective controls and processes.