A study on director remuneration and board diversity in Mauritius

The Mauritius Institute of Directors (MIoD), in partnership with Korn Ferry, held a landmark event at The Docks in Port Louis on 3 July to announce the 2024 Mauritius Directors’ Fees and Board Composition SurveyThe conference served as a platform to unveil key findings from the study, revealing national trends in director compensation and board composition.

this 2024 Survey The sample involved was diverse, including 56% of listed companies and 44% of unlisted companies, with strong representation in sectors such as banks and diversified groups (20% each) and the services sector (17%). The main findings show that the average age of directors increased from 59 in 2021 to 61 in 2024. The proportion of directors receiving meeting fees also rose significantly, from 34% in 2021 to 57% in 2024. Over the same period, the proportion of companies with at least one foreign director fell from 51% to 40%.

Additionally, the percentage of women on corporate boards increased from 13% in 2021 to 15% in 2024. The percentage of boards chaired by women also increased, from 6% in 2021 to 9% in 2024, reflecting a gradual improvement in diversity on boards.

Sheila Ujoda, Chief Executive Officer MIOD (CEO) said: “By partnering with Korn Ferry on this study, we aim not only to promote transparent and fair pay but also to reinforce our commitment to exemplary corporate governance in Mauritius. These data are more than just numbers; they demonstrate an evolution towards more inclusive and effective governance. At MIOD, we remain firmly committed to supporting the business community in raising awareness and training on best practices in corporate governance.”

Caroline Piatt, Assistant Consultant Korn Ferry claims: “This third study, conducted in partnership with MIoD, highlights that Mauritian companies have taken significant steps to improve the competitiveness of directors’ remuneration and to harmonise remuneration practices across different sectors. We also see notable improvements in diversity and independence in board composition, two important trends that bring Mauritian practices more in line with international standards. These changes build trust among stakeholders and support informed decision-making, thereby raising corporate governance standards in terms of directors’ remuneration and board composition.”

The event not only highlighted the important data from the study, but also sparked an in-depth discussion on the implications of these data for governance practices in Mauritius. The results encourage a strategic reflection on the adoption of practices that can transform Mauritian organizations into models of success and responsibility. The study marks a key step in Mauritius’s continued efforts to improve corporate governance standards and promote diversity on boards.

About Miode

MIOD is a professional organization dedicated to improving corporate governance standards and practices in Mauritius. Founded in 2008, MIOD is committed to promoting excellence in business leadership by providing industry-leading resources and support to develop the institutional capacity of its members and the business community. The Institute aims to equip company directors and leaders with the tools and knowledge required to effectively address modern corporate governance challenges. Through workshops, seminars, networking events and organizational support, MIoD actively shapes leadership practices that support ethics, accountability and sustainable development in both the private and public sectors. For more information on MIoD, please visit: www.miod.mu.