Madam Speaker, I am informed that Mrs Nandita Ramdewar is the Group Chief Executive Officer of the State Insurance Company of Mauritius Ltd (SICOM). In regard to part (a) of the question, I am advised that Mrs Ramdewar joined SICOM on 04 May 1992 as Manager, Finance on a permanent and pensionable basis. She has since held various positions within the company. She was appointed Group CEO on 05 May 2021. She is also a Director of the SICOM Board since 20 September 2013. With respect to part (b) of the question, I am informed that Mrs Ramdewar is a Fellow of the Association of Chartered Certified Accountants (FCCA) and holds an MBA from the University of Manchester. With regard to her experience, she worked at De Chazal du Mée & Co. prior to joining SICOM in May 1992. She has occupied the following positions at SICOM prior to being appointed Group CEO – • Senior Manager on 01 January 2002; • Group Senior Manager, Corporate on 01 July 2010; • Chief Finance Officer on 01 July 2013; • Deputy Group CEO on 15 February 2018, and • Officer-in-Charge on 02 September 2019.

37 Madam Speaker, regarding part (c) of the question, I am informed that as at 30 June 2024, her annual remuneration, including salaries, other allowances and performance bonus amounted to Rs11,506,022. In addition, the company contributes pension related benefits amounting to Rs3,206,354, thus making a total remuneration package of Rs14,712,375. This information is as published in the company’s financial statement. I am informed that her current monthly pay package is Rs762,242, which does not include performance bonus, car benefit, passage benefit and pension related benefits. Following her appointment as Group CEO in May 2021, there were three salary adjustments of 3.5%, respectively, namely two increments and one salary review for the last five years. Taking into consideration her total renumeration, which includes salaries, allowances, bonus, refund of leave, pension related contribution and other benefits, it is observed that there has been an increase of 37.5% from 2020 to 2024. I am also advised that salary adjustments are determined by an independent Salary Commissioner according to SICOM’s internal policies and these adjustments are considered and approved by the Board. Madam Speaker, my Ministry will ensure that it monitors corporate governance and executive remuneration matters across institutions under its purview in line with public expectation and best practice framework although we must bear in mind that this is a company under the Companies Act which has a Board which is responsible for the governance matters. Thank you.

Thank you, hon. Minister! One question, yes!

Thank you, Madam Speaker. Can the hon. Minister inform whether the increase of the actual remuneration package of the concerned person was approved by the Board, and if yes, when and under what policy framework, as she is only a FCCA compared to the previous CEO who is a qualified actuary?

Madam Speaker, I can confirm that every salary increase and payment has been approved by the Board. I can confirm that but I understand that there are some concerns, probably, that a public sector organisation executive pay is perceived as being high, especially

38 for a company of which the assets and the management of that company, 62% of it, comes from government. So, it’s a very captive market share, it’s not like any other commercial enterprise. Thank you.

Thank you. Alright, the hon. Third Member for Beau Bassin and Petite Rivière! DOMICILIARY VISITS – ELDERLY & BEDRIDDEN PERSONS