{"id":546,"date":"2024-01-10T14:20:41","date_gmt":"2024-01-10T14:20:41","guid":{"rendered":"https:\/\/lavastone.mu\/annual-report-2023\/?page_id=546"},"modified":"2024-01-13T14:39:46","modified_gmt":"2024-01-13T14:39:46","slug":"risk-management-report","status":"publish","type":"page","link":"https:\/\/lavastone.mu\/annual-report-2023\/risk-management-report\/","title":{"rendered":"Risk Management Report"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"546\" class=\"elementor elementor-546\" data-elementor-post-type=\"page\">\n\t\t\t\t<div class=\"elementor-element elementor-element-294d474 e-con-full e-flex e-con e-parent\" data-id=\"294d474\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-3e6e0ba e-con-full e-flex e-con e-child\" data-id=\"3e6e0ba\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-5b64f89 elementor-widget elementor-widget-heading\" data-id=\"5b64f89\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.21.0 - 08-05-2024 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h5 class=\"elementor-heading-title elementor-size-default\">PROACTIVE DEFENSE<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7c0b163 elementor-widget elementor-widget-heading\" data-id=\"7c0b163\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">RISK MANAGEMENT<br>\nREPORT<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b479b72 elementor-widget elementor-widget-text-editor\" data-id=\"b479b72\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.21.0 - 08-05-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>Knowing that careful<br \/>positioning is key<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-c792e56 elementor-hidden-mobile e-flex e-con-boxed e-con e-parent\" data-id=\"c792e56\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-aba8da2 elementor-widget elementor-widget-html\" data-id=\"aba8da2\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<a class=\"hero-mouse anchor\" href=\"#risk-management-report\">\r\n  <div class=\"mouse-icon\"><span><\/span><\/div>\r\n<\/a>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-e5e34fd e-flex e-con-boxed e-con e-parent\" data-id=\"e5e34fd\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-82aee79 elementor-widget elementor-widget-menu-anchor\" data-id=\"82aee79\" data-element_type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.21.0 - 08-05-2024 *\/\nbody.elementor-page .elementor-widget-menu-anchor{margin-bottom:0}<\/style>\t\t<div class=\"elementor-menu-anchor\" id=\"risk-management-report\"><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d296ecc elementor-widget elementor-widget-heading\" data-id=\"d296ecc\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">RISK MANAGEMENT<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6ad752b elementor-widget elementor-widget-heading\" data-id=\"6ad752b\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">REPORT<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2d53392 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"2d53392\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.21.0 - 08-05-2024 *\/\n.elementor-widget-divider{--divider-border-style:none;--divider-border-width:1px;--divider-color:#0c0d0e;--divider-icon-size:20px;--divider-element-spacing:10px;--divider-pattern-height:24px;--divider-pattern-size:20px;--divider-pattern-url:none;--divider-pattern-repeat:repeat-x}.elementor-widget-divider .elementor-divider{display:flex}.elementor-widget-divider .elementor-divider__text{font-size:15px;line-height:1;max-width:95%}.elementor-widget-divider .elementor-divider__element{margin:0 var(--divider-element-spacing);flex-shrink:0}.elementor-widget-divider .elementor-icon{font-size:var(--divider-icon-size)}.elementor-widget-divider .elementor-divider-separator{display:flex;margin:0;direction:ltr}.elementor-widget-divider--view-line_icon .elementor-divider-separator,.elementor-widget-divider--view-line_text .elementor-divider-separator{align-items:center}.elementor-widget-divider--view-line_icon .elementor-divider-separator:after,.elementor-widget-divider--view-line_icon .elementor-divider-separator:before,.elementor-widget-divider--view-line_text .elementor-divider-separator:after,.elementor-widget-divider--view-line_text .elementor-divider-separator:before{display:block;content:\"\";border-block-end:0;flex-grow:1;border-block-start:var(--divider-border-width) var(--divider-border-style) var(--divider-color)}.elementor-widget-divider--element-align-left .elementor-divider .elementor-divider-separator>.elementor-divider__svg:first-of-type{flex-grow:0;flex-shrink:100}.elementor-widget-divider--element-align-left .elementor-divider-separator:before{content:none}.elementor-widget-divider--element-align-left .elementor-divider__element{margin-left:0}.elementor-widget-divider--element-align-right .elementor-divider .elementor-divider-separator>.elementor-divider__svg:last-of-type{flex-grow:0;flex-shrink:100}.elementor-widget-divider--element-align-right .elementor-divider-separator:after{content:none}.elementor-widget-divider--element-align-right .elementor-divider__element{margin-right:0}.elementor-widget-divider--element-align-start .elementor-divider .elementor-divider-separator>.elementor-divider__svg:first-of-type{flex-grow:0;flex-shrink:100}.elementor-widget-divider--element-align-start .elementor-divider-separator:before{content:none}.elementor-widget-divider--element-align-start .elementor-divider__element{margin-inline-start:0}.elementor-widget-divider--element-align-end .elementor-divider .elementor-divider-separator>.elementor-divider__svg:last-of-type{flex-grow:0;flex-shrink:100}.elementor-widget-divider--element-align-end .elementor-divider-separator:after{content:none}.elementor-widget-divider--element-align-end .elementor-divider__element{margin-inline-end:0}.elementor-widget-divider:not(.elementor-widget-divider--view-line_text):not(.elementor-widget-divider--view-line_icon) .elementor-divider-separator{border-block-start:var(--divider-border-width) var(--divider-border-style) var(--divider-color)}.elementor-widget-divider--separator-type-pattern{--divider-border-style:none}.elementor-widget-divider--separator-type-pattern.elementor-widget-divider--view-line .elementor-divider-separator,.elementor-widget-divider--separator-type-pattern:not(.elementor-widget-divider--view-line) .elementor-divider-separator:after,.elementor-widget-divider--separator-type-pattern:not(.elementor-widget-divider--view-line) .elementor-divider-separator:before,.elementor-widget-divider--separator-type-pattern:not([class*=elementor-widget-divider--view]) .elementor-divider-separator{width:100%;min-height:var(--divider-pattern-height);-webkit-mask-size:var(--divider-pattern-size) 100%;mask-size:var(--divider-pattern-size) 100%;-webkit-mask-repeat:var(--divider-pattern-repeat);mask-repeat:var(--divider-pattern-repeat);background-color:var(--divider-color);-webkit-mask-image:var(--divider-pattern-url);mask-image:var(--divider-pattern-url)}.elementor-widget-divider--no-spacing{--divider-pattern-size:auto}.elementor-widget-divider--bg-round{--divider-pattern-repeat:round}.rtl .elementor-widget-divider .elementor-divider__text{direction:rtl}.e-con-inner>.elementor-widget-divider,.e-con>.elementor-widget-divider{width:var(--container-widget-width,100%);--flex-grow:var(--container-widget-flex-grow)}<\/style>\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-18bc40f e-flex e-con-boxed e-con e-child\" data-id=\"18bc40f\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-a834844 elementor-widget elementor-widget-heading\" data-id=\"a834844\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">RISK MANAGEMENT AND INTERNAL CONTROLS<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8215fa6 elementor-widget elementor-widget-text-editor\" data-id=\"8215fa6\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Since the pandemic in 2020-2021, the real estate landscape has evolved in accordance with the emerging trends and changes in consumer behaviours. 2022 and 2023 were marked by geopolitical and macroeconomic instability, creating disruption and uncertainty in the real estate sector. Today, these challenges are joined by the emergence of climate and sustainability risks. Yet, in this changing environment, it is crucial for investors to strike a balance between new risks and opportunities. Risk management must be underpinned by an agile approach in order to remain effective in this dynamic world. At Lavastone Properties, we identified and seized the following opportunities during this financial year:<\/p><p>\u2022 Concluded the negotiation for the acquisition of Warehousing Facilities allowing the Group to further diversify its assets in FY 2024.<br \/>\u2022 Sale of Morcellement Plots at Case Noyale at the level of South West Safari Group.<br \/>\u2022 Renovated and let out the 5th and 6th Floor of Absa House in Eb\u00e8ne to new tenants.<br \/>\u2022 Upgraded the terraces at EDITH to provide tenants with better protection in case of bad weather.<br \/>\u2022 Converted La Galerie du G\u00e9nie at EDITH into a permanent Immersive Art Experience for House of Digital Art.<br \/>\u2022 New Restaurant and Retail tenants at EDITH.<\/p><p>Lavastone Properties has adopted its risk management framework from the ISO 31000 and risk management has been an essential component of Governance and Leadership. It is the ultimate responsibility of the Board of Directors to establish an effective system of internal controls within the organisation. The role of the Board of Directors, through our Risk Management and Audit Committee (\u201cRMAC\u201d), has a duty to keep under review the adequacy and effectiveness of the systems of internal control, including financial control and business risk management. The whole purpose of managing risks across our organisation is to protect and enhance its value and the foundation of our framework lies on 8 principles:<\/p><p>\u2022 Integration<br \/>\u2022 Structure and comprehensiveness<br \/>\u2022 Customisation<br \/>\u2022 Inclusiveness<br \/>\u2022 Dynamism<br \/>\u2022 Availability of information<br \/>\u2022 Human and cultural factors<br \/>\u2022 Continuous improvement<br \/><br \/>Our risk management process includes the following steps, and is aligned to the framework ISO 31000:<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c25ed0c elementor-widget elementor-widget-image\" data-id=\"c25ed0c\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.21.0 - 08-05-2024 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"337\" height=\"315\" src=\"https:\/\/lavastone.mu\/annual-report-2023\/wp-content\/uploads\/2024\/01\/rm1.svg\" class=\"attachment-large size-large wp-image-564\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e7f2859 elementor-widget elementor-widget-heading\" data-id=\"e7f2859\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">The three lines of defence<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2601d88 elementor-widget elementor-widget-text-editor\" data-id=\"2601d88\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>To achieve a robust internal control and risk management system, the three lines of defence is adopted by the organisation.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c9e7858 elementor-widget elementor-widget-image\" data-id=\"c9e7858\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"451\" height=\"219\" src=\"https:\/\/lavastone.mu\/annual-report-2023\/wp-content\/uploads\/2024\/01\/rm2.svg\" class=\"attachment-large size-large wp-image-565\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-af6eb62 elementor-widget elementor-widget-heading\" data-id=\"af6eb62\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Risk Governance<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3866e40 elementor-widget elementor-widget-text-editor\" data-id=\"3866e40\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>The <b>Board <\/b>is responsible for risk governance and ensures that the Company develops and executes a comprehensive and robust system of risk management and maintains a sound internal control system.<\/p><p>The <b>Risk Management and Audit Committee <\/b>(\u201cRMAC\u201d), a sub-committee of the Board, has been delegated the responsibility to provide insights into our risk management and internal control practices. This oversight mechanism also serves to provide confidence in the integrity of these practices. The committee is guided by a formal and approved charter and performs its role by providing independent insight to the Board and assisting the Board and management by providing advice and guidance on the adequacy of our initiatives.<\/p><p>Our RMAC comprises of 3 non-executive directors and is chaired by an Independent Non-Executive Director.<\/p><p>The key role and responsibilities of the Committee is to provide its independent and objective advice on the key components of the controls\u2019 framework:<\/p><p>\u2022 Financial statements<br \/>\u2022 Internal Audit<br \/>\u2022 External Audit<br \/>\u2022 Reporting and disclosure<br \/>\u2022 Risk Management<\/p><p>The <b>Managing Director and Management team<\/b> are accountable to the Board and the RMAC, and are responsible for the design, implementation, review and report on the risk management process and strategy.<\/p><p>A <b>risk champion <\/b>has been formally designated to promote a risk management culture across the company.<\/p><p><b>A Compliance and Legal Officer<\/b> has been appointed and focuses mainly on the regulatory, compliance and legal\u00a0<span style=\"font-size: 14px; color: var( --e-global-color-secondary ); text-align: var(--text-align);\">risks, including AML\/CFT.<\/span><\/p><p>Our <b>Internal Audit<\/b> function provides assurance to the RMAC and Management on the status of the Risk and Control environment. Refer to the below section on Internal Audit.<\/p><p>To remain effective in its risk management process, Lavastone Properties has implemented the following components:<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4e76eb6 elementor-widget elementor-widget-image\" data-id=\"4e76eb6\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"500\" height=\"67\" src=\"https:\/\/lavastone.mu\/annual-report-2023\/wp-content\/uploads\/2024\/01\/rm3.svg\" class=\"attachment-large size-large wp-image-575\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fce0341 elementor-widget elementor-widget-heading\" data-id=\"fce0341\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Risk management policy<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-357c4fe elementor-widget elementor-widget-text-editor\" data-id=\"357c4fe\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Our RM policy was reviewed in January 2023 and approved by the Board of Directors and the RMAC. The policy is aligned to our vision and strategic objectives.<\/p><p><strong>Our vision<\/strong>: Lavastone Properties aims to be the preferred partner for commercial real estate solutions, while delivering optimum value to its shareholders.<br \/><br \/>To achieve our vision, our strategic objectives are centred around our key stakeholders:<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-86743e7 elementor-widget elementor-widget-image\" data-id=\"86743e7\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"500\" height=\"80\" src=\"https:\/\/lavastone.mu\/annual-report-2023\/wp-content\/uploads\/2024\/01\/rm4.svg\" class=\"attachment-large size-large wp-image-579\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bb533b3 elementor-widget elementor-widget-text-editor\" data-id=\"bb533b3\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Critical success factors have been established to measure our progress and provide a sense of direction and dynamism across the organisation.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2c25b94 elementor-widget elementor-widget-heading\" data-id=\"2c25b94\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Risk appetite statement<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-012f653 elementor-widget elementor-widget-text-editor\" data-id=\"012f653\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>The risk appetite is the amount and type of risk that an organisation is willing to take in order to meet their strategic objectives. Lavastone Properties has defined its risk appetite statement, which has been approved by the Board of Directors.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ae8e0fa elementor-widget elementor-widget-image\" data-id=\"ae8e0fa\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"500\" height=\"80\" src=\"https:\/\/lavastone.mu\/annual-report-2023\/wp-content\/uploads\/2024\/01\/rm4.svg\" class=\"attachment-large size-large wp-image-579\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-ae869d4 e-flex e-con-boxed e-con e-child\" data-id=\"ae869d4\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-71aa5f3 e-flex e-con-boxed e-con e-child\" data-id=\"71aa5f3\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-72a8512 elementor-widget elementor-widget-text-editor\" data-id=\"72a8512\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>We will pursue growth whilst continuously improving customer service and operational <strong><i>excellence<\/i><\/strong>.<\/p><p>To improve our commitment to <i><b>sustainability<\/b><\/i>, we will strive to meet the criteria for a LEED certification in our new development projects.<\/p><p>We aim to grow regionally and have 10% of our portfolio outside of Mauritius in <b>10 years\u2019 time.<\/b><\/p><p>However, we will not engage in and tolerate activities which create safety, regulatory and quality concerns.<\/p><p>We will not make decisions which pose a financial risk impact of 10% or more on our revenue or increase<br \/>our loan to value ratio to above 40%. Our exposure is limited to:<\/p><p>&#8211;\u00a0 \u00a025% of Net Asset Value for any one sector (Retail, Hospitality, Office, Industrial, Residential etc)<br \/>&#8211;\u00a0 \u00a020% of Investment Property Value for any single building<br \/>&#8211;\u00a0 \u00a020% of Rental Revenues for a single tenant<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-321c528 elementor-widget elementor-widget-image\" data-id=\"321c528\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"198\" height=\"72\" src=\"https:\/\/lavastone.mu\/annual-report-2023\/wp-content\/uploads\/2024\/01\/rm5.svg\" class=\"attachment-large size-large wp-image-587\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-78b0f6f elementor-widget elementor-widget-text-editor\" data-id=\"78b0f6f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>During the financial year, we decided to draw down on the last tranche of the MCB Bond Programme at a fixed interest rate to rebalance our portfolio with Industrial Buildings following the sale of Riche Terre Industrial Park. In November 2023, we identified and completed negotiations on the acquisition of two Properties of Sofap at<br \/>Coromandel and Riche Terre. Together with the opening of PLAY Mourouk Hotel in Rodrigues, our exposure to the Office Segment will reduce to <b>32%<\/b> in terms of property portfolio value but more importantly, our exposure to any single tenant will reduce to <b>18%<\/b> in terms of revenues. Lavastone Properties will continue to acquire and develop industrial properties in order to rebalance its portfolio.<br \/><br \/>Lavastone Properties is committed to adhering to its risk appetite statement and the risk appetite is continuously monitored by our management team.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d74ce99 elementor-widget elementor-widget-heading\" data-id=\"d74ce99\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Risk criteria<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-16f8804 elementor-widget elementor-widget-text-editor\" data-id=\"16f8804\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Our risk criteria take into consideration the two elements of probability and impact and is defined on a scale of 1 to 5.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-91de06c e-flex e-con-boxed e-con e-child\" data-id=\"91de06c\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-0057e76 e-flex e-con-boxed e-con e-child\" data-id=\"0057e76\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-32a690e elementor-widget elementor-widget-heading\" data-id=\"32a690e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">PROBABILITY<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a168149 elementor-widget elementor-widget-image\" data-id=\"a168149\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"141\" height=\"73\" src=\"https:\/\/lavastone.mu\/annual-report-2023\/wp-content\/uploads\/2024\/01\/rm6.svg\" class=\"attachment-large size-large wp-image-591\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-a986ae9 e-flex e-con-boxed e-con e-child\" data-id=\"a986ae9\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-e932599 elementor-widget elementor-widget-heading\" data-id=\"e932599\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">IMPACT<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-04a5836 elementor-widget elementor-widget-image\" data-id=\"04a5836\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"71\" height=\"73\" src=\"https:\/\/lavastone.mu\/annual-report-2023\/wp-content\/uploads\/2024\/01\/rm7.svg\" class=\"attachment-large size-large wp-image-592\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9d09a55 elementor-widget elementor-widget-text-editor\" data-id=\"9d09a55\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Our impact criteria include aspects such as financial, legal &amp; regulatory, health and safety, reputation and business continuity.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c18967b elementor-widget elementor-widget-heading\" data-id=\"c18967b\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Risk champion<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-73b20a5 elementor-widget elementor-widget-text-editor\" data-id=\"73b20a5\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>A risk champion has been identified among our management team and is our Financial Controller. The latter\u2019s role is to raise awareness on the risk environment across the organisation and coordinate the risk meetings.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8d9d407 elementor-widget elementor-widget-heading\" data-id=\"8d9d407\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Business Risk Register<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d8146c5 elementor-widget elementor-widget-text-editor\" data-id=\"d8146c5\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>As part of the \u2018Recording and reporting\u2019 process, Lavastone Properties has developed a Business Risk Register (\u201cBRR\u201d), which consists of risk identification, assessment and response. The BRR is a recording and monitoring tool designed to assist the Management team of Lavastone Properties for informed decision-making.<br \/><br \/>Our BRR is reviewed and updated on a quarterly basis through risk management meetings and reported to the RMAC.<br \/><br \/>Our risk management meetings consist of the Management Team, the Risk Champion and the Internal Auditor and the purpose of such meetings is to identify changes in existing risks and emerging new risks. <br \/><br \/>Refer to the risk heatmap on link.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-068b68f elementor-widget elementor-widget-heading\" data-id=\"068b68f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Risk metrics<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8433bf8 elementor-widget elementor-widget-text-editor\" data-id=\"8433bf8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Measuring performance is a key monitoring activity to assess how effective risk management is at supporting our strategic objectives. The approach to measuring performance must be a data-driven exercise. To remain agile, risk data should be shared throughout the organisation. At Lavastone Properties, we have defined risk indicators which enable our team to objectively evaluate the risk environment on a regular basis.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c85c049 elementor-widget elementor-widget-heading\" data-id=\"c85c049\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">SYSTEM OF INTERNAL CONTROLS<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-925a92c elementor-widget elementor-widget-text-editor\" data-id=\"925a92c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>The Board recognises and is committed to its responsibility to keep under review the adequacy and effectiveness of the system of internal controls, at least on an annual basis. The purpose of such system is to protect the company, prevent and detect fraud and enabling the achievement of its objectives. The Board, through the RMAC, reviews and challenges the following components:<br \/><br \/>\u2022 Financial statements<br \/>\u2022 Internal Audit<br \/>\u2022 External Audit<br \/>\u2022 Narrative reporting<br \/>\u2022 Internal control and risk management system<br \/>Key features of the internal control system are:<br \/>\u2022 Governance structure with clear reporting channels<br \/>\u2022 Strategy review and plan<br \/>\u2022 Comprehensive financial reporting and business planning systems<br \/>\u2022 Formal policies and procedures<br \/>\u2022 Risk assessment and management process<br \/>\u2022 Continuous monitoring and review by executive management<br \/>\u2022 Communication and awareness<br \/>\u2022 Internal Audit<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3c6f50d elementor-widget elementor-widget-heading\" data-id=\"3c6f50d\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">INTERNAL AUDIT<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d272166 elementor-widget elementor-widget-text-editor\" data-id=\"d272166\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>The Internal Audit function of the Group has been outsourced to an independent firm, SmarTree Consulting Ltd (also referred to as \u2018SCL\u2019 or \u2018the Internal Auditor\u2019), since 2018. The Internal Audit team consists of professionals who are either Certified Internal Auditors (CIA), ACCA qualified or degree \/ diploma holders. As part of their continuous professional development and education, the internal auditors attend regular training sessions on key topics. <br \/><br \/>The mission of Internal Audit is to provide independent, objective assurance and consulting services, designed to add value and improve our operations. The Internal Auditor is not responsible for the implementation of controls or\u00a0the management and mitigation of risk, responsibilities which remain at the Board and management levels. <br \/><br \/>The internal audit function is governed by the mandatory elements of the Institute of Internal Auditors\u2019 (IIA)\u00a0International Professional Practices Framework, including the Core Principles, the Code of Ethics and the International\u00a0Standards for the Professional Practice of Internal Auditing. <br \/><br \/>A formal internal audit charter is approved by the RMAC and describes Internal Audit\u2019s role, responsibilities, scope, authority and reporting structure, amongst others.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9b7bcf6 elementor-widget elementor-widget-text-editor\" data-id=\"9b7bcf6\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>An internal audit plan is approved by the RMAC on an annual basis and uses a risk-based approach. During FY 2023, the Internal Auditor covered the following scope:<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9ca2af8 elementor-widget elementor-widget-image\" data-id=\"9ca2af8\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"411\" height=\"52\" src=\"https:\/\/lavastone.mu\/annual-report-2023\/wp-content\/uploads\/2024\/01\/rm8.svg\" class=\"attachment-large size-large wp-image-603\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-af12922 elementor-widget elementor-widget-text-editor\" data-id=\"af12922\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>The objectives of the internal audit assignments were to:<br \/><br \/>\u2022 Provide assurance to the Board, RMAC and Management that risks are mitigated through control measures and adequate procedures.<br \/>\u2022 Evaluate the controls design.<br \/>\u2022 Provide risk insights and recommendations on the improvement of the control environment.<br \/>\u2022 Evaluate adherence to the internal policies and procedures and regulatory framework.<br \/><br \/>As part of its key responsibilities, the RMAC:<br \/><br \/>\u2022 Reviews and approves the internal audit charter<br \/>\u2022 Reviews and approves the annual internal audit plan<br \/>\u2022 Reviews and monitors management\u2019s responses and actions to internal audit findings<br \/>\u2022 Reviews and monitors the effectiveness of the internal audit function<br \/><br \/>As part of the internal audit process and methodology, the Internal Auditor monitors and assesses their audit recommendations with the Management on a monthly basis, until they are fully implemented. The Internal Auditor reports to the RMAC on a quarterly basis and the status of audit recommendations and Management action plans<br \/>are reported to the RMAC. The Internal Auditor has unrestricted access to and communicates and interacts directly with, the RMAC.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-96faa2e elementor-widget elementor-widget-heading\" data-id=\"96faa2e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Risk Heatmap September 2023<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b4df1c8 elementor-widget elementor-widget-image\" data-id=\"b4df1c8\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"441\" height=\"414\" src=\"https:\/\/lavastone.mu\/annual-report-2023\/wp-content\/uploads\/2024\/01\/rm9.svg\" class=\"attachment-large size-large wp-image-607\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e7e5d59 elementor-widget elementor-widget-image\" data-id=\"e7e5d59\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"465\" height=\"159\" src=\"https:\/\/lavastone.mu\/annual-report-2023\/wp-content\/uploads\/2024\/01\/rm10.svg\" class=\"attachment-large size-large wp-image-608\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-765f3f7 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"765f3f7\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e78856c elementor-widget elementor-widget-heading\" data-id=\"e78856c\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Top 10 risks<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-98fa665 elementor-widget elementor-widget-image\" data-id=\"98fa665\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"510\" height=\"533\" src=\"https:\/\/lavastone.mu\/annual-report-2023\/wp-content\/uploads\/2024\/01\/rm11.svg\" class=\"attachment-large size-large wp-image-612\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-77fd984 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"77fd984\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fdf7600 elementor-widget elementor-widget-image\" data-id=\"fdf7600\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"510\" height=\"442\" src=\"https:\/\/lavastone.mu\/annual-report-2023\/wp-content\/uploads\/2024\/01\/rm12.svg\" class=\"attachment-large size-large wp-image-613\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ba26f52 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"ba26f52\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-065542d elementor-widget elementor-widget-image\" data-id=\"065542d\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"510\" height=\"619\" src=\"https:\/\/lavastone.mu\/annual-report-2023\/wp-content\/uploads\/2024\/01\/rm13.svg\" class=\"attachment-large size-large wp-image-614\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7e250ea elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"7e250ea\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f117565 elementor-widget elementor-widget-image\" data-id=\"f117565\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"510\" height=\"637\" src=\"https:\/\/lavastone.mu\/annual-report-2023\/wp-content\/uploads\/2024\/01\/rm14.svg\" class=\"attachment-large size-large wp-image-615\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>PROACTIVE DEFENSE RISK MANAGEMENT REPORT Knowing that carefulpositioning is key RISK MANAGEMENT REPORT RISK MANAGEMENT AND INTERNAL CONTROLS Since the pandemic in 2020-2021, the real estate landscape has evolved in accordance with the emerging trends and changes in consumer behaviours. 2022 and 2023 were marked by geopolitical and macroeconomic instability, creating disruption and uncertainty in 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