Mauritius has established itself as an important financial hub for investment in Asia and Africa. The island with just over 1.3 million inhabitants is known for its transparency, good governance and ethical procedure, as well as safe, dependable and secure transactions. Further to the World Bank Doing Business Report 2019, Mauritius has joined the top 20 economies this year (the only Sub-Saharan African economy to do so and no 1 in Africa). Listed companies on the NYSE, Euronext, LSE, NASDAQ etc. are using Mauritius as a platform going into Africa and Asia and/or for optimization of tax.

This has been possible due to several safeguards. Principles of corporate governance essentially involves balancing the interests of a company and many stakeholders, such as shareholders, senior management executives, customers, suppliers, the government, and the community. The latest Code on Corporate Governance for Mauritius dates back to 13 February 2017. The Code comprises a set of principles and guidance aimed at improving and guiding the governance practices of organizations within Mauritius.

The legal system of Mauritius is well established and has its composite roots in the French Napoleon Code (civil law) and the British legal framework (common law). It is a blend of the French and British laws coupled with the law of evidence which is based on the United Kingdom adversarial system, thus offering the right combination of rules for a swift and secure dispense of justice.

There is a principle whereby an individual who fails in his obligations towards another party becomes liable for the prejudice caused by his actions and has to compensate the latter by way of damages (Article 1382)[1].  Each individual is responsible for the damages resulting, not only from his own actions, but also from his negligence and imprudence (Article 1383)[2].  Examples of such ‘responsibilities’ can be found in all fields such as political, ministerial, administrative, penal and civil.

[1] Article 1382 “ Tout fait quelconque de l’homme, qui cause à autrui un dommage, oblige celui par la faute duquel il est arrivé, a le réparer.”

[2] Article 1383 “ Chacun est responsable du dommage qu’il a causé non seulement par son fait, mais encore par sa négligence ou par son imprudence.”