Corporate Profile

Promotion and Development Ltd (PAD) was incorporated on 23rd August 1984; trading of PAD’s shares on the Official List of the Stock Exchange commenced on 17th January 1996.

PAD is an associated company of Fincorp Investment Ltd, a subsidiary company of The Mauritius Commercial Bank Ltd. Through its majority stake in Caudan Development Limited and as the manager of that company, PAD is closely involved with the prestigious Caudan Waterfront project.

PAD has a substantial portfolio of shares and properties. Major investments other than Caudan
Development Limited include Médine Limited, New Mauritius Hotels, The Mauritius Commercial Bank and Mauritius Freeport Development Co. PAD has a deliberately heavy property bias.

Investment Philosophy

An investment committee consisting of the CEO, the Finance Director and an independent Director appointed by the board has a mandate to recommend important (dis)investment decisions to the board. A certain autonomy is given to the CEO and the committee for the available-for-sale investments but given the importance of PAD’s holdings in Médine, Caudan Development and Mauritius Freeport Development, sales of shares in these companies require the approval of the directors, although from time to time, the board will give the CEO the freedom to consolidate the company’s positions in these holdings as and when market conditions are favourable. Although private equity investments do play a small part in PAD’s strategy, management time is focused on delivering value through an active participation in the affairs of the three core holdings.

The board of Promotion and Development also notably has the following committees:
The corporate governance committee
  • Incorporates the nomination and remuneration committee
  • Makes recommendations to the board on new appointments to the board and on succession planning
  • Makes recommendations on all corporate governance provisions to be adopted
  • Has responsibility for the remuneration package and other terms and conditions of service applying to directors and senior executives

The audit committee
  • Assists the board in fulfilling its financial reporting responsibilities
  • Reviews the financial reporting process, the audit process and monitors compliance with laws and regulations
  • Reviews interim financial reports and annual financial statements prior to submission to the board
  • Reviews matters affecting the company’s financial and internal controls and their effectiveness and the management of financial risk
  • Forum through which external auditors can report to the board