Corporate governance in the financial services sector of small island economies: A case study of Mauritius

This study investigates the practices of corporate governance in the financial services sector of small island economies with special reference to banks and insurance companies in Mauritius with a view to assess the level of compliance. The financial sector is today an important economic pillar on which the government is relying given the imminent recession in the sugar industry. In this respect financial institutions play a key role because they are the core set of the financial sector. It is therefore important for people to have confidence in both banks and insurance companies of their country. This is possible by ensuring compliance with good governance. In Mauritius, the Central Bank has issued its guidelines on good corporate governance for banks and this guide is made in line with the Corporate Governance Code issued by the National Committee on Corporate Governance. Banks are also required to comply with the codes as per the Banking Act 2004 and the Financial Reporting Act 2004. In a similar vein insurance companies should comply with the National Code on Corporate Governance and relevant laws related to good governance of insurance business, such as the Insurance Act 2005, the Financial Services Commission guidelines on Corporate Governance and the Financial Services Development Act 2002. In addition insurance companies should also comply with the Companies Act 2001 and the Financial Reporting Act 2004. This paper initially reports on the practice of corporate governance in the financial services sector of small island economies by drawing data from the Financial Sector Assessment Programme of the International Monetary Fund. A content analysis of the annual reports of companies in the sector is used to assess the level of compliance to corporate governance code in Mauritius and concludes that compliance rate is above 70% as regards board’s composition, audit committee, disclosure of policies and practices. This study reports that there are few cases of noncompliance with the National Code but good governance is necessary in the financial services sector to inspire stakeholders confidence.

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Corporate citizenship in the context of the financial services sector: what lessons from the Financial Sector Charter?

Development Southern Africa ◽

10.1080/03768350600707744 ◽

2006 ◽

Vol 23 (2) ◽

pp. 289-303 ◽

Cited By ~ 5

Author(s):

Theresa Moyo ◽

Shannon Rohan

Keyword(s):

Financial Services ◽

Corporate Citizenship ◽

Financial Sector ◽

Services Sector ◽

Financial Services Sector

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Can Sound Corporate Governance Alleviate Corporate Failure? A Study of the Zimbabwean Financial Services Sector

Journal of Economics and Behavioral Studies ◽

10.22610/jebs.v9i2(j).1652 ◽

2017 ◽

Vol 9 (2(J)) ◽

pp. 88-95

Author(s):

Banele Dlamini ◽

Julius Tapera ◽

Shynet Chivasa

Keyword(s):

Corporate Governance ◽

Financial Institutions ◽

Financial Services ◽

Ordinary Least Squares ◽

Policy Makers ◽

Corporate Failure ◽

Services Sector ◽

Financial Services Sector ◽

Good Corporate Governance ◽

Governance Practices

This study, using the Ordinary Least Squares (OLS) Regression Model, investigated the extent to which good corporate governance practices can minimise or alleviate corporate failure in the Zimbabwean Financial Services Sector. The results of the study reflected that sound corporate governance has a positive effect on corporate success and can alleviate corporate failure. It is thus recommended that financial institutions continuously adhere to sound corporate governance practices to guarantee corporate success and alleviate the collapse of financial institutions as has been witnessed in the past. The findings of the study will assist policy makers, regulators and players in the financial services sector to adhere to sound corporate governance practices, given its impact on corporate success. Further research could be carried out with regards the implementation of sound corporate governance in parastatals, quasi-government institutions and private sector companies in other sectors other that the financial services sector and how it can be monitored or enforced.

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Non-Financial Disclosure Assurance: Critical Insights from the Italian Financial Services Sector

International Journal of Business and Management ◽

10.5539/ijbm.v16n1p8 ◽

2020 ◽

Vol 16 (1) ◽

pp. 8

Author(s):

Alessandra Pagani ◽

Sara Moggi ◽

Alessandro Gaetano

Keyword(s):

Content Analysis ◽

Financial Reporting ◽

Financial Services ◽

Exploratory Study ◽

Considerable Improvement ◽

Financial Disclosure ◽

Services Sector ◽

Financial Services Sector ◽

Financial Disclosures ◽

Assurance Process

Directive 2014/95/EU was released with the aim of improving the transparency, comparability and harmonization of non-financial reporting among European undertakings. However, the Directive is vague regarding both non-financial disclosure contents and the transposition of its provisions into national European laws, making it somewhat ambiguous. This issue has been underlined by scholars, who have found the comparison of non-financial disclosures challenging and have not seen a considerable improvement in the level of transparency. This is also mirrored in the assurance process, which remains underexplored. The present exploratory study analyses non-financial disclosure assurance in the Italian financial services sector. Content analysis of the level and features of assurance of non-financial disclosures published in 2020 was conducted. The results show that the ambiguity of the Directive also has consequences for assurance outcomes, which remain limited and strictly adhere to provisions provided by national practitioner associations.

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A sample survey analysis of the effectiveness of training and development initiatives in Bahrain’s financial sector on employability of Bahraini nationals in 2015

World Journal of Entrepreneurship Management and Sustainable Development ◽

10.1108/wjemsd-05-2016-0026 ◽

2016 ◽

Vol 12 (4) ◽

pp. 359-383 ◽

Cited By ~ 3

Author(s):

Subhadra Ganguli ◽

Reem Hameed Matar

Keyword(s):

Financial Services ◽

Financial Sector ◽

Training And Development ◽

Policy Implications ◽

Sample Survey ◽

Content Type ◽

Services Sector ◽

Financial Services Sector ◽

Development Initiatives ◽

The Impact

Purpose Bahrain has been the center for financial services industry in the Middle East since 1970s as a result of the national strategy of diversification of its economy from oil-based resources to financial services. Since then Bahrain has also become the center for training and development for the Bahraini nationals with the aim of recruiting Bahrainis as employees of choice by the sector. The purpose of this paper is to analyze the effect of training and development initiatives on the employability of Bahrainis in the financial services sector in 2015. To this end, pioneering initiatives were undertaken by the government in creating institutions for training and continuous education in Bahrain. The Economic Vision 2030 of Bahrain lays emphasis on a vibrant private sector with Bahrainis being the employees of choice. Design/methodology/approach The study is a mixed approach using quantitative and qualitative methods through the use of a survey questionnaire and secondary data to analyze the impact of training and development on the employability of Bahraini nationals in the financial sector as of 2015. Findings The findings show that training and development lead to career progression which impact employability rates of Bahrainis in the financial services sector for the selected sample of financial sector employees. Research limitations/implications The study is limited by only a cross-section of data collected via questionnaire and does not consider the historical development and analysis of employability rates in Bahrain over the years. The questionnaire has some limitations and there are expected possible biases in the responses. Originality/value Given the sensitivity of the topic of research, the analysis has policy implications for the labor market of Bahrain due to the Bahrain 2030 Vision of privatization and diversification and is the first study of its kind for the financial sector of Bahrain.

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Singapore

IMF Staff Country Reports ◽

10.5089/9781498325882.002 ◽

2019 ◽

Vol 19 (229) ◽

pp. 1

Author(s):

Keyword(s):

Technological Innovation ◽

Financial Institutions ◽

Financial Services ◽

Business Models ◽

Financial Sector ◽

Efficient Manner ◽

Services Sector ◽

Financial Services Sector ◽

The Impact ◽

Innovation And Change

Fintech developments hold the promise of having a far-reaching impact on the Singaporean financial services sector, bringing both opportunities and new risks. Technological innovation is one of the most influential developments affecting the financial sector. While fintech promises opportunities for new entrants and incumbents, innovation and change introduce new risks for clients, financial institutions (FIs) and the system. Early indications suggest that while a significant amount of activity has taken place across the financial services landscape, the impact is largely characterized as helping incumbents deliver financial services in a more efficient manner as opposed to disrupting existing business models. Nonetheless, disruption could be around the corner.

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The death of SME’s by regulations: an investigation into the qualifications and skills required in the SME financial sector

Corporate Ownership and Control ◽

10.22495/cocv12i3c5p9 ◽

2015 ◽

Vol 12 (3) ◽

pp. 581-586

Author(s):

Michael Colin Cant ◽

Cindy Erdis ◽

Claudette van Niekerk

Keyword(s):

South Africa ◽

Small Business ◽

Financial Services ◽

Financial Sector ◽

Economic Downturn ◽

Regulatory Issues ◽

Services Sector ◽

Financial Services Sector ◽

Quota Sampling ◽

Sampling Approach

The financial services sector were faced with numerous challenges of a macro and market nature, even before the financial and economic downturn in 2008, which aggravated the competition among SMEs even further (UEAPME, n.d.:1). The need for the correct skills for the business became more and more important placing a higher premium on the identifying and maintaining of proficient employees in SMEs (UEAPME, n.d.:1), These needed skills became also more and more important in the financial sector. The aim of this study is therefore to investigate the qualifications held and skills required by SMEs in the financial services sector of South Africa in order to be able to address the various regulatory issues and requirements. A non-probability quota sampling approach was used, where 32 small business respondents in the financial services sector participated in the study. The study revealed that SMEs in the financial services sector lack the necessary qualifications and skills to successfully grow and develop their business

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Can Sound Corporate Governance Alleviate Corporate Failure? A Study of the Zimbabwean Financial Services Sector

Journal of Economics and Behavioral Studies ◽

10.22610/jebs.v9i2.1652 ◽

2017 ◽

Vol 9 (2) ◽

pp. 88

Author(s):

Banele Dlamini ◽

Julius Tapera ◽

Shynet Chivasa

Keyword(s):

Corporate Governance ◽

Financial Institutions ◽

Financial Services ◽

Ordinary Least Squares ◽

Policy Makers ◽

Corporate Failure ◽

Services Sector ◽

Financial Services Sector ◽

Good Corporate Governance ◽

Governance Practices

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Insights from narrative disclosures regarding integrated thinking in integrated reports in South Africa and Japan

Meditari Accountancy Research ◽

10.1108/medar-06-2020-0934 ◽

2020 ◽

Vol ahead-of-print (ahead-of-print) ◽

Author(s):

Rayhan Arul ◽

Charl de Villiers ◽

Ruth Dimes

Keyword(s):

South Africa ◽

Corporate Governance ◽

Financial Services ◽

Strong Association ◽

Future Research ◽

Content Type ◽

Services Sector ◽

Financial Services Sector ◽

Institutional Settings ◽

Leading Role

Purpose This study aims to provide insights into the poorly understood concept of integrated thinking by comparing and contrasting disclosures related to integrated thinking provided in integrated reports in two different institutional settings. Design/methodology/approach The study uses content analysis of the narrative sections of integrated reports to explore similarities and differences in the way the concept of integrated thinking is portrayed. It uses a matched sample of financial services companies in two different institutional settings, South Africa (where integrated reporting (IR) is mandatory and IR practices are world-leading) and Japan (where IR is voluntary and interest in IR is still developing). IR adoption is viewed through the lens of institutional theory, focussing on isomorphic forces which affect companies’ structure, policies and practices. Findings Even though the conceptualisation of integrated thinking differs between South Africa and Japan, in both settings there is a strong association between integrated thinking disclosures and corporate governance practices, materiality assessments and the pursuit of an industry leadership position, suggesting a link between these concepts and the underlying level of integrated thinking. Japanese disclosures appear to mimic South African disclosures, highlighting South Africa’s leading role in IR, although Japan shows more varied interpretations of integrated thinking. Originality/value This study contributes to the growing body of literature on the poorly understood concept of integrated thinking, responding to calls from both academics and practitioners for more research in this area. It shows the potential for integrated thinking to develop through a process of mimicry and highlights South Africa’s leading role in the dissemination of best practice in the field. Its findings relating to the fluid conceptualisation of integrated thinking in different institutional settings will be of interest to regulators and practitioners. To the knowledge this is one of the first studies to consider disclosures relating to integrated thinking in the financial services sector. Focussing on the financial services sector, with its unique features and regulatory frameworks, allows for deeper analysis, free from the potential distortions inherent in studying a broader cross-section of industries. The study also highlights the importance of corporate governance to integrated thinking, suggesting future research avenues.

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