{"id":625,"date":"2024-01-10T16:16:15","date_gmt":"2024-01-10T16:16:15","guid":{"rendered":"https:\/\/lavastone.mu\/annual-report-2023\/?page_id=625"},"modified":"2025-01-22T19:53:12","modified_gmt":"2025-01-22T19:53:12","slug":"corporate-governance-report","status":"publish","type":"page","link":"https:\/\/lavastone.mu\/annual-report-2024\/corporate-governance-report\/","title":{"rendered":"Corporate Governance Report"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"625\" class=\"elementor elementor-625\" data-elementor-post-type=\"page\">\n\t\t\t\t<div class=\"elementor-element elementor-element-ef47c6a e-con-full e-flex e-con e-parent\" data-id=\"ef47c6a\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-7d2e5e7 e-con-full elementor-hidden-mobile e-flex e-con e-child\" data-id=\"7d2e5e7\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-fc4194d e-con-full e-flex e-con e-child\" data-id=\"fc4194d\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-40fbd98 elementor-widget elementor-widget-heading\" data-id=\"40fbd98\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Committing\nto sustainable,<br>\nresponsible\ngrowth<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a01c7a3 elementor-widget elementor-widget-heading\" data-id=\"a01c7a3\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Passion outlines<br>\nour projects<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c37cde4 elementor-widget elementor-widget-text-editor\" data-id=\"c37cde4\" 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\t\t<p>CORPORATE GOVERNANCE REPORT<\/p>\t\t\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-0101307 elementor-hidden-mobile e-flex e-con-boxed e-con e-parent\" data-id=\"0101307\" 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-e35ea64 elementor-widget elementor-widget-html\" data-id=\"e35ea64\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<a class=\"hero-mouse anchor\" href=\"#cg-report\">\r\n  <div class=\"mouse-icon\"><span><\/span><\/div>\r\n<\/a>\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-5a30c0b e-flex e-con-boxed e-con e-parent\" data-id=\"5a30c0b\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-5bdda4a e-con-full e-flex e-con e-child\" data-id=\"5bdda4a\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-15060c2 elementor-widget elementor-widget-heading\" data-id=\"15060c2\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">OUR GOVERNANCE<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-418abc1 elementor-widget elementor-widget-heading\" data-id=\"418abc1\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">PERFORMANCE<\/h2>\t\t\t\t<\/div>\n\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-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-67cd2a8 elementor-widget elementor-widget-menu-anchor\" data-id=\"67cd2a8\" data-element_type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"cg-report\"><\/div>\n\t\t\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\t\t<h2 class=\"elementor-heading-title elementor-size-default\">COMPLIANCE STATEMENT<\/h2>\t\t\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\t\t<p>Lavastone Ltd (hereinafter referred to as \u201cLavastone\u201d or the \u201cCompany\u201d) is classified as a public interest entity under the Financial Reporting Act 2004.\u00a0<\/p><p>As a company listed on the Development and Enterprise Market (DEM) of the Stock Exchange of Mauritius, it is required to adopt and report on its corporate governance practices in accordance with the National Code of Corporate Governance (2016) (the \u201cCode\u201d).\u00a0<\/p><p>This Corporate Governance Report sets out how the Code\u2019s principles have been applied by Lavastone. The Company hereby confirms that it has materially applied the principles set out in the Code except for the following:\u00a0<\/p><p><b>Principle 2 (The Structure of the Board and its Committees)<\/b> &#8211; There is only one executive Director on the Board of Lavastone. The Board is aware of the need to have a strong executive management presence in the Company and is of the opinion that the attendance of the Head of Finance at the meetings and sub-committees of the Board fulfils the spirit of the Code.\u00a0<\/p><p><b>P<\/b><span style=\"font-size: 14px; color: var( --e-global-color-secondary ); text-align: var(--text-align);\"><b>rinciple 4 (Director Duties, Remuneration and Performance)<\/b> &#8211; The information, information technology and information security policies of the Company have not published on the Company\u2019s website given that these documents are considered as highly confidential and sensitive.\u00a0<\/span><\/p><p><strong><span style=\"font-size: 14px; color: var( --e-global-color-secondary ); text-align: var(--text-align);\">On behalf of the Board<\/span><\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-c4c5271 e-con-full e-flex e-con e-child\" data-id=\"c4c5271\" data-element_type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-839c352 e-con-full e-flex e-con e-child\" data-id=\"839c352\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-67d167c elementor-widget elementor-widget-image\" data-id=\"67d167c\" 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\t\t<img decoding=\"async\" width=\"256\" height=\"40\" src=\"https:\/\/lavastone.mu\/annual-report-2024\/wp-content\/uploads\/2024\/01\/colin_sig.png\" class=\"attachment-large size-large wp-image-317\" alt=\"\" \/>\t\t\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-596edec elementor-widget elementor-widget-text-editor\" data-id=\"596edec\" 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\t\t<p><strong>Colin Taylor<\/strong><br \/>Non-Executive Director and Chairman<\/p>\t\t\t\t\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-7a5cfcc e-con-full e-flex e-con e-child\" data-id=\"7a5cfcc\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-b9f73ef elementor-widget elementor-widget-image\" data-id=\"b9f73ef\" 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\t\t<img decoding=\"async\" width=\"78\" height=\"51\" src=\"https:\/\/lavastone.mu\/annual-report-2024\/wp-content\/uploads\/2024\/01\/nicolas_sig.png\" class=\"attachment-large size-large wp-image-344\" alt=\"\" \/>\t\t\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-1b08d40 elementor-widget elementor-widget-text-editor\" data-id=\"1b08d40\" 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\t\t<p><strong>Nicolas Vaudin<\/strong><br \/>Executive Director and Managing Director<\/p>\t\t\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\t\t<div class=\"elementor-element elementor-element-86e118c elementor-widget elementor-widget-heading\" data-id=\"86e118c\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">GOVERNANCE STRUCTURE<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-83cb299 elementor-widget elementor-widget-heading\" data-id=\"83cb299\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1. 1 The Board<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-002433e elementor-widget elementor-widget-text-editor\" data-id=\"002433e\" 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\t\t<p>At Lavastone, we believe that good business ethics, a strong sense of commitment, strong risk management and integrity begin with our Board of Directors and senior management. <br \/><br \/>The governance of Lavastone is led by the Board of Directors (the \u201cBoard\u201d) which is fully dedicated to applying the principles of the Code, thus ensuring the Company\u2019s commitment to upholding business sustainability and creating value for its stakeholders.<br \/><br \/>The Board is responsible for promoting a culture of accountability, transparency and ethics in order to ensure an<br \/>efficient and ethical decision-making process.<\/p>\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-3e56900 elementor-widget elementor-widget-heading\" data-id=\"3e56900\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1.1.1 The Board\u2019s Size and Composition<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-536314a elementor-widget elementor-widget-text-editor\" data-id=\"536314a\" 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\t\t<ul><li>Lavastone is led by a unitary Board consisting of eight directors under the Chairmanship of Mr Colin Taylor. For the financial year under review, the Board comprises eight members, of which four non-executive directors, including the Chairman, one executive director and three independent directors who operate collectively within a clearly defined governance framework.\u00a0<\/li><\/ul><p>Although there is only one executive director on the Board, the Board is of the view that the input of the Head of Finance , who is in attendance at Board meetings and sub-committees of the Board, provides an appropriate balance to Board deliberations.\u00a0<\/p><p>The Board is also of the view that, considering the Company\u2019s shareholding structure, there is an adequate balance between independent and non-executive directors on the Board, and that Board members have the necessary skills, expertise and experience to discharge their respective duties and responsibilities effectively.<\/p><p>\u00a0Acknowledging that a diverse Board enhances decision-making and fosters innovative insights, the Company has appointed two female directors to its Board. Understanding the significant benefits of diversity in Board discussions, the Board of Lavastone is committed to going beyond mere compliance to enhance gender diversity and will consider appointing additional female directors as opportunities arise.\u00a0<\/p><p>The profiles and the full directorship list of the members of the Board are set out on pages 10 to 13. It is to be noted that all directors of the Company reside in Mauritius.<\/p><p>\u00a0The skillsets of the members of the Board are set out in the chart below.\u00a0<\/p><ul><li>Business strategy and property<\/li><li>Commercial and investment<\/li><li>Accounting and finance\u00a0<\/li><li>Risk, compliance and legal<\/li><li>ESG acumen<\/li><\/ul>\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-bde8597 elementor-widget elementor-widget-text-editor\" data-id=\"bde8597\" 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\t\t<p><strong>Skills of Directors<\/strong><\/p>\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-af6119c elementor-widget elementor-widget-image\" data-id=\"af6119c\" 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\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"487\" height=\"150\" src=\"https:\/\/lavastone.mu\/annual-report-2024\/wp-content\/uploads\/2025\/01\/directors-skills.svg\" class=\"attachment-large size-large wp-image-2528\" alt=\"\" \/>\t\t\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\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1.1.2 The Board\u2019s Responsibilities<\/h2>\t\t\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\t\t<p>The Board assumes collective responsibility for leading and controlling the organisation. It is also committed to providing strategic guidance and ensuring, with the collaboration of Management, the sustainability of Lavastone\u2019s business model, reviewing financial plans and monitoring performance, while ensuring that a robust<br \/>risk management system and internal controls are in place and that good corporate governance practices are being adhered to. Additionally, it is responsible for ensuring the creation of sustainable value for its stakeholders, monitoring the implementation of operational decisions, and providing accurate information to shareholders, the public and regulators. It also ensures that the Company meets all legal and regulatory requirements and abides to applicable corporate governance practices and relevant sustainability principles.<\/p><p>The Constitution of Lavastone complies with the provisions of the Companies Act 2001 and those of the Listing Rules of the Stock Exchange of Mauritius (\u201cSEM\u201d). It is available for consultation on the Company\u2019s website: <a href=\"https:\/\/www.lavastone.mu\"><b>https:\/\/www.lavastone.mu<\/b><\/a>.<\/p><p>In line with the Code, the Board has:<\/p><p>\u2022 on 08 August 2019 adopted a Board Charter which provides a concise overview of the Board\u2019s objectives, role, composition and responsibilities. The Board Charter is assessed regularly for any changes. The Board Charter is subject to the provisions of the Companies Act 2001, the Company\u2019s constitution and any applicable law or<br \/>regulatory provisions;<\/p><p>\u2022 adopted a Code of Ethics which highlights areas such as personal conduct, conflicts of interest, personal dealings in securities and related investments, and employment practices which the Company believes are essential in maintaining fair business practices. The Board regularly monitors and evaluates compliance with its Code of Ethics;<\/p><p>\u2022 approved a Statement of Accountabilities and an Organisational Chart which provides for clear lines of responsibility and delegation of authority while enabling the Board to retain effective control; and<\/p><p>\u2022 identified key senior governance positions which provide clear definitions of the roles and responsibilities of the Chairman, the Managing Director (\u2018MD\u2019), the Company Secretary, the executive and non-executive directors, as well as the Chairperson of the Board\u2019s Committees. The function and role of the Chairman and those of the Managing Director are separate and they each have well-defined responsibilities.<\/p><p>The above-mentioned documents, as approved by the Board, are available for consultation on the Company\u2019s website: <a href=\"https:\/\/lavastone.mu\">https:\/\/www.lavastone.mu<\/a>.<\/p><p>The processes and frequency to review, monitor and approve the Board charter, the organisation\u2019s Code of Ethics, the position statements, the organisational chart and the statement of main accountabilities, are determined by the Board on an ad-hoc basis before and may be delegated to sub-committees as appropriate.<\/p><p>The Board believes the Company provides for the promotion of equal opportunity and prohibits discrimination on the grounds of status and victimisation. To that effect, the Board approved an Equal Opportunity Policy on 08 August 2019, which is in line with the \u201cGuidelines for Employers\u201d issued by the Equal Opportunity Commission<br \/>in April 2013. The said policy sets out the Company\u2019s position on equal opportunity in each and every stage of the employment process, and is applicable to all Board members and employees. The Company regularly reviews its procedures and selection criteria to ensure individuals are selected, promoted and treated according to their individual abilities and merits.<\/p><p>To promote a culture of integrity, the Group has adopted a Whistleblowing policy, which provides a channel of effective communication of concerns. Employees are encouraged to report any malpractice of which they become aware. The policy outlines the reporting mechanism and the defined process on how the reported concerns will be handled and investigated.<\/p>\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-209b0d5 elementor-widget elementor-widget-heading\" data-id=\"209b0d5\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1.1.3 Focus Areas of the Board for the financial year 2024<\/h2>\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\t\t<img loading=\"lazy\" decoding=\"async\" width=\"487\" height=\"218\" src=\"https:\/\/lavastone.mu\/annual-report-2024\/wp-content\/uploads\/2025\/01\/113.svg\" class=\"attachment-large size-large wp-image-2530\" alt=\"\" \/>\t\t\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-3ddc595 elementor-widget elementor-widget-heading\" data-id=\"3ddc595\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1.1.4 Board Attendance and Remuneration<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b97ccef elementor-widget elementor-widget-text-editor\" data-id=\"b97ccef\" 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\t\t<p>The directors\u2019 attendance at Board and committee meetings, as well as their remuneration during the financial year ended 30 September 2024, are as follows:<\/p>\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-34555cf elementor-widget elementor-widget-image\" data-id=\"34555cf\" 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\t\t<img loading=\"lazy\" decoding=\"async\" width=\"485\" height=\"184\" src=\"https:\/\/lavastone.mu\/annual-report-2024\/wp-content\/uploads\/2025\/01\/114.svg\" class=\"attachment-large size-large wp-image-2531\" alt=\"\" \/>\t\t\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-22c8912 elementor-widget elementor-widget-text-editor\" data-id=\"22c8912\" 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\t\t<p>1. The remuneration of the executive director has been disclosed within Note 146 of the financial statements.<\/p>\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-f373b76 elementor-widget elementor-widget-text-editor\" data-id=\"f373b76\" 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\t\t<p><b>The table above indicates that the Directors were able to allocate sufficient time and focus to the organisation and discharge their duties and responsibilities effectively.<\/b><\/p>\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-f58f138 elementor-widget elementor-widget-heading\" data-id=\"f58f138\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1.2 The Board sub-committees<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-962fe8d elementor-widget elementor-widget-text-editor\" data-id=\"962fe8d\" 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\t\t<p>The Board of Lavastone is assisted in its functions by three main sub-committees: (i) Risk Management and Audit Committee (\u201cRMAC\u201d), (ii) Corporate Governance Committee (\u201cCGC\u201d) and (iii) Board Investment Committee (\u201cBIC\u201d). These three committees play a key role in supporting the Board and providing in-depth focus and specialist guidance on particular matters relating to Lavastone\u2019s activities according to their terms of reference. Where appropriate, the committees make recommendations on items requiring the approval of the Board. For the year under review, the Board is satisfied that all committees have effectively honoured their responsibilities and fulfilled their role of providing oversight to the Board on specific matters while assisting the Board in dealing with existing and emerging challenges.<br \/><br \/>The Chairman of each committee provides regular reports of the proceedings of the committees to the Board. Furthermore, the Board has access to the minutes of the committee meetings. Each committee has its own charter\/term of reference, which is reviewed as and when necessary, and any proposed amendment are recommended to the Board for approval.<\/p>\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-38cf089 elementor-widget elementor-widget-text-editor\" data-id=\"38cf089\" 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\t\t<p>For the year under review, no changes were made to the terms of reference of the Corporate Governance Committee, to the Charter of the Risk Management and Audit Committee and to the terms of reference of the Board Investment Committee.<br \/><br \/>When necessary, other committees can be set up by the Board on an ad-hoc basis to consider specific matters.<\/p>\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-1dfa68e elementor-widget elementor-widget-heading\" data-id=\"1dfa68e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1.2.1 Risk Management and Audit Committee (\u201cRMAC\u201d)\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0057eca elementor-widget elementor-widget-text-editor\" data-id=\"0057eca\" 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\t\t<p><strong>1.2.1.1 Composition<\/strong><br \/>The directors who served on the RMAC for the financial year under review are:<\/p>\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-3d28601 elementor-widget elementor-widget-image\" data-id=\"3d28601\" 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\t\t<img loading=\"lazy\" decoding=\"async\" width=\"487\" height=\"83\" src=\"https:\/\/lavastone.mu\/annual-report-2024\/wp-content\/uploads\/2025\/01\/1211.svg\" class=\"attachment-large size-large wp-image-2536\" alt=\"\" \/>\t\t\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-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\t\t<p><strong>1.2.1.2 Meeting Schedule<\/strong><br \/>During the year under review, the RMAC met 5 times. The attendance of individual directors at these meetings is disclosed on page.<\/p><p><strong>1.2.1.3 Terms of Reference<\/strong><br \/>As per its charter, the RMAC oversees the risk and audit-related issues, and reviews and monitors the financial statements of the Company and its subsidiaries. It also monitors the implementation of internal audit recommendations, as well as the integrity of the Annual Report and financial statements. Furthermore, the RMAC makes recommendations to the Board with regard to the appointment or removal of the external auditor. It also reports to the Board on significant financial reporting issues and judgements relating to financial statements. The RMAC also helps in maintaining an effective internal control system and risk management systems.<\/p><p>The RMAC Charter is available on the Company\u2019s website: <a href=\"https:\/\/lavastone.mu\"><b>https:\/\/www.lavastone.mu<\/b><\/a>. The RMAC Charter was last reviewed at the Board meeting of 08 February 2019 and the Board will reassess any changes to be made to the RMAC Charter as and when the need arises.<\/p><p><b>1.2.1.4 Focus of the RMAC for the financial year 2024<\/b><\/p>\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-2474817 elementor-widget elementor-widget-image\" data-id=\"2474817\" 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\t\t<img loading=\"lazy\" decoding=\"async\" width=\"487\" height=\"199\" src=\"https:\/\/lavastone.mu\/annual-report-2024\/wp-content\/uploads\/2025\/01\/1214.svg\" class=\"attachment-large size-large wp-image-2537\" alt=\"\" \/>\t\t\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-cf1287c elementor-widget elementor-widget-heading\" data-id=\"cf1287c\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1.2.2 Corporate Governance Committee (CGC)\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2d8277a elementor-widget elementor-widget-text-editor\" data-id=\"2d8277a\" 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\t\t<p><strong>1.2.2.1 Composition<\/strong><br \/>The Directors who served on the CGC for the financial year under review are:<\/p>\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-bd63cd4 elementor-widget elementor-widget-image\" data-id=\"bd63cd4\" 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\t\t<img loading=\"lazy\" decoding=\"async\" width=\"487\" height=\"100\" src=\"https:\/\/lavastone.mu\/annual-report-2024\/wp-content\/uploads\/2025\/01\/1221.svg\" class=\"attachment-large size-large wp-image-2539\" alt=\"\" \/>\t\t\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-14b4efd elementor-widget elementor-widget-text-editor\" data-id=\"14b4efd\" 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\t\t<p><strong>1.2.2.2 Meeting Schedule<br \/><\/strong>During the year under review, the CGC met 2 times. The attendance of individual directors at these meetings is disclosed on page 75.<\/p><p><b>1.2.2.3 Terms of Reference<br \/><\/b>As per its terms of reference, the CGC makes recommendations to the Board on all corporate governance provisions and ensures that the disclosure requirements with regard to corporate governance are in accordance with the principles of the Code. The CGC\u2019s responsibilities also encompass the functions of the Remuneration and the<br \/>Nomination Committees.<\/p><p>The terms of reference of the Terms of Reference of the CGC is available on the Company\u2019s website: <b><a href=\"https:\/\/lavastone.mu\">https:\/\/www.lavastone.mu<\/a><\/b>. The Terms of Reference of the CGC was last reviewed at the Board meeting of 08 February 2019 and the Board will reassess any changes to be made to the said document as and when the need arises.<\/p><p><b>1.2.2.4 Focus of the CGC for the financial year 2024<\/b><\/p>\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-8fe6f11 elementor-widget elementor-widget-image\" data-id=\"8fe6f11\" 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\t\t<img loading=\"lazy\" decoding=\"async\" width=\"487\" height=\"97\" src=\"https:\/\/lavastone.mu\/annual-report-2024\/wp-content\/uploads\/2025\/01\/1224.svg\" class=\"attachment-large size-large wp-image-2538\" alt=\"\" \/>\t\t\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-a683c10 elementor-widget elementor-widget-heading\" data-id=\"a683c10\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1.2.3 Board Investment Committee (\u201cBIC\u201d)<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-82865e5 elementor-widget elementor-widget-text-editor\" data-id=\"82865e5\" 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\t\t<p><strong>1.2.3.1 Composition<\/strong><br \/>The BIC was Chaired during the year by Mr Colin Taylor. The composition of the BIC was reviewed such that it is now Chaired by Mr Gaetan Ah Kang with Messrs Colin Taylor, Philip Taylor, Nicolas Vaudin and Shyam Mohadeb as members<\/p>\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-a838978 elementor-widget elementor-widget-image\" data-id=\"a838978\" 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\t\t<img loading=\"lazy\" decoding=\"async\" width=\"490\" height=\"107\" src=\"https:\/\/lavastone.mu\/annual-report-2024\/wp-content\/uploads\/2025\/01\/1231.svg\" class=\"attachment-large size-large wp-image-2544\" alt=\"\" \/>\t\t\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-1a88bc0 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"1a88bc0\" 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\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\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2cac82f elementor-widget elementor-widget-text-editor\" data-id=\"2cac82f\" 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\t\t<p><strong>1.2.3.2 Meeting Schedule<\/strong><br \/>During the year under review, no BIC meeting was held.<\/p><p><strong>1.2.3.3 Terms of Reference<\/strong><br \/>The BIC shall assist the Board of Lavastone in reviewing any investment decision, as well as any related transaction documents with regard to any project within the territory of the Republic of Mauritius and outside the scope of its territorial limit, and recommends worthwhile investment projects to the Board.<br \/><br \/>The terms of reference of the BIC is available on the Company\u2019s website: https:\/\/www.lavastone.mu. The terms of reference of the BIC were last reviewed by the Board at the Board meeting of 12 May 2022 and the Board will reassess any changes to be made to the said document as and when the need arises.<\/p>\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-5b9ae0a elementor-widget elementor-widget-heading\" data-id=\"5b9ae0a\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1.3 Other Board matters<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fa2c8d9 elementor-widget elementor-widget-text-editor\" data-id=\"fa2c8d9\" 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\t\t<p><b>1.3.1 Appointment <br \/><\/b>Lavastone has implemented a formal and transparent process for the nomination and appointment of Directors. When appointing Directors, the Board considers its needs in terms of size, experience, skills and diversity. The total number of Directors shall not at any time exceed twelve Directors, to be in line with the number fixed in accordance with the constitution.<\/p><p>The CGC, in its capacity as the Nomination Committee of the Company, recommends to the Board the Directors to be re-elected\/appointed. It is to be noted that any Director over the age of 70 is appointed at the Annual Meeting of Shareholders (\u201cAMS\u201d), in accordance with section 138(6) of the Companies Act 2001. Furthermore, all Directors appointed by the Board will hold office until the next Annual Meeting of Shareholders where they will be eligible for re-election. The nomination and appointment process for Directors is available for consultation on the Company\u2019s website: <b>https:\/\/www.lavastone.mu<\/b>.<\/p><p>All Directors will stand for re-election by way of separate resolutions at the Annual Meeting of Shareholders of the Company, scheduled in February 2025.<\/p><p>The names of the Directors of the Company, their profiles and categories, are listed on pages 10 to 12.<\/p><p>The Board, with the support of the CGC, assumes responsibility for the implementation of a succession plan in order to ensure appointments to the Board as well as for senior management positions within the organisation, thus guaranteeing business continuity and creating value in the long term.<\/p><p><b>1.3.2 Induction and orientation <br \/><\/b>The Board, with the assistance of the Company Secretary, is responsible for the induction and orientation of new Directors to the Board. Upon his or her appointment, each new Director is provided with a comprehensive induction pack containing documents relating to Directors\u2019 legal duties. This induction pack allows newly appointed Directors to have an in-depth understanding of the Company\u2019s activities, challenges, governance framework, business model and strategy, as well as have an overview of compliance and regulatory matters.<\/p><p>No new Director was appointed during the financial year under review.<\/p><p>We recognise the importance of equipping new directors with the necessary information and support to be effective in their roles. To this end, site visits are organised to all Lavastone properties as part of the induction and orientation process, designed to provide directors with a good understanding of our assets. Additional site visits are conducted following any new property acquisitions, ensuring directors remain well-informed about our evolving portfolio.<\/p><p><b>1.3.3 Professional development <br \/><\/b>The Board reviews the professional development needs of directors during the Board evaluation process, and directors are encouraged to develop their skills and expertise continuously. They also receive regular updates on the latest trends and legislations affecting business from management and\/or other industry experts. Training is provided to directors based on the Company\u2019s needs and\/or training needs.\u00a0<\/p><p>The directors participated in a refresher training on \u2018AML\/CFT\u2019 delivered by SmarTree Consulting in December 2024, ensuring they remain up-to-date with best practices.<\/p><p><b>1.3.4 Board access to information and advice <br \/><\/b>All directors have access to the Company Secretary, the Managing Director and the Head of Finance to discuss issues or obtain information on specific areas or items to be considered at Board meetings or any other areas they consider appropriate.\u00a0<\/p><p>Furthermore, directors have access to the Company\u2019s records and hold the right to request independent professional advice at the Company\u2019s expense.<\/p><p><b>1.3.5 Directors\u2019 duties, remuneration and performance <br \/><\/b>The Directors are aware of their legal duties and may seek independent professional or legal advice, at the Company\u2019s expense, relating to any aspect of their duties and responsibilities. The Code of Ethics and the Board Charter of Lavastone are documents which provide guidance to the Directors in fulfilling their roles.<\/p><p>All Directors have a duty to act in the best interests of the Company and are expected to ensure that their other responsibilities do not encroach on their responsibilities as Directors of Lavastone.<\/p><p><b>1.3.6 Interests of Directors and conflicts of interest <br \/><\/b>All Directors, including the Chairman, declare their direct and indirect interests in the shares of the Company, as well as their interests in any transaction undertaken by the Company. They also follow the Model Code for Securities Transactions, as detailed in Appendix 6 of the Stock Exchange of Mauritius Listing Rules, whenever they deal in the shares of the Company with the Company Secretary keeping the Directors informed of the closed periods. The interests register of the Company is maintained by the Company Secretary and is available for consultation by shareholders, upon written request to the Company Secretary.<\/p><p>Any conflicts-of-interest and related-party transactions are in accordance with the Conflict of interest, Related Party Transactions policy and Code of Ethics. For the year under review, all conflicts of interest were effectively managed.<\/p><p>The Code of Ethics of the Company sets out instances which could lead to a conflict of interest and the procedure for dealing with such potential conflicts.<\/p><p>The Board is also responsible for instituting and applying appropriate policies on related party transactions.<\/p><p>For the year under review the following directors dealt in the shares of the Company:<\/p>\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-e42de45 elementor-widget elementor-widget-image\" data-id=\"e42de45\" 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\t\t<img loading=\"lazy\" decoding=\"async\" width=\"487\" height=\"74\" src=\"https:\/\/lavastone.mu\/annual-report-2024\/wp-content\/uploads\/2025\/01\/136.svg\" class=\"attachment-full size-full wp-image-2548\" alt=\"\" \/>\t\t\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-8d6c146 elementor-widget elementor-widget-text-editor\" data-id=\"8d6c146\" 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\t\t<p>All relevant disclosures and notifications were made in line with the Company\u2019s Share\/Listed Debt Trade Policy.<\/p>\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-19bc0c9 elementor-widget elementor-widget-text-editor\" data-id=\"19bc0c9\" 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\t\t<p><b>1.3.7 Information, information technology and information security policy\u00a0<\/b><\/p><p>The Company has reinforced the safety and security measures in place to protect the data it collects, stores and processes, in order to comply with the Data Protection Act 2017. To this end, RAW IT has been appointed to support Lavastone Properties in its role as Data Controller and Processor, and Lavastone and its subsidiaries are registered with the Data Protection Office (DPO). In addition, a Data Protection Officer was appointed to ensure compliance with the Data Protection Act.\u00a0<\/p><p>The Board oversees information governance within the organisation and ensures that the performance of information and Information Technology (IT) systems leads to business benefits and creates value.\u00a0<\/p><p>The Board approves material investments in information technology and security, as set out in the annual budget, according to the Company\u2019s business needs.\u00a0<\/p><p>In December 2021, the Board approved the \u2018Data Protection \/ Information Security Policy\u2019 to address the IT and cyber security requirements of the business. For confidentiality and security reasons, the \u2018Data Protection\/ Information Security Policy\u2019 has not been published on the website of the Company.<\/p>\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-a013163 elementor-widget elementor-widget-text-editor\" data-id=\"a013163\" 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\t\t<p><b>1.3.8 Board performance review\u00a0<\/b><\/p><p>As part of its yearly exercise, Lavastone has carried out a review of the performance of the Board and its committees for the year under review. A questionnaire was circulated to all it\u2019s directors to obtain their views on the effectiveness of the Board, to assess their contribution to the Board\u2019s performance, and to identify areas of improvement.\u00a0<\/p><p>The Board evaluation process was undertaken in three stages:<\/p>\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-eed73cb elementor-widget elementor-widget-image\" data-id=\"eed73cb\" 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\t\t<img loading=\"lazy\" decoding=\"async\" width=\"461\" height=\"163\" src=\"https:\/\/lavastone.mu\/annual-report-2024\/wp-content\/uploads\/2025\/01\/138.svg\" class=\"attachment-full size-full wp-image-2549\" alt=\"\" \/>\t\t\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-eaabaeb elementor-widget elementor-widget-text-editor\" data-id=\"eaabaeb\" 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\t\t<p>The Board evaluation review concluded that no material concern had been identified and that all Board members were fully committed to furthering the Company\u2019s objectives.<\/p><p>Lavastone believes that a regular review of its directors contributes to healthier Board dynamics and continuous improvements in its decision-making process. In line with its commitment to the broader adoption of good governance practices, Lavastone carried out an evaluation of its directors during the year under review 30 September 2024. Following this review, no material issues were noted, and all directors were found to be effectively fulfilling their roles.<\/p><p><b>1.3.9 Directors\u2019 remuneration<br \/><\/b>The Executive director is not remunerated for serving on the Board of the Company or its committees. His remuneration package as an employee of the Company, including performance bonuses, is in accordance with market rates.\u00a0<\/p><p>The remuneration of non-executive directors consists of a mix of attendance and retainer fees and is aligned with market norms. Non- executive directors have not received remuneration in the form of share options or bonuses associated with organisational performance.\u00a0<\/p><p>The remuneration of the executive and non-executive directors is reviewed and recommended for approval to the Board on an annual basis by the Corporate Governance Committee. The non-executive directors are not paid any performance bonuses and there are no long-term incentive plans in force within the Company.\u00a0<\/p><p>The remuneration paid to executive and non-executive directors and\/or committee members is set out in the table on page 75.<\/p>\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-ed2c10d elementor-widget elementor-widget-heading\" data-id=\"ed2c10d\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1.4 Shareholders and other key stakeholders<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cf6bb07 elementor-widget elementor-widget-text-editor\" data-id=\"cf6bb07\" 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\t\t<p><strong>1.4.1 Holding structure<\/strong><br \/>Lavastone Ltd is a public company limited by shares. Its shareholding structure as at 30 September 2024 is as follows:<\/p>\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-9d6dc1a elementor-widget elementor-widget-image\" data-id=\"9d6dc1a\" 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\t\t<img loading=\"lazy\" decoding=\"async\" width=\"453\" height=\"91\" src=\"https:\/\/lavastone.mu\/annual-report-2024\/wp-content\/uploads\/2025\/01\/141.svg\" class=\"attachment-large size-large wp-image-2550\" alt=\"\" \/>\t\t\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-785293d elementor-widget elementor-widget-text-editor\" data-id=\"785293d\" 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\t\t<p><strong>1.4.2 Distribution of shareholders as at 30 September 2024<\/strong><br \/>To the best of the directors\u2019 knowledge, the share ownership analysis per holding percentage and categories of shareholders as at 30 September 2024 is as follows:<\/p>\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-dd79f7d elementor-widget elementor-widget-image\" data-id=\"dd79f7d\" 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\t\t<img loading=\"lazy\" decoding=\"async\" width=\"486\" height=\"121\" src=\"https:\/\/lavastone.mu\/annual-report-2024\/wp-content\/uploads\/2025\/01\/142.svg\" class=\"attachment-large size-large wp-image-2551\" alt=\"\" \/>\t\t\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-7f38693 elementor-widget elementor-widget-text-editor\" data-id=\"7f38693\" 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\t\t<p><strong>1.4.3 Spread of shareholders as at 30 September 2024<\/strong><\/p>\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-0897ca0 elementor-widget elementor-widget-image\" data-id=\"0897ca0\" 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\t\t<img loading=\"lazy\" decoding=\"async\" width=\"486\" height=\"130\" src=\"https:\/\/lavastone.mu\/annual-report-2024\/wp-content\/uploads\/2025\/01\/143.svg\" class=\"attachment-large size-large wp-image-2552\" alt=\"\" \/>\t\t\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-d4b5504 elementor-widget elementor-widget-text-editor\" data-id=\"d4b5504\" 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\t\t<p><strong>1.4.4 Contract between the Company and its substantial shareholders<\/strong><br \/>There is no shareholders\u2019 agreement affecting the governance of the Company by the Board for the year under review.<\/p><p><b>1.4.5 Communication with shareholders and stakeholders<br \/><\/b>Communication with shareholders and stakeholders has been mainly through the Annual Report, the published unaudited results, the AMS, dividends declarations, press communiqu\u00e9s and the website. The Lavastone website comprises an \u201cInvestor Centre\u201d section which includes information on audited financial statements, interim and final dividends, corporate announcements amongst others, as well as the digital version of the Company\u2019s annual report. Moreover, shareholders and stakeholders requesting information can post their queries in the \u201cInvestor Inquiry\u201d section of the website.\u00a0<\/p><p>The external stakeholders of the Company, namely its customers, suppliers, shareholders, the Government\/regulators and the public, are reached via social media platforms like Facebook and LinkedIn, as well as through advertisements. As and when required, focus groups are held with clients to assess their expectations from the Company. Regular channels of communication are also maintained with the Government\/regulators.\u00a0<\/p><p>In addition, shareholders are invited annually to the AMS to approve the financial statements and vote on the (re)appointment of directors and the external auditor. The AMS for the year 2024 was held in February. The Company\u2019s next AMS is scheduled in February 2025 and shareholders will receive the notice of the AMS at least 21 days prior to the meeting, in accordance with the law.\u00a0<\/p><p>The annual report, which also includes the notice of the annual meeting, is published in full on the Company\u2019s website: https:\/\/www.lavastone.mu.<\/p>\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-08f2868 elementor-widget elementor-widget-text-editor\" data-id=\"08f2868\" 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\t\t<p><b>1.5 Internal Control, Internal Audit and Risk Management\u00a0<\/b><\/p><p>The Company\u2019s internal control and risk management framework, and the key risks and steps taken to manage them, are detailed on pages 93 to 94.\u00a0<\/p><p>The internal audit function is outsourced to SmarTree Consulting Ltd, which provides independent and objective assurance on the adequacy and effectiveness of the system of internal controls, which have been put in place to manage the significant risks of the business down to an acceptable level.\u00a0<\/p><p>In line with good governance principles, internal auditors report to the Risk Management &amp; Audit Committee on a quarterly basis. The RMAC approves the Risk-Based Internal Audit plan and evaluates the effectiveness of the Internal Audit function. Moreover, key audit findings are reported to the Board and reports are shared with Board members and senior management. In discharging its duties, the Internal Audit function has unrestricted access to all documents, key personnel and management staff.\u00a0<\/p><p>All audit activities are performed in accordance with the International Standards for the Professional Practice of Internal Auditing, as provided by the Institute of Internal Auditors (IIA).\u00a0<\/p><p>During the year under review, areas covered by SmarTree Consulting Ltd were:\u00a0<\/p><p>\u2022 Third party risk management\u00a0<br \/><span style=\"font-size: 14px; color: var( --e-global-color-secondary ); text-align: var(--text-align);\">\u2022 Payment <br \/>\u2022 HR <br \/>\u2022 AML\/CFT <br \/><br \/>The General Manager of SmarTree Consulting Ltd is Ms Aurelie Sevene, who is ACCA qualified and a Certified Internal Auditor (CIA) by the Institute of Internal Auditors. The qualifications of Ms Aurelie Sevene and other key members of SmarTree Consulting Ltd are listed on its website: https:\/\/smartreeconsulting.com<\/span><\/p>\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-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\t\t<p><b>1.6 External Audit\u00a0<\/b><\/p><p>The external auditor of the Company is BDO &amp; Co Ltd (BDO), first appointed as external auditor at the AMS held on 10 July 2020 in replacement of Ernst and Young following a tender issued by the RMAC in January 2020. BDO was re-appointed as the external auditor by the shareholders of Lavastone at the annual meetings held in March 2021, February 2022, February 2023 and February 2024 respectively.\u00a0<\/p><p>The RMAC discusses critical policies, judgements and estimates, and external audit issues with BDO as and when necessary, and meets them at least once a year without management being present.\u00a0<\/p><p>The RMAC assesses the effectiveness of the external audit process via feedback received from the management team. Areas of improvement are thereafter discussed with external auditors.\u00a0<\/p><p>For the year under review, no fees were paid to external auditors for non-audit work. To guarantee objectivity and independence, the Board ensures the team providing non-audit services is different from the one providing audit services.<\/p>\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-54add28 elementor-widget elementor-widget-text-editor\" data-id=\"54add28\" 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\t\t<p><b>1.7 Risk Management\u00a0<\/b><\/p><p>Several factors may affect Lavastone\u2019s operations, financial performance and growth prospects. Although property is often considered a low-risk asset over the long-term, significant short- and medium-term risk factors are inherent in such asset classes. The Company\u2019s performance may be materially and adversely affected by changes in the market and\/or economic conditions, and by changes in laws and regulations (including any tax laws and regulations) relating to, or affecting, the Company or the interpretation of such laws and regulations.\u00a0<\/p><p>One of the commitments of the Board of Lavastone is to establish a robust framework of risk oversight and management, to identify, assess, monitor and manage potential setbacks related to the Company\u2019s activities.\u00a0<\/p><p>Risk management forms an integral part of the Company\u2019s culture as it is fully embedded into the day-to-day management and operation of the business.\u00a0<\/p><p>The Company\u2019s internal control and risk management framework, and the key risks and steps taken to manage them, are detailed on pages 88 to 97.<\/p>\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\t\t<p><b>1.8 Reporting With Integrity\u00a0<\/b><\/p><p>This report has been prepared in line with the principles set out by the International Framework established by the International Integrated Reporting Council (IIRC). It provides key information which enables the assessment of the strategy, business model, operating context, material risks and opportunities, governance and operational performance of Lavastone for the period 1 October 2023 to 30 September 2024.<\/p>\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-4bd799c elementor-widget elementor-widget-text-editor\" data-id=\"4bd799c\" 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\t\t<p><b>1.9 Corporate Social Responsibility\u00a0<\/b><\/p><p>Lavastone Properties CSR activities are channelled through the Taylor Smith Foundation, which works in collaboration with different NGOs operating in deprived areas of Mauritius and Rodrigues Island.\u00a0<\/p><p>The Taylor Smith Foundation focuses on the following areas:\u00a0<\/p><p>1. Education and Youth <br \/>2. Empowerment of Women <br \/>3. Sports <br \/>4. Protection of the environment\u00a0<\/p><p>The donations made by the company and its subsidiaries during the accounting period amount to Rs 1,278,312\/-<\/p>\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-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\t\t<p><b>1.10 Company Secretary\u00a0<\/b><\/p><p>Cim Administrators Ltd, through its representative Mr Tioumitra (Ambrish) Maharahaje, provides corporate secretarial services to Lavastone Ltd and its subsidiaries. Following Mr Maharahaje\u2019s appointment as Group CEO of CIM Financial Services Ltd, a new representative has been recruited by Cim Administrators Ltd to replace Mr Maharahaje as from January 2025.\u00a0<\/p><p><b>1.10.1 The Company Secretary\u2019s profile is as set out below:\u00a0<\/b><\/p><p>Ambrish was appointed Group CEO and Executive Director of CIM Financial Services Ltd in March 2024.\u00a0<\/p><p>A seasoned executive with a career spanning over more than 20 years, Ambrish has served as the Chief Operating Officer of CFSL since December 2019 and was appointed Interim Group CEO in January 2024.\u00a0<\/p><p>Prior to working for Cim Group, Ambrish was successively Corporate Manager, Legal Compliance at Rogers and Company Limited and Executive Secretary at the Mauritius Institute of Directors.\u00a0<\/p><p>Ambrish holds a BSc in Management from the University of Mauritius and is an Associate of The Chartered Governance Institute.\u00a0<\/p><p><b>1.11 Number of Employees and Key Senior Officers &amp; Executives\u00a0<\/b><\/p><p>The Group currently has a lean organisational structure, with all 49 full-time employees regrouped under Lavastone Services Ltd. Lavastone Services Ltd is the company overlooking business development and the day-to-day management of the Group\u2019s activities, together with project appraisals.\u00a0<\/p><p>The profiles of the key senior officers and executives are listed on page 13.<\/p>\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-738e7b9 elementor-widget elementor-widget-heading\" data-id=\"738e7b9\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1.12 Other Matters<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fa51019 elementor-widget elementor-widget-text-editor\" data-id=\"fa51019\" 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\t\t<p><b>1.12.1 Related party transactions<br \/><\/b>Please refer to page 161 of the annual report.<\/p><p><b>1.12.2 Management agreements<br \/><\/b>The Company has management contracts with Cim Administrators Ltd for the provision of company secretarial services, and with Raw IT Services Ltd for the management of the Group\u2019s IT infrastructure.<\/p><p><b>1.12.3 Dividend policy<br \/><\/b>An interim dividend is usually declared in May and paid in June, and a final dividend is declared in December and paid in January. The payment of dividends is subject to the net profits of the Company, its cash flow and its needs, with regard to the capital expenditure.<\/p><p><b>1.12.4 Donations<br \/><\/b>The Company did not make any political donations during the year under review.<\/p>\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-81ffad7 elementor-widget elementor-widget-image\" data-id=\"81ffad7\" 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\t\t<img loading=\"lazy\" decoding=\"async\" width=\"96\" height=\"22\" src=\"https:\/\/lavastone.mu\/annual-report-2024\/wp-content\/uploads\/2024\/01\/company_sec_sig.png\" class=\"attachment-large size-large wp-image-706\" alt=\"\" \/>\t\t\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-5bb598c elementor-widget elementor-widget-text-editor\" data-id=\"5bb598c\" 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\t\t<p><strong>Tioumitra Maharahaje<\/strong><br \/>For Cim Administrators Ltd<br \/>Company Secretary<br \/><strong>16 December 2024<\/strong><\/p>\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-96767f2 elementor-widget elementor-widget-heading\" data-id=\"96767f2\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">OTHER STATUTORY DISCLOSURES<\/h2>\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\t\t<h2 class=\"elementor-heading-title elementor-size-default\">(Pursuant to Section 221 of the Mauritius Companies Act 2001)<\/h2>\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\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Activity of the Company<\/h2>\t\t\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\t\t<p>The activities of Lavastone are disclosed on pages 16 to 17.<\/p>\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-ee8eec1 elementor-widget elementor-widget-heading\" data-id=\"ee8eec1\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Group structure with activities of subsidiaries<\/h2>\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\t\t<p>The Group structure of Lavastone has been disclosed on pages 14 to 15.<\/p>\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-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\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Directors\u2019 remuneration<\/h2>\t\t\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\t\t<p>The remuneration of directors who have held office as at 30 September 2024 has been disclosed on page 75. Moreover, the executive and non-executive directors had received remuneration for holding position as directors in subsidiary companies as per the details set out in the table below:<\/p>\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-a2e038c elementor-widget elementor-widget-image\" data-id=\"a2e038c\" 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\t\t<img loading=\"lazy\" decoding=\"async\" width=\"438\" height=\"85\" src=\"https:\/\/lavastone.mu\/annual-report-2024\/wp-content\/uploads\/2025\/01\/dr_rem.svg\" class=\"attachment-large size-large wp-image-2559\" alt=\"\" \/>\t\t\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-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\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Directors\u2019 interest in shares<\/h2>\t\t\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\t\t<p>The interests of the directors in the shares of Lavastone as at 30 September 2024 are listed on page 80.<\/p>\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-edd8c8a elementor-widget elementor-widget-heading\" data-id=\"edd8c8a\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Particulars of entry in the interest register<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-44e12cb elementor-widget elementor-widget-text-editor\" data-id=\"44e12cb\" 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\t\t<p>An Interest Register, which is updated on an annual basis, is maintained by the Company Secretary. Any disclosure of interest as required under the Mauritius Companies Act 2001 is recorded in the Interest Register, which is available for inspection during normal office hours upon written request made to the Company Secretary.<\/p>\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-e77c1dd elementor-widget elementor-widget-heading\" data-id=\"e77c1dd\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Directors of Subsidiary companies<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-19c07a2 elementor-widget elementor-widget-text-editor\" data-id=\"19c07a2\" 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\t\t<p>The list of directorship of subsidiary companies as at 30 September 2024 is listed on page 166.<\/p><p><strong>Audit fees as at 30 September 2024<\/strong><br \/>For the year under review, the fees incurred for audit services by the Company and each of its subsidiary were as follows:<\/p>\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-058725d elementor-widget elementor-widget-image\" data-id=\"058725d\" 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\t\t<img loading=\"lazy\" decoding=\"async\" width=\"440\" height=\"173\" src=\"https:\/\/lavastone.mu\/annual-report-2024\/wp-content\/uploads\/2025\/01\/audit_fees.svg\" class=\"attachment-full size-full wp-image-2560\" alt=\"\" \/>\t\t\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-2b2ea4d elementor-widget elementor-widget-text-editor\" data-id=\"2b2ea4d\" 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\t\t<p>The external auditors have not carried out non-audit activities for the Company and its subsidiaries during the year under review.<\/p>\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-c7e378e elementor-widget elementor-widget-heading\" data-id=\"c7e378e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Donations<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4fa6de9 elementor-widget elementor-widget-text-editor\" data-id=\"4fa6de9\" 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\t\t<p>During the year under review, no political donations were made by Lavastone Ltd and its subsidiaries. Moreover, as at 30 September 2024, Lavastone and some of its subsidiaries contributed the following amount to CSR activities:<\/p>\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-695f184 elementor-widget elementor-widget-image\" data-id=\"695f184\" 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\t\t<img loading=\"lazy\" decoding=\"async\" width=\"254\" height=\"87\" src=\"https:\/\/lavastone.mu\/annual-report-2024\/wp-content\/uploads\/2025\/01\/donations.svg\" class=\"attachment-large size-large wp-image-2564\" alt=\"\" \/>\t\t\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-6641a1b elementor-widget elementor-widget-heading\" data-id=\"6641a1b\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Directors\u2019 service contracts<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b480a62 elementor-widget elementor-widget-text-editor\" data-id=\"b480a62\" 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\t\t<p>None of the directors of the Company and its subsidiaries have service contracts that need to be disclosed under Section 221 of the Companies Act 2001.<\/p>\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-8cf74cc elementor-widget elementor-widget-heading\" data-id=\"8cf74cc\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Major Transactions<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5779fc3 elementor-widget elementor-widget-text-editor\" data-id=\"5779fc3\" 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\t\t<p>During the year under review, neither the Company nor its subsidiaries had carried out any major transaction under Section 130 (2) of the Companies Act 2001.<\/p>\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-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\t\t<h2 class=\"elementor-heading-title elementor-size-default\">SECRETARY\u2019S CERTIFICATE<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-db5f0cc elementor-widget elementor-widget-text-editor\" data-id=\"db5f0cc\" 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\t\t<p>In my capacity as Company Secretary of Lavastone Ltd (the \u201cCompany\u201d), I hereby confirm that, to the best of my knowledge and belief, the Company has filed with the Registrar of Companies, for the financial year ended 30 September 2024, all such returns as are required of the Company under the Companies Act 2001.<\/p>\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-71e6f8b elementor-widget elementor-widget-image\" data-id=\"71e6f8b\" 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\t\t<img loading=\"lazy\" decoding=\"async\" width=\"96\" height=\"22\" src=\"https:\/\/lavastone.mu\/annual-report-2024\/wp-content\/uploads\/2024\/01\/company_sec_sig.png\" class=\"attachment-large size-large wp-image-706\" alt=\"\" \/>\t\t\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-ddb2ffc elementor-widget elementor-widget-text-editor\" data-id=\"ddb2ffc\" 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\t\t<p><strong>Tioumitra Maharahaje<\/strong><br \/>For Cim Administrators Ltd<br \/>Company Secretary<br \/><strong>16 December 2024<\/strong><\/p>\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-915f12a elementor-widget elementor-widget-heading\" data-id=\"915f12a\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">STATEMENT OF DIRECTORS\u2019 RESPONSIBILITIES<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-89febae elementor-widget elementor-widget-heading\" data-id=\"89febae\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">STATEMENT OF DIRECTORS\u2019 RESPONSIBILITIES IN RESPECT OF THE\nPREPARATION OF FINANCIAL STATEMENTS AND INTERNAL CONTROL<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0dd4e3d elementor-widget elementor-widget-text-editor\" data-id=\"0dd4e3d\" 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\t\t<p>The directors are responsible for the preparation of financial statements, which give a true and fair view of the financial position, financial performance and cash flows of the Company. In so doing, they are required to:\u00a0<\/p><p>\u2022\u00a0<span style=\"font-size: 14px; color: var( --e-global-color-secondary ); text-align: var(--text-align);\">select suitable accounting policies and apply them consistently; <br \/>\u2022 make judgements and estimates that are reasonable and prudent; <br \/>\u2022 comply with the provisions of the Companies Act 2001 and the International Financial Reporting Standards (IFRS), and explain any material departure thereto; <br \/>\u2022 prepare the financial statements on a going concern basis, unless it is inappropriate to presume that the Company will continue its business in the foreseeable future. <br \/><br \/>The directors are also responsible for the proper maintenance of accounting records, which disclose, at any time and with reasonable accuracy, the financial position and performance of the Company. They are also responsible for maintaining an effective system of internal control and risk management, for safeguarding the assets of the Company and for taking all reasonable steps to prevent and detect fraud and other irregularities. <br \/><br \/>The directors acknowledge they have exercised their responsibilities as described above, and confirm they have complied with the above requirements in preparing the financial statements for the year ended 30 September 2024. They also acknowledge the responsibility of external auditors to report on these financial statements and to express an opinion as to whether they are fairly presented.\u00a0<\/span><\/p><p><span style=\"font-size: 14px; color: var( --e-global-color-secondary ); text-align: var(--text-align);\">The directors confirm they have established an internal audit function and report that proper accounting records have been maintained during the year ended 30 September 2024. They also declare that nothing has come to their attention which could indicate any material breakdown in the functioning of internal control systems and have a material impact on the trading and financial position of the Company.\u00a0<\/span><\/p><p><span style=\"font-size: 14px; color: var( --e-global-color-secondary ); text-align: var(--text-align);\">On behalf of the Board<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-b305282 e-flex e-con-boxed e-con e-child\" data-id=\"b305282\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-652c4eb e-con-full e-flex e-con e-child\" data-id=\"652c4eb\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-487ef53 elementor-widget elementor-widget-image\" data-id=\"487ef53\" 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\t\t<img decoding=\"async\" width=\"256\" height=\"40\" src=\"https:\/\/lavastone.mu\/annual-report-2024\/wp-content\/uploads\/2024\/01\/colin_sig.png\" class=\"attachment-large size-large wp-image-317\" alt=\"\" \/>\t\t\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-42fb3ad elementor-widget elementor-widget-text-editor\" data-id=\"42fb3ad\" 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\t\t<p><strong>Colin Taylor<\/strong><br \/>Non-Executive Director and Chairman<br \/><strong>16 December 2024<\/strong><\/p>\t\t\t\t\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-6f406ec e-con-full e-flex e-con e-child\" data-id=\"6f406ec\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-36afc83 elementor-widget elementor-widget-image\" data-id=\"36afc83\" 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\t\t<img decoding=\"async\" width=\"78\" height=\"51\" src=\"https:\/\/lavastone.mu\/annual-report-2024\/wp-content\/uploads\/2024\/01\/nicolas_sig.png\" class=\"attachment-large size-large wp-image-344\" alt=\"\" \/>\t\t\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-6fa8dc6 elementor-widget elementor-widget-text-editor\" data-id=\"6fa8dc6\" 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\t\t<p><strong>Nicolas Vaudin<\/strong><br \/>Executive Director and Managing Director<\/p>\t\t\t\t\t\t\t\t<\/div>\n\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>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Committing to sustainable, responsible growth Passion outlines our projects CORPORATE GOVERNANCE REPORT OUR GOVERNANCE PERFORMANCE COMPLIANCE STATEMENT Lavastone Ltd (hereinafter referred to as \u201cLavastone\u201d or the \u201cCompany\u201d) is classified as a public interest entity under the Financial Reporting Act 2004.\u00a0 As a company listed on the Development and Enterprise Market (DEM) of the Stock Exchange 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