{"id":477,"date":"2026-01-02T12:58:17","date_gmt":"2026-01-02T12:58:17","guid":{"rendered":"https:\/\/lavastone.mu\/annual-report-2025\/?page_id=477"},"modified":"2026-01-12T18:28:47","modified_gmt":"2026-01-12T18:28:47","slug":"esg-report","status":"publish","type":"page","link":"https:\/\/lavastone.mu\/annual-report-2025\/esg-report\/","title":{"rendered":"ESG Report"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"477\" class=\"elementor elementor-477\" data-elementor-post-type=\"page\">\n\t\t\t\t<div class=\"elementor-element elementor-element-c89edb7 e-con-full elementor-hidden-mobile e-flex e-con e-parent\" data-id=\"c89edb7\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-e44bced e-con-full e-flex e-con e-child\" data-id=\"e44bced\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-a6c26b1 elementor-widget elementor-widget-heading\" data-id=\"a6c26b1\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">ESG Report<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fe51cb7 elementor-widget elementor-widget-heading\" data-id=\"fe51cb7\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">OUR WINDOW\nOF OPPORTUNITY<br>\nFRAMES A HORIZON\nBUILT TO ENDURE<\/h2>\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-754e860 e-con-full elementor-hidden-desktop elementor-hidden-tablet e-flex e-con e-parent\" data-id=\"754e860\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-8f28f25 e-con-full e-flex e-con e-child\" data-id=\"8f28f25\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7d417d0 elementor-widget elementor-widget-heading\" data-id=\"7d417d0\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">ESG Report<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a7eae4a elementor-widget-mobile__width-initial elementor-widget elementor-widget-heading\" data-id=\"a7eae4a\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">OUR WINDOW\nOF OPPORTUNITY\nFRAMES A HORIZON\nBUILT TO ENDURE<\/h2>\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-46cba3a e-con-full elementor-hidden-mobile e-flex e-con e-parent\" data-id=\"46cba3a\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;sticky&quot;:&quot;top&quot;,&quot;sticky_on&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;],&quot;sticky_offset&quot;:0,&quot;sticky_effects_offset&quot;:0,&quot;sticky_anchor_link_offset&quot;:0}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-a92cd55 elementor-icon-list--layout-inline elementor-align-center elementor-mobile-align-center elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"a92cd55\" data-element_type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items elementor-inline-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-inline-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"#Frameworksandstandardsthatguideus\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" id=\"b\" viewBox=\"0 0 9.39 9.39\"><g id=\"c\"><polygon points=\"9.39 4.69 0 0 0 9.39 9.39 4.69\" style=\"fill:#f89a31; stroke-width:0px;\"><\/polygon><\/g><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Frameworks and standards that guide us<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-inline-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"#EnvironmentalPerformance\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" id=\"b\" viewBox=\"0 0 9.39 9.39\"><g id=\"c\"><polygon points=\"9.39 4.69 0 0 0 9.39 9.39 4.69\" style=\"fill:#f89a31; stroke-width:0px;\"><\/polygon><\/g><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Environmental Performance<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-inline-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"#SocialPerformance\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" id=\"b\" viewBox=\"0 0 9.39 9.39\"><g id=\"c\"><polygon points=\"9.39 4.69 0 0 0 9.39 9.39 4.69\" style=\"fill:#f89a31; stroke-width:0px;\"><\/polygon><\/g><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Social Performance<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-inline-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"#OurGovernancePerformance\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" id=\"b\" viewBox=\"0 0 9.39 9.39\"><g id=\"c\"><polygon points=\"9.39 4.69 0 0 0 9.39 9.39 4.69\" style=\"fill:#f89a31; stroke-width:0px;\"><\/polygon><\/g><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Our Governance Performance<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-0882a09 e-con-full elementor-hidden-desktop elementor-hidden-tablet e-flex e-con e-parent\" data-id=\"0882a09\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;sticky&quot;:&quot;top&quot;,&quot;sticky_on&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;],&quot;sticky_offset&quot;:0,&quot;sticky_effects_offset&quot;:0,&quot;sticky_anchor_link_offset&quot;:0}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-0bb2650 elementor-icon-list--layout-inline elementor-align-center elementor-mobile-align-start elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"0bb2650\" data-element_type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items elementor-inline-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-inline-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"#Frameworksandstandardsthatguideus\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" id=\"b\" viewBox=\"0 0 9.39 9.39\"><g id=\"c\"><polygon points=\"9.39 4.69 0 0 0 9.39 9.39 4.69\" style=\"fill:#f89a31; stroke-width:0px;\"><\/polygon><\/g><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Frameworks and standards that guide us<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-inline-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"#EnvironmentalPerformance\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" id=\"b\" viewBox=\"0 0 9.39 9.39\"><g id=\"c\"><polygon points=\"9.39 4.69 0 0 0 9.39 9.39 4.69\" style=\"fill:#f89a31; stroke-width:0px;\"><\/polygon><\/g><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Environmental Performance<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-inline-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"#SocialPerformance\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" id=\"b\" viewBox=\"0 0 9.39 9.39\"><g id=\"c\"><polygon points=\"9.39 4.69 0 0 0 9.39 9.39 4.69\" style=\"fill:#f89a31; stroke-width:0px;\"><\/polygon><\/g><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Social Performance<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-inline-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"#OurGovernancePerformance\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" id=\"b\" viewBox=\"0 0 9.39 9.39\"><g id=\"c\"><polygon points=\"9.39 4.69 0 0 0 9.39 9.39 4.69\" style=\"fill:#f89a31; stroke-width:0px;\"><\/polygon><\/g><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Our Governance Performance<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-a516fdf e-flex e-con-boxed e-con e-parent\" data-id=\"a516fdf\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-eefc1b1 e-con-full e-flex e-con e-child\" data-id=\"eefc1b1\" data-element_type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-8202b75 e-con-full e-flex e-con e-child\" data-id=\"8202b75\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-53d940a elementor-widget elementor-widget-text-editor\" data-id=\"53d940a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Lavastone Properties develops and manages properties that are designed to last, function efficiently, and create value for both tenants and communities. From asset acquisition and building new spaces, to fit-outs and planned maintenance, our activities touch every stage of a property\u2019s life.\u00a0<\/p><p>Our ESG strategy embeds environmental, social and governance considerations into every aspect of our development and leasing activities. Rather than approaching sustainability as a compliance requirement, we see it as an opportunity to pursue meaningful growth and drive long-term value. Grounded in global and local<\/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-d3326ba e-con-full e-flex e-con e-child\" data-id=\"d3326ba\" data-element_type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-30ff130 e-con-full e-flex e-con e-child\" data-id=\"30ff130\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-fd8c3dd elementor-widget elementor-widget-text-editor\" data-id=\"fd8c3dd\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>standards, and aligned with our vision and risk appetite, it guides us to grow responsibly, while supporting our people, communities, and the environment. A clear governance framework, with Board oversight, dedicated committees and structured reporting, ensures that ESG priorities are embedded across the organisation and accountability is upheld at every level.\u00a0<\/p><p>Shaped by the voices of our stakeholders, our material priorities focus on where we can create the most meaningful and lasting impact. This work supports our ambition to build a portfolio of energy-efficient, sustainable properties that benefit all our stakeholders.<\/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-27fbc06 e-con-full e-flex e-con e-child\" data-id=\"27fbc06\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-54eab89 elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"54eab89\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><img decoding=\"async\" class=\"size-full wp-image-363 alignleft\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2025\/12\/p29-1.svg\" alt=\"\" width=\"37\" height=\"27\" \/><\/p><blockquote><p><em>Our goal: To build a portfolio of energy-efficient, sustainable properties that benefits our tenants, communities and the environment.<\/em><\/p><\/blockquote>\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-22670ec e-flex e-con-boxed e-con e-parent\" data-id=\"22670ec\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-12bd51b e-con-full e-flex e-con e-child\" data-id=\"12bd51b\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-c8a0834 elementor-widget elementor-widget-menu-anchor\" data-id=\"c8a0834\" data-element_type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"Frameworksandstandardsthatguideus\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-c19f4c7 e-con-full e-flex e-con e-child\" data-id=\"c19f4c7\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-84835ea elementor-widget elementor-widget-heading\" data-id=\"84835ea\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Frameworks and standards that guide us<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-3956897 e-con-full e-flex e-con e-child\" data-id=\"3956897\" data-element_type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-23322ac e-con-full e-flex e-con e-child\" data-id=\"23322ac\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4a403ef elementor-widget elementor-widget-image\" data-id=\"4a403ef\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"171\" height=\"34\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/p48-1.svg\" class=\"attachment-full size-full wp-image-650\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4a8aef0 elementor-widget elementor-widget-heading\" data-id=\"4a8aef0\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">ACT ADEME<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-7c15e21 e-con-full e-flex e-con e-child\" data-id=\"7c15e21\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-777209c elementor-widget elementor-widget-image\" data-id=\"777209c\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"53\" height=\"54\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/p48-6.svg\" class=\"attachment-full size-full wp-image-652\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-77495e8 elementor-widget elementor-widget-heading\" data-id=\"77495e8\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">SUSTAINABILITY ACCOUNTING\nSTANDARDS BOARD<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-f365b95 e-con-full e-flex e-con e-child\" data-id=\"f365b95\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4472c06 elementor-widget elementor-widget-image\" data-id=\"4472c06\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"148\" height=\"41\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/p48-2.svg\" class=\"attachment-full size-full wp-image-651\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bf83822 elementor-widget elementor-widget-heading\" data-id=\"bf83822\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">GREENHOUSE GAS PROTOCOL<\/h2>\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-8ea26a2 e-con-full e-flex e-con e-child\" data-id=\"8ea26a2\" data-element_type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-07c10f0 e-con-full e-flex e-con e-child\" data-id=\"07c10f0\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-db97b61 elementor-widget elementor-widget-image\" data-id=\"db97b61\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"97\" height=\"48\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/p48-7.svg\" class=\"attachment-full size-full wp-image-657\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-33cdc9e elementor-widget elementor-widget-heading\" data-id=\"33cdc9e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">NATIONAL COMMITTEE ON CORPORATE GOVERNANCE<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-0094ac2 e-con-full e-flex e-con e-child\" data-id=\"0094ac2\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f20b8a8 elementor-widget 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data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"52\" height=\"52\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/7.webp\" class=\"attachment-full size-full wp-image-711\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-673a00c elementor-widget__width-initial elementor-widget elementor-widget-image\" data-id=\"673a00c\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"52\" height=\"52\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/5.webp\" class=\"attachment-full size-full wp-image-712\" 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>\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-76f1f0d e-flex e-con-boxed e-con e-parent\" data-id=\"76f1f0d\" 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-4b6974c elementor-widget elementor-widget-heading\" data-id=\"4b6974c\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Advancing climate action<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6957b3d elementor-widget elementor-widget-text-editor\" data-id=\"6957b3d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Climate action is central to our strategy. How we design, build, and operate our buildings determines energy use, carbon emissions, and long-term sustainability. This year, we progressed on our decarbonisation journey by continuing assessments with WillChange using both the Bilan Carbone\u00ae methodology and the GHG Protocol, enabling us to better understand our emissions profile and guide targeted interventions.<\/p><p>Last year\u2019s findings revealed that 80% of our emissions come from tenant activity, which falls under Scope 3. This includes energy use, transportation, waste generation, and building operations. Integrating these upstream and downstream emissions into our carbon footprint calculation is complex, but essential to understanding our true impact and identifying opportunities for reduction along our value chain.<\/p><p>Last year\u2019s carbon assessment, combined with detailed tenant data, informed a roadmap projecting emissions through 2029. This roadmap provides a clear framework to monitor progress, set targets, and guide strategic interventions.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2746494 elementor-widget elementor-widget-image\" data-id=\"2746494\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"504\" height=\"308\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/p50-1.svg\" class=\"attachment-full size-full wp-image-736\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-9dd24f1 e-con-full e-flex e-con e-child\" data-id=\"9dd24f1\" data-element_type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-27e41a4 e-con-full e-flex e-con e-child\" data-id=\"27e41a4\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-b9aa6ea elementor-widget elementor-widget-heading\" data-id=\"b9aa6ea\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Data-driven climate action<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a6843d8 elementor-widget elementor-widget-text-editor\" data-id=\"a6843d8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Our actions this year focused on three key areas to advance our climate strategy across both existing and future properties:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-237843e elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"237843e\" data-element_type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li 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of Intent for one of the two PV farms at Case Noyale. At the time of writing the report, the second LOI had been received.<\/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-4098a88 e-con-full e-flex e-con e-child\" data-id=\"4098a88\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-2da2262 elementor-widget elementor-widget-text-editor\" data-id=\"2da2262\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>This marks an important step in our ambition not only to reduce our own emissions, but also to generate clean energy and contribute meaningfully to broader carbon-reduction efforts.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7ea0149 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"7ea0149\" data-element_type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul 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11.77\"><\/polygon><polygon class=\"cls-4\" points=\".09 13.46 1.15 12.84 .09 12.22 .09 13.46\"><\/polygon><polygon class=\"cls-4\" points=\".09 15.14 1.15 14.52 .09 13.9 .09 15.14\"><\/polygon><g class=\"cls-8\"><polygon class=\"cls-4\" points=\"1.15 16.21 .09 15.59 .09 16.83 1.15 16.21\"><\/polygon><\/g><\/g><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Carbon offsetting and reduction<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-131f395 elementor-widget elementor-widget-text-editor\" data-id=\"131f395\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>We embed carbon reduction criteria in our investment decisions, pursue LEED (O+M) certification for key assets, and align other properties with LEED standards. We have completed the LEED gap analysis for ABSA House and, in close collaboration with the anchor tenant, have undertaken retrofitting works at Les Cascades Building to bring it to LEED standards for Certification during FY26. We are currently progressing with the certification process for Les Cascades Building and CIM House.<\/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<div class=\"elementor-element elementor-element-817fed2 e-flex e-con-boxed e-con e-parent\" data-id=\"817fed2\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-c2f14fe e-con-full e-flex e-con e-child\" data-id=\"c2f14fe\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-21c17c3 elementor-widget elementor-widget-heading\" data-id=\"21c17c3\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Total Emissions<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a00e6af elementor-widget elementor-widget-text-editor\" data-id=\"a00e6af\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>We use both the Bilan Carbone and GHG Protocol to assess the source of our emissions. While they both serve similar purposes, the GHG Protocol is globally recognised and more broadly used, making it our chosen basis for reporting. The variance between both figures obtained for FY25 is immaterial.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-10a14db elementor-widget elementor-widget-heading\" data-id=\"10a14db\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Bilan Carbone: 8249 tCO2e<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-aefa144 elementor-widget elementor-widget-heading\" data-id=\"aefa144\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">GHG protocol: 8279 tCO2e<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d91742e elementor-widget elementor-widget-image\" data-id=\"d91742e\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"242\" height=\"297\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/p51-1.svg\" class=\"attachment-full size-full wp-image-744\" 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<div class=\"elementor-element elementor-element-b4e3f8c e-con-full e-flex e-con e-child\" data-id=\"b4e3f8c\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-21ebc48 elementor-widget elementor-widget-heading\" data-id=\"21ebc48\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What caused the change in FY25 emissions<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e865d6d elementor-widget elementor-widget-image\" data-id=\"e865d6d\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"244\" height=\"235\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/p51-2.svg\" class=\"attachment-full size-full wp-image-746\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3f9e7c2 elementor-widget elementor-widget-image\" data-id=\"3f9e7c2\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"242\" height=\"133\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/p51-3.svg\" class=\"attachment-full size-full wp-image-747\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b89b38e elementor-widget elementor-widget-image\" data-id=\"b89b38e\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"242\" height=\"94\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/p51-4.svg\" class=\"attachment-full size-full wp-image-750\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b9be66f elementor-widget elementor-widget-text-editor\" data-id=\"b9be66f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>The \u201cmarginal\u201d increase in emissions during FY25 is attributable to higher electricity consumptions linked to higher occupancies and, to some extent, increasing seasonal temperatures, alongside improved data collection. Despite this, Lavastone Properties remains on track to meet the long-term emissions reduction targets set out in its FY30 plan.<\/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<div class=\"elementor-element elementor-element-cba8e91 e-flex e-con-boxed e-con e-parent\" data-id=\"cba8e91\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-e3024f3 e-con-full e-flex e-con e-child\" data-id=\"e3024f3\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-0392a77 elementor-widget elementor-widget-heading\" data-id=\"0392a77\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Environmental Performance<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a537161 elementor-widget elementor-widget-heading\" data-id=\"a537161\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Water, waste and energy management<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-54657a1 e-con-full e-flex e-con e-child\" data-id=\"54657a1\" data-element_type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-f2c9025 e-con-full e-flex e-con e-child\" data-id=\"f2c9025\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7fd820f elementor-widget__width-initial elementor-widget-mobile__width-initial elementor-widget elementor-widget-image\" data-id=\"7fd820f\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"33\" height=\"39\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/p52-1.svg\" class=\"attachment-full size-full wp-image-764\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-77123ec elementor-widget elementor-widget-heading\" data-id=\"77123ec\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Water<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-73b2620 elementor-widget elementor-widget-image\" data-id=\"73b2620\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"470\" height=\"48\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/p52-2.svg\" class=\"attachment-full size-full wp-image-763\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d3a2280 elementor-widget elementor-widget-text-editor\" data-id=\"d3a2280\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>We report here a <span class=\"yel\">7%<\/span> increase in water consumption which is reflected in the billing received from the CWA for sites where Lavastone Properties is responsible for payment. However, improved data collection and tracking has enabled us to determine the existence of a faulty water meter which has been addressed with the CWA. The estimated actual consumption should show a reduction of<span class=\"yel\"> 3%<\/span> from last year equivalent to approximately 495m3.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-e62b390 e-con-full e-flex e-con e-child\" data-id=\"e62b390\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-fbf8f15 e-con-full e-flex e-con e-child\" data-id=\"fbf8f15\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-83d695e elementor-widget__width-initial elementor-widget-mobile__width-initial elementor-widget elementor-widget-image\" data-id=\"83d695e\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"30\" height=\"30\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/p52-3.svg\" class=\"attachment-full size-full wp-image-773\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-48191a5 elementor-widget__width-initial elementor-widget-mobile__width-initial elementor-widget elementor-widget-heading\" data-id=\"48191a5\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Waste<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-1e60f1b e-con-full e-flex e-con e-child\" data-id=\"1e60f1b\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4489b59 elementor-widget elementor-widget-text-editor\" data-id=\"4489b59\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>A total of <span class=\"yel\"> 14,136 kg<\/span> of waste was collected and recycled, including <span class=\"yel\"> 8,721 kg<\/span> of organic waste and <span class=\"yel\"> 5,416 kg<\/span> of non-organic waste.<\/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-203e92a e-con-full e-flex e-con e-child\" data-id=\"203e92a\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-a17afb0 e-con-full e-flex e-con e-child\" data-id=\"a17afb0\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d6e805d elementor-widget elementor-widget-heading\" data-id=\"d6e805d\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Non-organic waste consisted of:<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-1f168a0 e-con-full e-flex e-con e-child\" data-id=\"1f168a0\" data-element_type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-1306049 e-con-full e-flex e-con e-child\" data-id=\"1306049\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-a4ee7b1 elementor-widget elementor-widget-counter\" data-id=\"a4ee7b1\" data-element_type=\"widget\" data-widget_type=\"counter.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-counter\">\n\t\t\t<div class=\"elementor-counter-title\">Cardboard<\/div>\t\t\t<div class=\"elementor-counter-number-wrapper\">\n\t\t\t\t<span class=\"elementor-counter-number-prefix\"><\/span>\n\t\t\t\t<span class=\"elementor-counter-number\" data-duration=\"2000\" data-to-value=\"3677\" data-from-value=\"0\" data-delimiter=\",\">0<\/span>\n\t\t\t\t<span class=\"elementor-counter-number-suffix\">  kg<\/span>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-e457a2d e-con-full e-flex e-con e-child\" data-id=\"e457a2d\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d22eb1f elementor-widget elementor-widget-counter\" data-id=\"d22eb1f\" data-element_type=\"widget\" data-widget_type=\"counter.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-counter\">\n\t\t\t<div class=\"elementor-counter-title\">Plastic<\/div>\t\t\t<div class=\"elementor-counter-number-wrapper\">\n\t\t\t\t<span class=\"elementor-counter-number-prefix\"><\/span>\n\t\t\t\t<span class=\"elementor-counter-number\" data-duration=\"2000\" data-to-value=\"1380\" data-from-value=\"0\" data-delimiter=\",\">0<\/span>\n\t\t\t\t<span class=\"elementor-counter-number-suffix\">  kg<\/span>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-c34edbb e-con-full e-flex e-con e-child\" data-id=\"c34edbb\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-898555c elementor-widget elementor-widget-counter\" data-id=\"898555c\" data-element_type=\"widget\" data-widget_type=\"counter.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-counter\">\n\t\t\t<div class=\"elementor-counter-title\">Glass<\/div>\t\t\t<div class=\"elementor-counter-number-wrapper\">\n\t\t\t\t<span class=\"elementor-counter-number-prefix\"><\/span>\n\t\t\t\t<span class=\"elementor-counter-number\" data-duration=\"2000\" data-to-value=\"342\" data-from-value=\"0\" data-delimiter=\",\">0<\/span>\n\t\t\t\t<span class=\"elementor-counter-number-suffix\">  kg<\/span>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-3790f1c e-con-full e-flex e-con e-child\" data-id=\"3790f1c\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-e82ddf4 elementor-widget elementor-widget-counter\" data-id=\"e82ddf4\" data-element_type=\"widget\" data-widget_type=\"counter.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-counter\">\n\t\t\t<div class=\"elementor-counter-title\">Metal<\/div>\t\t\t<div class=\"elementor-counter-number-wrapper\">\n\t\t\t\t<span class=\"elementor-counter-number-prefix\"><\/span>\n\t\t\t\t<span class=\"elementor-counter-number\" data-duration=\"2000\" data-to-value=\"17\" data-from-value=\"0\" data-delimiter=\",\">0<\/span>\n\t\t\t\t<span class=\"elementor-counter-number-suffix\">  kg<\/span>\n\t\t\t<\/div>\n\t\t<\/div>\n\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-4e62608 elementor-widget elementor-widget-text-editor\" data-id=\"4e62608\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>We partner with accredited third-party providers to ensure the proper treatment, traceability and diversion of waste from landfill. Organic food and garden waste are processed by BiobiN (Mauritius) Ltd using the patented BiobiN\u00ae system and converted into nutrient-rich compost for on-site landscaping. Recyclable waste streams are sorted, weighed and sent for recycling by Green Ltd. Waste is collected via Molok semi-underground containers at Orchids Car Park and the sorting and recycling activities at EDITH.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-85f4270 e-con-full e-flex e-con e-child\" data-id=\"85f4270\" data-element_type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-00f5b32 e-con-full e-flex e-con e-child\" data-id=\"00f5b32\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7a2e216 elementor-widget__width-initial elementor-widget-mobile__width-initial elementor-widget elementor-widget-image\" data-id=\"7a2e216\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"36\" height=\"27\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/p52-5.svg\" class=\"attachment-full size-full wp-image-779\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-59b3437 elementor-widget elementor-widget-heading\" data-id=\"59b3437\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Energy<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e054f1f elementor-widget elementor-widget-image\" data-id=\"e054f1f\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"470\" height=\"48\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/p52-6.svg\" class=\"attachment-full size-full wp-image-781\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2310b0d elementor-widget elementor-widget-text-editor\" data-id=\"2310b0d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>We generated<span class=\"yel\"> 43MWh <\/span> renewable energy through our PV installation, although production was impacted by a technical fault causing three months of downtime. We also recorded a modest increase of<span class=\"yel\"> 1% <\/span> in electricity consumption across our portfolio.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-47baf37 e-con-full e-flex e-con e-child\" data-id=\"47baf37\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-369357e elementor-widget__width-initial elementor-widget-mobile__width-initial elementor-widget elementor-widget-image\" data-id=\"369357e\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"30\" height=\"28\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/p52-7.svg\" class=\"attachment-full size-full wp-image-783\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6b6175d elementor-widget-mobile__width-initial elementor-widget elementor-widget-heading\" data-id=\"6b6175d\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Sustainable procurement<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ab1a44c elementor-widget elementor-widget-text-editor\" data-id=\"ab1a44c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>3 printers, 2 laptops, 2 monitors, 3 keyboards and 3 mice were recycled.<\/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<div class=\"elementor-element elementor-element-30f0f97 e-flex e-con-boxed e-con e-parent\" data-id=\"30f0f97\" 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-33fea47 elementor-widget elementor-widget-menu-anchor\" data-id=\"33fea47\" data-element_type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"SocialPerformance\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-de8a5b9 elementor-widget elementor-widget-heading\" data-id=\"de8a5b9\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Social Performance<\/h2>\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-9e6f367 e-flex e-con-boxed e-con e-parent\" data-id=\"9e6f367\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-811082b e-con-full e-flex e-con e-child\" data-id=\"811082b\" 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-9d5a501 e-con-full 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data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"15\" height=\"39\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/p54-2.svg\" class=\"attachment-full size-full wp-image-824\" 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>\n\t\t<div class=\"elementor-element elementor-element-acd1cd6 e-con-full e-flex e-con e-child\" data-id=\"acd1cd6\" data-element_type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-9d4148a e-con-full e-flex e-con e-child\" data-id=\"9d4148a\" data-element_type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-8dc0c81 e-con-full e-flex e-con e-child\" data-id=\"8dc0c81\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-510504e elementor-widget elementor-widget-heading\" data-id=\"510504e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">36%<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a48a80d elementor-widget elementor-widget-heading\" data-id=\"a48a80d\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Gen Z\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e5bca9e elementor-widget elementor-widget-heading\" data-id=\"e5bca9e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"> (13-28yrs)<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-ed81db8 e-con-full e-flex e-con e-child\" data-id=\"ed81db8\" data-element_type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-7d10805 e-con-full e-flex e-con e-child\" data-id=\"7d10805\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7a05cdd elementor-widget elementor-widget-heading\" data-id=\"7a05cdd\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">48%<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a437374 elementor-widget elementor-widget-heading\" data-id=\"a437374\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Millenials<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2e712ed elementor-widget elementor-widget-heading\" data-id=\"2e712ed\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">(28-43yrs)<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-189945d e-con-full e-flex e-con e-child\" data-id=\"189945d\" data-element_type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-a3b4d89 e-flex e-con-boxed e-con e-child\" data-id=\"a3b4d89\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-e569e2b elementor-widget elementor-widget-heading\" data-id=\"e569e2b\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">16%<\/h2>\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-921553a elementor-widget elementor-widget-heading\" data-id=\"921553a\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Gen X<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-85135cd elementor-widget elementor-widget-heading\" data-id=\"85135cd\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">(44-59yrs)<\/h2>\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-116cf35 e-con-full e-flex e-con e-child\" data-id=\"116cf35\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-39e5278 e-con-full e-flex e-con e-child\" data-id=\"39e5278\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-93d1c7a elementor-widget elementor-widget-heading\" data-id=\"93d1c7a\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Key demographics<\/h2>\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-3435d63 e-con-full e-flex e-con e-child\" data-id=\"3435d63\" data-element_type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-5743c22 e-con-full e-flex e-con e-child\" data-id=\"5743c22\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-1ee0a01 elementor-widget elementor-widget-counter\" data-id=\"1ee0a01\" data-element_type=\"widget\" data-widget_type=\"counter.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-counter\">\n\t\t\t<div class=\"elementor-counter-title\">years average age<\/div>\t\t\t<div class=\"elementor-counter-number-wrapper\">\n\t\t\t\t<span class=\"elementor-counter-number-prefix\"><\/span>\n\t\t\t\t<span class=\"elementor-counter-number\" data-duration=\"2000\" data-to-value=\"38\" data-from-value=\"0\" data-delimiter=\",\">0<\/span>\n\t\t\t\t<span class=\"elementor-counter-number-suffix\"><\/span>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-12e5717 e-con-full e-flex e-con e-child\" data-id=\"12e5717\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-a6f38e0 elementor-widget elementor-widget-counter\" data-id=\"a6f38e0\" data-element_type=\"widget\" data-widget_type=\"counter.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-counter\">\n\t\t\t<div class=\"elementor-counter-title\">women in management<\/div>\t\t\t<div class=\"elementor-counter-number-wrapper\">\n\t\t\t\t<span class=\"elementor-counter-number-prefix\"><\/span>\n\t\t\t\t<span class=\"elementor-counter-number\" data-duration=\"2000\" data-to-value=\"46\" data-from-value=\"0\" data-delimiter=\",\">0<\/span>\n\t\t\t\t<span class=\"elementor-counter-number-suffix\">%<\/span>\n\t\t\t<\/div>\n\t\t<\/div>\n\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-974c026 e-con-full e-flex e-con e-child\" data-id=\"974c026\" data-element_type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-c32a40e e-con-full e-flex e-con e-child\" data-id=\"c32a40e\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-e60ad21 elementor-widget elementor-widget-counter\" data-id=\"e60ad21\" data-element_type=\"widget\" data-widget_type=\"counter.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-counter\">\n\t\t\t<div class=\"elementor-counter-title\">employee satisfaction index<\/div>\t\t\t<div class=\"elementor-counter-number-wrapper\">\n\t\t\t\t<span class=\"elementor-counter-number-prefix\"><\/span>\n\t\t\t\t<span class=\"elementor-counter-number\" data-duration=\"2000\" data-to-value=\"81\" data-from-value=\"0\" data-delimiter=\",\">0<\/span>\n\t\t\t\t<span class=\"elementor-counter-number-suffix\">%<\/span>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-6f3e5a1 e-con-full e-flex e-con e-child\" data-id=\"6f3e5a1\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-8fd5a22 elementor-widget elementor-widget-counter\" data-id=\"8fd5a22\" data-element_type=\"widget\" data-widget_type=\"counter.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-counter\">\n\t\t\t<div class=\"elementor-counter-title\">employee turnover<\/div>\t\t\t<div class=\"elementor-counter-number-wrapper\">\n\t\t\t\t<span class=\"elementor-counter-number-prefix\"><\/span>\n\t\t\t\t<span class=\"elementor-counter-number\" data-duration=\"2000\" data-to-value=\"8\" data-from-value=\"0\" data-delimiter=\",\">0<\/span>\n\t\t\t\t<span class=\"elementor-counter-number-suffix\">%<\/span>\n\t\t\t<\/div>\n\t\t<\/div>\n\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-2f913e2 e-con-full e-flex e-con e-child\" data-id=\"2f913e2\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-c466228 elementor-widget elementor-widget-heading\" data-id=\"c466228\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Talent management and development<\/h2>\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-8ef0a5f e-con-full e-flex e-con e-child\" data-id=\"8ef0a5f\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d5aa972 elementor-widget elementor-widget-counter\" data-id=\"d5aa972\" data-element_type=\"widget\" data-widget_type=\"counter.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-counter\">\n\t\t\t\t\t\t<div class=\"elementor-counter-number-wrapper\">\n\t\t\t\t<span class=\"elementor-counter-number-prefix\">Rs <\/span>\n\t\t\t\t<span class=\"elementor-counter-number\" data-duration=\"2000\" data-to-value=\"1322\" data-from-value=\"0\" data-delimiter=\",\">0<\/span>\n\t\t\t\t<span class=\"elementor-counter-number-suffix\">M<\/span>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f6d663c elementor-widget elementor-widget-text-editor\" data-id=\"f6d663c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>and <strong>395 hours<\/strong> invested in training and upskilling<\/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-5aa4083 e-con-full e-flex e-con e-child\" data-id=\"5aa4083\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4b763f0 elementor-widget elementor-widget-counter\" data-id=\"4b763f0\" data-element_type=\"widget\" data-widget_type=\"counter.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-counter\">\n\t\t\t\t\t\t<div class=\"elementor-counter-number-wrapper\">\n\t\t\t\t<span class=\"elementor-counter-number-prefix\"><\/span>\n\t\t\t\t<span class=\"elementor-counter-number\" data-duration=\"2000\" data-to-value=\"10\" data-from-value=\"0\" data-delimiter=\",\">0<\/span>\n\t\t\t\t<span class=\"elementor-counter-number-suffix\"><\/span>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-00bb662 elementor-widget elementor-widget-text-editor\" data-id=\"00bb662\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>managers trained over<strong> 18 hours<\/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-fe408f2 e-con-full e-flex e-con e-child\" data-id=\"fe408f2\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7d43168 elementor-widget elementor-widget-heading\" data-id=\"7d43168\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">New PMS platform<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e93f9c5 elementor-widget elementor-widget-text-editor\" data-id=\"e93f9c5\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>tested, implemented and supported by a new competency framework<\/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\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-8010b87 e-flex e-con-boxed e-con e-parent\" data-id=\"8010b87\" 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-c749546 elementor-widget elementor-widget-heading\" data-id=\"c749546\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Stakeholder and community engagement<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a399a6a elementor-widget elementor-widget-image\" data-id=\"a399a6a\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"499\" height=\"472\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/p55-1.svg\" class=\"attachment-full size-full wp-image-861\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\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-73315c3 e-flex e-con-boxed e-con e-parent\" data-id=\"73315c3\" 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-5617a4c elementor-widget elementor-widget-image\" data-id=\"5617a4c\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"504\" height=\"501\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/p56-1.svg\" class=\"attachment-full size-full wp-image-903\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\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-88f602a e-flex e-con-boxed e-con e-parent\" data-id=\"88f602a\" 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-263bcc9 elementor-widget elementor-widget-image\" data-id=\"263bcc9\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"499\" height=\"501\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/p57-1.svg\" class=\"attachment-full size-full wp-image-905\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\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-48e1106 e-flex e-con-boxed e-con e-parent\" data-id=\"48e1106\" 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-651a851 elementor-widget elementor-widget-menu-anchor\" data-id=\"651a851\" data-element_type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"OurGovernancePerformance\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-22c56e8 elementor-widget elementor-widget-heading\" data-id=\"22c56e8\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">OUR GOVERNANCE PERFORMANCE<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d231e0f elementor-widget elementor-widget-heading\" data-id=\"d231e0f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><b>Compliance statement<\/b><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9e2cdb3 elementor-widget elementor-widget-text-editor\" data-id=\"9e2cdb3\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\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.<\/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).<\/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 all the principles set out in the Code, except for the following:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a195865 elementor-widget elementor-widget-heading\" data-id=\"a195865\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Principle 2 (The Structure of the Board and its Committees)<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-617c196 elementor-widget elementor-widget-text-editor\" data-id=\"617c196\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>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 believes that the attendance of the Head of Finance at the meetings and sub-committees of the Board fulfils the spirit of the Code.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ccf7f16 elementor-widget elementor-widget-heading\" data-id=\"ccf7f16\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Principle 4 (Director Duties, Remuneration and Performance)<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4699410 elementor-widget elementor-widget-text-editor\" data-id=\"4699410\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>The information, information technology and information security policies of the Company have not been published on the Company\u2019s website given that these documents are considered as highly confidential and sensitive.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-dbf58b5 e-con-full e-flex e-con e-child\" data-id=\"dbf58b5\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d4d6a27 elementor-widget elementor-widget-heading\" data-id=\"d4d6a27\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">On behalf of the Board<\/h2>\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-9619952 e-con-full e-flex e-con e-child\" data-id=\"9619952\" data-element_type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-065cd6a e-con-full e-flex e-con e-child\" data-id=\"065cd6a\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-babc4d8 elementor-widget-mobile__width-initial elementor-widget elementor-widget-image\" data-id=\"babc4d8\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"254\" height=\"38\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/p58-1.svg\" class=\"attachment-full size-full wp-image-920\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ca94966 elementor-widget elementor-widget-heading\" data-id=\"ca94966\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Colin Taylor<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2eee9b2 elementor-widget elementor-widget-heading\" data-id=\"2eee9b2\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Non-Executive Director and Chairman<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-2f7c4a3 e-con-full e-flex e-con e-child\" data-id=\"2f7c4a3\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-0ff1dc2 elementor-widget elementor-widget-image\" data-id=\"0ff1dc2\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"67\" height=\"43\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/p58-2.svg\" class=\"attachment-full size-full wp-image-926\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e12065a elementor-widget elementor-widget-heading\" data-id=\"e12065a\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Nicolas Vaudin<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cb32580 elementor-widget elementor-widget-heading\" data-id=\"cb32580\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Executive Director and Managing Director<\/h2>\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\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-3597a1d e-flex e-con-boxed e-con e-parent\" data-id=\"3597a1d\" 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-4161866 elementor-widget elementor-widget-heading\" data-id=\"4161866\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\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 class=\"elementor-element elementor-element-057a62e elementor-widget elementor-widget-heading\" data-id=\"057a62e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\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 class=\"elementor-element elementor-element-494e2e1 elementor-widget elementor-widget-text-editor\" data-id=\"494e2e1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>At Lavastone, we hold that strong business ethics, a deep commitment to our values, effective risk management, and integrity are rooted in the leadership of our Board of Directors and senior management. 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. The Board is responsible for promoting a culture of accountability, transparency and ethics in order to ensure an efficient and ethical decision-making process.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-381844e elementor-widget elementor-widget-heading\" data-id=\"381844e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\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 class=\"elementor-element elementor-element-a97009b elementor-widget elementor-widget-text-editor\" data-id=\"a97009b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>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.<\/p><p>\u00a0Although 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, provides an appropriate balance to Board deliberations. Moreover, members of the Senior Management Team attend Board meetings and provide input as and when required.<\/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>Acknowledging 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.<\/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>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-df06409 elementor-widget elementor-widget-text-editor\" data-id=\"df06409\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>The skill set of the members of the Board is set out below:<\/p><ul><li>\u00a0Business strategy and property\u00a0<\/li><li>Commercial and investment\u00a0<\/li><li>Accounting and finance\u00a0<\/li><li>Risk, compliance and legal\u00a0<\/li><li>ESG acumen<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3c1b2c9 elementor-widget elementor-widget-heading\" data-id=\"3c1b2c9\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\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 class=\"elementor-element elementor-element-2842c19 elementor-widget elementor-widget-text-editor\" data-id=\"2842c19\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\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 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 by applicable corporate governance practices and relevant sustainability principles.<\/p><p>\u00a0The 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:\u00a0<strong>\u00a0<span style=\"font-size: 1rem;\">https:\/\/www.lavastone.mu.<\/span><\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-77725ae elementor-widget elementor-widget-text-editor\" data-id=\"77725ae\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>In line with the Code, the Board has:<\/p><ul><li>\u00a0on 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 regulatory provisions;\u00a0<\/li><li>on 08 February 2019, 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;\u00a0<\/li><li>on 11 December 2019, 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<\/li><\/ul>\t\t\t\t\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-a83ff60 e-flex e-con-boxed e-con e-parent\" data-id=\"a83ff60\" 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-6c86afe elementor-widget elementor-widget-text-editor\" data-id=\"6c86afe\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li>\u00a0identified 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.\u00a0<\/li><li>The above-mentioned documents, as approved by the Board, are available for consultation on the Company\u2019s website:\u00a0 <strong>\u00a0https:\/\/www.lavastone.mu.<\/strong><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8a35769 elementor-widget elementor-widget-text-editor\" data-id=\"8a35769\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<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 and may be delegated to sub-committees as appropriate.\u00a0<\/p><p>The Board Charter was last reviewed and approved by the Board on 16 December 2024.<\/p><p>The Board is committed to promoting equal opportunity and ensuring a workplace free from discrimination and unfair treatment. To that effect, the Board approved an Equal Opportunity Policy on 8 August 2019, which is in line with the \u201cGuidelines for Employers\u201d issued by the Equal Opportunity Commission 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 in accordance with their individual abilities and merits.<\/p><p>\u00a0To 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 for how the reported concerns will be handled and investigated.<\/p><p>\u00a0In alignment with the requirements of the country\u2019s Data Protection Act 2017, the Group adopted a Privacy Policy on 12 February 2025. This policy underscores the Group\u2019s commitment to ensuring the lawful, fair and transparent handling of personal data across its operations.<\/p><p>\u00a0Additionally, the Board of Directors has conducted a review of the Group\u2019s Anti-Money Laundering and Counter-Financing of Terrorism (AML\/CFT) Policy and Procedures on 13 August 2025 to ensure that the Group&#8217;s framework remains robust, compliant with applicable regulatory requirements, and aligned with evolving international standards and best practices in AML\/CFT risk management.<\/p>\t\t\t\t\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-a442500 e-flex e-con-boxed e-con e-parent\" data-id=\"a442500\" 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-2a049ae elementor-widget elementor-widget-heading\" data-id=\"2a049ae\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\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 2025<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5a9231a elementor-widget elementor-widget-image\" data-id=\"5a9231a\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"504\" height=\"276\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/1.1.3.svg\" class=\"attachment-full size-full wp-image-968\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b6d7983 elementor-widget elementor-widget-heading\" data-id=\"b6d7983\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\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 class=\"elementor-element elementor-element-759d8ad elementor-widget elementor-widget-text-editor\" data-id=\"759d8ad\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\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 2025, are as follows:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-84cebc8 elementor-widget elementor-widget-image\" data-id=\"84cebc8\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"503\" height=\"218\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/1.1.4.svg\" class=\"attachment-full size-full wp-image-970\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0293b0e elementor-widget elementor-widget-text-editor\" data-id=\"0293b0e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>1. The remuneration of the executive director has been disclosed within Note 33 of the financial statements.<\/p><p>\u00a02. Mr Nicolas Vaudin has a joint interest in these shares held via a joint trading account.<\/p>\t\t\t\t\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-e0d7d7b e-flex e-con-boxed e-con e-parent\" data-id=\"e0d7d7b\" 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-5d44bdf elementor-widget elementor-widget-heading\" data-id=\"5d44bdf\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\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 class=\"elementor-element elementor-element-ee13b2a elementor-widget elementor-widget-text-editor\" data-id=\"ee13b2a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\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.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f1fc768 elementor-widget elementor-widget-text-editor\" data-id=\"f1fc768\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>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 amendments are recommended to the Board for approval.\u00a0<\/p><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.<\/p><p>\u00a0When 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 class=\"elementor-element elementor-element-8074d93 elementor-widget elementor-widget-heading\" data-id=\"8074d93\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1.2.1 Risk Management and Audit Committee (\u201cRMAC\u201d)<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-620df44 elementor-widget elementor-widget-heading\" data-id=\"620df44\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1.2.1.1 Composition<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c5d3696 elementor-widget elementor-widget-text-editor\" data-id=\"c5d3696\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>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 class=\"elementor-element elementor-element-5e04be3 elementor-widget elementor-widget-image\" data-id=\"5e04be3\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"499\" height=\"105\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/1.2.1-Pg-63.svg\" class=\"attachment-full size-full wp-image-975\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d82543d elementor-widget elementor-widget-heading\" data-id=\"d82543d\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1.2.2 Meeting Schedule<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ca46db2 elementor-widget elementor-widget-text-editor\" data-id=\"ca46db2\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>During the year under review, the RMAC met 5 times. The attendance of individual directors at these meetings is disclosed on page 62.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ea5f85f elementor-widget elementor-widget-heading\" data-id=\"ea5f85f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1.2.1.1 Terms of Reference<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-23fdbe0 elementor-widget elementor-widget-text-editor\" data-id=\"23fdbe0\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>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.\u00a0<\/p><p>The RMAC Charter is available on the Company\u2019s website: https:\/\/www.lavastone.mu. 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>\t\t\t\t\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-3367669 e-flex e-con-boxed e-con e-parent\" data-id=\"3367669\" 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-8537100 elementor-widget elementor-widget-heading\" data-id=\"8537100\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1.2.1.2 Focus of the RMAC for the financial year 2025<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-58ffe5d elementor-widget elementor-widget-image\" data-id=\"58ffe5d\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"504\" height=\"239\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/p64-1.2.1.2.svg\" class=\"attachment-full size-full wp-image-979\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-38c3096 elementor-widget elementor-widget-heading\" data-id=\"38c3096\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1.2.3 Corporate Governance Committee (CGC)<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1543302 elementor-widget elementor-widget-heading\" data-id=\"1543302\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1.2.2.1 Composition<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-efc37ee elementor-widget elementor-widget-text-editor\" data-id=\"efc37ee\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>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 class=\"elementor-element elementor-element-bb2b50d elementor-widget elementor-widget-image\" data-id=\"bb2b50d\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"504\" height=\"116\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/p64-1.2.3.svg\" class=\"attachment-full size-full wp-image-981\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-81cca39 elementor-widget elementor-widget-heading\" data-id=\"81cca39\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1.2.2.2 Meeting Schedule<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4901ae8 elementor-widget elementor-widget-text-editor\" data-id=\"4901ae8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>During the year under review, the CGC met 3 times. The attendance of individual directors at these meetings is disclosed on page 62.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b3d8aaf elementor-widget elementor-widget-heading\" data-id=\"b3d8aaf\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1.2.2.3 Terms of Reference<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ddc2fa4 elementor-widget elementor-widget-text-editor\" data-id=\"ddc2fa4\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>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 Nomination Committees.<\/p><p>\u00a0The Terms of Reference of the CGC are available on the Company\u2019s website:\u00a0 <b>https:\/\/www.lavastone.mu.<\/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>\t\t\t\t\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-b66c058 e-flex e-con-boxed e-con e-parent\" data-id=\"b66c058\" 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-31221ec elementor-widget elementor-widget-heading\" data-id=\"31221ec\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1.2.2.4 Focus of the CGC for the financial year 2025<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6c6de3d elementor-widget elementor-widget-image\" data-id=\"6c6de3d\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"500\" height=\"169\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/p65-1.svg\" class=\"attachment-full size-full wp-image-990\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f16da72 elementor-widget elementor-widget-heading\" data-id=\"f16da72\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1.2.4 Board Investment Committee (\u201cBIC\u201d)<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-53c4315 elementor-widget elementor-widget-heading\" data-id=\"53c4315\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1.2.3.1 Composition<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2b9073a elementor-widget elementor-widget-text-editor\" data-id=\"2b9073a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>The BIC was Chaired during the year by Mr Gaetan Ah Kang.<\/p><p>\u00a0The composition of the BIC was reviewed on 16 December 2024 such that the BIC 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 class=\"elementor-element elementor-element-2e3642b elementor-widget elementor-widget-image\" data-id=\"2e3642b\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"500\" height=\"130\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/p65-2.svg\" class=\"attachment-full size-full wp-image-994\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d68eb74 elementor-widget elementor-widget-heading\" data-id=\"d68eb74\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1.2.3.2 Meeting Schedule<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-421a3df elementor-widget elementor-widget-text-editor\" data-id=\"421a3df\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>During the year under review, no BIC meeting was held.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bec0283 elementor-widget elementor-widget-heading\" data-id=\"bec0283\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1.2.3.3 Terms of Reference<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f1b6e41 elementor-widget elementor-widget-text-editor\" data-id=\"f1b6e41\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>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. It then recommends worthwhile investment projects to the Board.<\/p><p>\u00a0The terms of reference of the BIC are available on the Company\u2019s website:\u00a0 <b>https:\/\/www.lavastone.mu<\/b> The terms of reference of the BIC were last reviewed by the Board at the Board meeting on 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 class=\"elementor-element elementor-element-3e8550e elementor-widget elementor-widget-heading\" data-id=\"3e8550e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\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 class=\"elementor-element elementor-element-f6a0167 elementor-widget elementor-widget-heading\" data-id=\"f6a0167\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1.3.1 Appointment<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2774f1d elementor-widget elementor-widget-text-editor\" data-id=\"2774f1d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>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>\t\t\t\t\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-361c302 e-flex e-con-boxed e-con e-parent\" data-id=\"361c302\" 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-c358933 elementor-widget elementor-widget-text-editor\" data-id=\"c358933\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>The CGC, in its capacity as the Nomination Committee of the Company, recommends to the Board the directors to be re-elected\/appointed. 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:\u00a0 <b>https:\/\/ www.lavastone.mu<\/b>\u00a0<\/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 2026.\u00a0<\/p><p>The names of the directors of the Company, their profiles and categories, are listed on pages 10 to 13.\u00a0<\/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>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-147615c elementor-widget elementor-widget-heading\" data-id=\"147615c\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1.3.2 Induction and orientation<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4b6f7f3 elementor-widget elementor-widget-text-editor\" data-id=\"4b6f7f3\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>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>\u00a0No new director was appointed during the financial year under review.\u00a0<\/p><p>Recognising that the directors need all the information and support to be more effective in their roles, site visits to newly acquired or developed properties are organised.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-81ddadb elementor-widget elementor-widget-heading\" data-id=\"81ddadb\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1.3.3 Professional development<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2ed707c elementor-widget elementor-widget-text-editor\" data-id=\"2ed707c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>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>For the year under review, the directors participated in a training on \u2018AML\/CFT\u2019 delivered by Smart-Tree Consulting in October 2025.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-298ebb0 elementor-widget elementor-widget-heading\" data-id=\"298ebb0\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1.3.4 Board access to information and advice<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-08fe861 elementor-widget elementor-widget-text-editor\" data-id=\"08fe861\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>All directors can meet with the Company Secretary 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>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5c1a28f elementor-widget elementor-widget-heading\" data-id=\"5c1a28f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1.3.5 Directors\u2019 duties, remuneration and performance<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-97b5dd8 elementor-widget elementor-widget-text-editor\" data-id=\"97b5dd8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>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 provide guidance to the directors in fulfilling their roles.\u00a0<\/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>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b4fe94f elementor-widget elementor-widget-heading\" data-id=\"b4fe94f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1.3.6 Interests of directors and conflicts of interest<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bdc2eb3 elementor-widget elementor-widget-text-editor\" data-id=\"bdc2eb3\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>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 in accordance with the rules applied for Development &amp; Enterprise Market companies, whenever the directors 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>\u00a0Any 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>\u00a0The 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>\u00a0The Board is also responsible for instituting and applying appropriate policies on related party transactions.<\/p><p>\u00a0For the year under review, only one Director dealt in the shares of the Company and acquired 1,074,200 ordinary shares. 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\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-89e4e7e e-flex e-con-boxed e-con e-parent\" data-id=\"89e4e7e\" 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-9e0565b elementor-widget elementor-widget-heading\" data-id=\"9e0565b\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1.3.7 Information, information technology and information security policy<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f7bfd5c elementor-widget elementor-widget-text-editor\" data-id=\"f7bfd5c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>The Company has reinforced the safety and security measures in place to protect the data it collects, stores, and processes, to comply with the Data Protection Act 2017. A Data Controller has been appointed to oversee data processing purposes and ensure compliance at Lavastone. Additionally, a Data Protection Officer was appointed, responsible for data protection strategy, regulatory compliance, and liaising with the Data Protection Office (DPO). Lavastone and its subsidiaries are registered with the DPO.<\/p><p>\u00a0The 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.<\/p><p>\u00a0The Board approves material investments in information technology and security, as set out in the annual budget, according to the Company\u2019s business needs.<\/p><p>\u00a0In 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 class=\"elementor-element elementor-element-4560805 elementor-widget elementor-widget-heading\" data-id=\"4560805\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1.3.8 Board performance review<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7c9afd9 elementor-widget elementor-widget-text-editor\" data-id=\"7c9afd9\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Lavastone believes that a regular review of its directors would help in bringing healthier Board dynamics and continuous improvements in its decisions making process. Thus, in an endeavour to continue to have broader adoption of good governance practices, Lavastone carried out an evaluation of its directors during this past financial year end 30 September 2025.\u00a0<\/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 its 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 class=\"elementor-element elementor-element-4bb202e elementor-widget elementor-widget-image\" data-id=\"4bb202e\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"434\" height=\"131\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/Pg-67-Board-Evaluation.svg\" class=\"attachment-full size-full wp-image-1006\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-635ba49 elementor-widget elementor-widget-text-editor\" data-id=\"635ba49\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\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>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-40b1e82 elementor-widget elementor-widget-heading\" data-id=\"40b1e82\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1.3.9 Directors\u2019 remuneration<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-dcaa83f elementor-widget elementor-widget-text-editor\" data-id=\"dcaa83f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>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.<\/p><p>\u00a0The 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.<\/p><p>The remuneration of the executive director 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 at the Company.<\/p>\t\t\t\t\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-9776187 e-flex e-con-boxed e-con e-parent\" data-id=\"9776187\" 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-4390786 elementor-widget elementor-widget-text-editor\" data-id=\"4390786\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>For the financial year under review, the directors\u2019 fees were reviewed by the Corporate Governance Committee, taking into account market benchmarks. The Committee\u2019s recommendations were subsequently submitted to the Board for approval.\u00a0<\/p><p>The remuneration paid to executive and non-executive directors and\/or committee members is set out in the table on page 62.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d92a601 elementor-widget elementor-widget-heading\" data-id=\"d92a601\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\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 class=\"elementor-element elementor-element-0859e12 elementor-widget elementor-widget-heading\" data-id=\"0859e12\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1.4.1 Holding structure<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9d132a9 elementor-widget elementor-widget-text-editor\" data-id=\"9d132a9\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Lavastone Ltd is a public company limited by shares. Its shareholding structure as at 30 September 2025 is as follows:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d225dc8 elementor-widget elementor-widget-image\" data-id=\"d225dc8\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"368\" height=\"95\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/p68-1.svg\" class=\"attachment-full size-full wp-image-1010\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-024415a elementor-widget elementor-widget-text-editor\" data-id=\"024415a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>*The National Pensions Fund has a direct interest of 5.50% in the share capital of the Company<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1c77c77 elementor-widget elementor-widget-heading\" data-id=\"1c77c77\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1.4.2 Distribution of shareholders as at 30 September 2025<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-65e490f elementor-widget elementor-widget-text-editor\" data-id=\"65e490f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>To the best of the directors\u2019 knowledge, the share ownership analysis per holding percentage and categories of shareholders as at 30 September 2025 is as follows:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b0d82b9 elementor-widget elementor-widget-image\" data-id=\"b0d82b9\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"504\" height=\"141\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/p68-2-1.svg\" class=\"attachment-full size-full wp-image-1012\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a1976c5 elementor-widget elementor-widget-heading\" data-id=\"a1976c5\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1.4.3 Spread of shareholders as at 30 September 2025<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fef2113 elementor-widget elementor-widget-image\" data-id=\"fef2113\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"503\" height=\"153\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/p68-3.svg\" class=\"attachment-full size-full wp-image-1013\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\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-0a3931b e-flex e-con-boxed e-con e-parent\" data-id=\"0a3931b\" 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-194794f elementor-widget elementor-widget-heading\" data-id=\"194794f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1.4.4 Contract between the Company and its substantial shareholders<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c7956ba elementor-widget elementor-widget-text-editor\" data-id=\"c7956ba\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>There is no shareholders\u2019 agreement affecting the governance of the Company by the Board for the year under review.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-beff2cc elementor-widget elementor-widget-heading\" data-id=\"beff2cc\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1.4.5 Communication with shareholders and stakeholders<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e147593 elementor-widget elementor-widget-text-editor\" data-id=\"e147593\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Communication with shareholders and stakeholders has been mainly through the Annual Report, the published<br \/>unaudited results, the AMS, dividends declarations, press communiqu\u00e9s and the website. The Lavastone website<br \/>comprises an \u201cInvestor Centre\u201d section which includes information on audited financial statements, interim and<br \/>final dividends, corporate announcements amongst others, as well as the digital version of the Company\u2019s annual<br \/>report. Moreover, shareholders and stakeholders requesting information can post their queries in the \u201cInvestor<br \/>Inquiry\u201d section of the website.<\/p><p>The external stakeholders of the Company, namely its customers, suppliers, shareholders, the Government\/<br \/>regulators and the public, are reached via social media platforms like Facebook and LinkedIn, as well as through<br \/>advertisements. As and when required, focus groups are held with clients to assess their expectations from<br \/>the Company. Regular channels of communication are also maintained with the Government\/regulators.<\/p><p>In addition, shareholders are invited annually to the AMS to approve the financial statements and vote on the<br \/>(re)appointment of directors and the external auditor. The AMS for the year 2024 was held in February 2025.<br \/>The Company\u2019s next AMS is scheduled in February 2026 and shareholders will receive the notice of the AMS<br \/>at least 21 days prior to the meeting, in accordance with the law.<\/p><p>The annual report, which also includes the notice of the annual meeting, is published in full on the Company\u2019s<br \/>website:\u00a0<b> https:\/\/www.lavastone.mu.<\/b><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4ddfaa2 elementor-widget elementor-widget-heading\" data-id=\"4ddfaa2\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1.5 Internal Control, Internal Audit and Risk Management<\/h2>\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-deaee83 e-con-full e-flex e-con e-child\" data-id=\"deaee83\" data-element_type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-30a489e e-con-full e-flex e-con e-child\" data-id=\"30a489e\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-a4e2101 elementor-widget elementor-widget-text-editor\" data-id=\"a4e2101\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>The Company\u2019s internal control and risk management framework, and the key risks and steps taken to manage them, are detailed on 76 to 85.\u00a0<\/p><p>The internal audit function is outsourced to Smart-Tree 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.<\/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-7b0912a e-con-full e-flex e-con e-child\" data-id=\"7b0912a\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6092291 elementor-widget elementor-widget-image\" data-id=\"6092291\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"502\" height=\"237\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/Pg-69.webp\" class=\"attachment-full size-full wp-image-1019\" alt=\"\" srcset=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/Pg-69.webp 502w, https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/Pg-69-300x142.webp 300w\" sizes=\"(max-width: 502px) 100vw, 502px\" \/>\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>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-6f28941 e-flex e-con-boxed e-con e-parent\" data-id=\"6f28941\" 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-5c73238 elementor-widget elementor-widget-text-editor\" data-id=\"5c73238\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<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.<\/p><p>\u00a0All 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).<\/p><p>During the year under review, areas covered by Smart-Tree Consulting Ltd were:<\/p><ul><li>\u00a0Third party risk management\u00a0<\/li><li>Payment\u00a0<\/li><li>HR\u00a0<\/li><li>AML\/CFT<\/li><\/ul><p><br \/>The General Manager of Smart-Tree 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 Smart-Tree Consulting Ltd are listed on its website:\u00a0 <strong>https:\/\/smartreeconsulting.com.<\/strong><\/p>\t\t\t\t\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-bb2cf1a e-flex e-con-boxed e-con e-parent\" data-id=\"bb2cf1a\" 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-91f41e6 elementor-widget elementor-widget-heading\" data-id=\"91f41e6\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1.6 External Audit<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1903a06 elementor-widget elementor-widget-text-editor\" data-id=\"1903a06\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>The external auditor of the Company is BDO &amp; Co (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 Ltd at the annual meeting held in February 2025.\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.<\/p><p>\u00a0The 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.<\/p><p>For the year under review, the fees paid to external auditors for non-audit work are set out on page 73. 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 class=\"elementor-element elementor-element-4a39dd8 elementor-widget elementor-widget-heading\" data-id=\"4a39dd8\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1.7 Risk Management<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-847b09a elementor-widget elementor-widget-text-editor\" data-id=\"847b09a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<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.<\/p><p>\u00a0One 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.<\/p><p>\u00a0Risk 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.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b5f0a2f elementor-widget elementor-widget-text-editor\" data-id=\"b5f0a2f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>The Company\u2019s internal control and risk management framework, and the key risks and steps taken to manage them, are detailed on pages 76 to 85.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e1a987a elementor-widget elementor-widget-heading\" data-id=\"e1a987a\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1.8 Reporting With Integrity<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-10978a8 elementor-widget elementor-widget-text-editor\" data-id=\"10978a8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<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 2024 to 30 September 2025.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-35a4598 elementor-widget elementor-widget-heading\" data-id=\"35a4598\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1.9 Corporate Social Responsibility<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0b70465 elementor-widget elementor-widget-text-editor\" data-id=\"0b70465\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Lavastone Properties\u2019 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.<\/p><p>\u00a0The Taylor Smith Foundation focuses on the following areas:<\/p><p>\u00a01. Education and Youth\u00a0<\/p><p>2. Empowerment of Women<\/p><p>\u00a03. Sports<\/p><p>\u00a04. Protection of the environment<\/p><p>\u00a0The donations made by the company and its subsidiaries during the accounting period amount to 1.4M as disclosed on Page 73.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-51e20cd elementor-widget elementor-widget-heading\" data-id=\"51e20cd\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1.10 Company Secretary<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-59799a0 elementor-widget elementor-widget-text-editor\" data-id=\"59799a0\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Cim Administrators Ltd, represented by Alex Lan Pak Kee, provides corporate secretarial services to Lavastone Ltd and its subsidiaries. The profile of Mr Alex Lan Pak Kee is set out on page 14.\u00a0<\/p><p>The Company Secretary is responsible for ensuring that Board processes and procedures are followed and that all Board decisions are implemented. All directors have access to the advice and services of the Company Secretary who ensures compliance with all applicable rules and regulations for the conduct of the affairs of the Board.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-71d270f elementor-widget elementor-widget-heading\" data-id=\"71d270f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1.11 Number of Employees and Key Senior Officers &amp; Executives<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-347ec03 elementor-widget elementor-widget-text-editor\" data-id=\"347ec03\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<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.<\/p><p>\u00a0The profiles of the key senior officers and executives are listed on page 14.<\/p>\t\t\t\t\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-1d851e0 e-flex e-con-boxed e-con e-parent\" data-id=\"1d851e0\" 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-b861f18 elementor-widget elementor-widget-heading\" data-id=\"b861f18\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\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 class=\"elementor-element elementor-element-a6f99c0 elementor-widget elementor-widget-heading\" data-id=\"a6f99c0\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1.12.1 Related party transactions<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0217d03 elementor-widget elementor-widget-text-editor\" data-id=\"0217d03\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Please refer to pages 150 to 151 of the annual report.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5391a5e elementor-widget elementor-widget-heading\" data-id=\"5391a5e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1.12.2 Management agreements<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3759a0c elementor-widget elementor-widget-text-editor\" data-id=\"3759a0c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>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>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a91f979 elementor-widget elementor-widget-heading\" data-id=\"a91f979\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1.12.3 Dividend policy<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ab7c806 elementor-widget elementor-widget-text-editor\" data-id=\"ab7c806\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>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 group\u2019s forthcoming capital expenditure.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5241e4a elementor-widget elementor-widget-heading\" data-id=\"5241e4a\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1.12.4 Donations<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a94c3ea elementor-widget elementor-widget-text-editor\" data-id=\"a94c3ea\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>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 class=\"elementor-element elementor-element-448a4b5 elementor-widget elementor-widget-image\" data-id=\"448a4b5\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"92\" height=\"38\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/Signature.svg\" class=\"attachment-full size-full wp-image-1038\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a4a77c4 elementor-widget elementor-widget-text-editor\" data-id=\"a4a77c4\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><strong>Alex Lan Pak Kee<\/strong><br \/><strong>For Cim Administrators Ltd<\/strong><br \/><strong>Company Secretary<\/strong><br \/><strong>15 December 2025<\/strong><\/p>\t\t\t\t\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-6ffdf54 e-flex e-con-boxed e-con e-parent\" data-id=\"6ffdf54\" 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-d3308f1 elementor-widget elementor-widget-heading\" data-id=\"d3308f1\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\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 class=\"elementor-element elementor-element-9b03444 elementor-widget elementor-widget-text-editor\" data-id=\"9b03444\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><strong>(Pursuant to Section 221 of the Mauritius Companies Act 2001)<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-af701fc elementor-widget elementor-widget-heading\" data-id=\"af701fc\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\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 class=\"elementor-element elementor-element-1b9cf65 elementor-widget elementor-widget-text-editor\" data-id=\"1b9cf65\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>The activities of Lavastone are disclosed on page 19.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-aa54523 elementor-widget elementor-widget-heading\" data-id=\"aa54523\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\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 class=\"elementor-element elementor-element-8c1835e elementor-widget elementor-widget-text-editor\" data-id=\"8c1835e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>The Group structure of Lavastone has been disclosed on pages 16 to 17.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-76ddd38 elementor-widget elementor-widget-heading\" data-id=\"76ddd38\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\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 class=\"elementor-element elementor-element-2bb6e5a elementor-widget elementor-widget-text-editor\" data-id=\"2bb6e5a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>The remuneration of directors who have held office as at 30 September 2025 has been disclosed on page 62. 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 class=\"elementor-element elementor-element-2e5ab4e elementor-widget elementor-widget-image\" data-id=\"2e5ab4e\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"503\" height=\"147\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/Pg-72-Director-Remuneration.svg\" class=\"attachment-full size-full wp-image-1049\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3cbd185 elementor-widget elementor-widget-heading\" data-id=\"3cbd185\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\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 class=\"elementor-element elementor-element-c0b8f0c elementor-widget elementor-widget-text-editor\" data-id=\"c0b8f0c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\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 2025 are listed on page 62.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b54dd49 elementor-widget elementor-widget-heading\" data-id=\"b54dd49\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\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 class=\"elementor-element elementor-element-fbb3351 elementor-widget elementor-widget-text-editor\" data-id=\"fbb3351\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\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 class=\"elementor-element elementor-element-5d1cba2 elementor-widget elementor-widget-heading\" data-id=\"5d1cba2\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\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 class=\"elementor-element elementor-element-f99ec2b elementor-widget elementor-widget-text-editor\" data-id=\"f99ec2b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>The list of directorship of Subsidiary companies as at 30 September 2025 are listed on page 155.<\/p>\t\t\t\t\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-c7e1bea e-flex e-con-boxed e-con e-parent\" data-id=\"c7e1bea\" 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-c1cd072 elementor-widget elementor-widget-heading\" data-id=\"c1cd072\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Audit fees as at 30 September 2025<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0b3b481 elementor-widget elementor-widget-text-editor\" data-id=\"0b3b481\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>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 class=\"elementor-element elementor-element-5d56297 elementor-widget elementor-widget-image\" data-id=\"5d56297\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"497\" height=\"306\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/Pg-73-Audit-Fees.svg\" class=\"attachment-full size-full wp-image-1067\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f691bb3 elementor-widget elementor-widget-text-editor\" data-id=\"f691bb3\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\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 class=\"elementor-element elementor-element-68e5cf8 elementor-widget elementor-widget-heading\" data-id=\"68e5cf8\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\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 class=\"elementor-element elementor-element-0bd4672 elementor-widget elementor-widget-text-editor\" data-id=\"0bd4672\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\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 2025, 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 class=\"elementor-element elementor-element-2b59589 elementor-widget elementor-widget-image\" data-id=\"2b59589\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"499\" height=\"111\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/Pg-73-Donations.svg\" class=\"attachment-full size-full wp-image-1068\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b390fea elementor-widget elementor-widget-heading\" data-id=\"b390fea\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\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 class=\"elementor-element elementor-element-d7cab93 elementor-widget elementor-widget-text-editor\" data-id=\"d7cab93\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\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 class=\"elementor-element elementor-element-1fbde8f elementor-widget elementor-widget-heading\" data-id=\"1fbde8f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\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 class=\"elementor-element elementor-element-c1597c1 elementor-widget elementor-widget-text-editor\" data-id=\"c1597c1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\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<strong> Companies Act 2001.<\/strong><\/p>\t\t\t\t\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-b7e4ffd e-flex e-con-boxed e-con e-parent\" data-id=\"b7e4ffd\" 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-cbfcc92 elementor-widget elementor-widget-heading\" data-id=\"cbfcc92\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\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 class=\"elementor-element elementor-element-970f77d elementor-widget elementor-widget-text-editor\" data-id=\"970f77d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>In my capacity as Company Secretary of Lavastone Ltd (the \u2018Company\u2019), 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 2025, 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 class=\"elementor-element elementor-element-915acbb elementor-widget elementor-widget-image\" data-id=\"915acbb\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"92\" height=\"38\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/Signature-1.svg\" class=\"attachment-full size-full wp-image-1075\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-7da8e2d e-con-full e-flex e-con e-child\" data-id=\"7da8e2d\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;gradient&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f1c721a elementor-widget elementor-widget-text-editor\" data-id=\"f1c721a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><strong>Alex Lan Pak Kee<\/strong><br \/><strong>For Cim Administrators Ltd<\/strong><br \/><strong>Company Secretary<\/strong><br \/><strong>15 December 2025<\/strong><\/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<div class=\"elementor-element elementor-element-73a526a e-flex e-con-boxed e-con e-parent\" data-id=\"73a526a\" 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-88face9 elementor-widget elementor-widget-heading\" data-id=\"88face9\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\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 class=\"elementor-element elementor-element-fd883c0 elementor-widget elementor-widget-text-editor\" data-id=\"fd883c0\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><strong>Statement of directors\u2019 responsibilities in respect of the preparation of financial statements and internal control<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b27e858 elementor-widget elementor-widget-text-editor\" data-id=\"b27e858\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\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:<\/p><ul><li>\u00a0select suitable accounting policies and apply them consistently;\u00a0<\/li><li>make judgements and estimates that are reasonable and prudent;<\/li><li>comply with the provisions of the Companies Act 2001 and the International Financial Reporting Standards (IFRS), Accounting Standards, and explain any material departure thereto;\u00a0<\/li><li>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.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a0b07fd elementor-widget elementor-widget-text-editor\" data-id=\"a0b07fd\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>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.<\/p><p>\u00a0The 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 2025. 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<\/p><p>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 2025. They also declare 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.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-966c970 elementor-widget elementor-widget-text-editor\" data-id=\"966c970\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><strong>On behalf of the Board<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-ec5b7df e-con-full e-flex e-con e-child\" data-id=\"ec5b7df\" data-element_type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-1a67cbb e-con-full e-flex e-con e-child\" data-id=\"1a67cbb\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-2000df5 elementor-widget elementor-widget-image\" data-id=\"2000df5\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"63\" height=\"37\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/p75-1.svg\" class=\"attachment-full size-full wp-image-1087\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a8a410e elementor-widget elementor-widget-text-editor\" data-id=\"a8a410e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><strong>Colin Taylor<br \/><\/strong><strong>Non-Executive Director and Chairman<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4c66b4f elementor-widget elementor-widget-text-editor\" data-id=\"4c66b4f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><strong>15 December 2025<\/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-33c3dfd e-con-full e-flex e-con e-child\" data-id=\"33c3dfd\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-1f321d5 elementor-widget elementor-widget-image\" data-id=\"1f321d5\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"67\" height=\"43\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/p75-2.svg\" class=\"attachment-full size-full wp-image-1088\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ed64987 elementor-widget elementor-widget-text-editor\" data-id=\"ed64987\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><strong>Nicolas Vaudin<br \/><\/strong><strong style=\"font-size: 1rem;\">Executive Director and Managing Director<\/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\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-f706ca6 e-flex e-con-boxed e-con e-parent\" data-id=\"f706ca6\" 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-b0d1d00 elementor-widget elementor-widget-heading\" data-id=\"b0d1d00\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">RISK MANAGEMENT REPORT<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-882ee88 elementor-widget elementor-widget-heading\" data-id=\"882ee88\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">RISK MANAGEMENT AND INTERNAL CONTROLS<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-177a05c elementor-widget elementor-widget-heading\" data-id=\"177a05c\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Risk Environment and Sector Outlook<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a4a0b3f elementor-widget elementor-widget-text-editor\" data-id=\"a4a0b3f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>The real estate sector globally continues to evolve within a complex environment marked by inflationary pressures, rising interest rates, shifts in demand patterns, and increasing exposure to environmental and climate-related risks. Pandemic risk is no longer considered an active and standalone risk. Instead, based on lessons learnt and resilience measures, this risk has been re-classified under Business Interruption according to today\u2019s reality and taken into account in the Business Continuity Plan.<\/p><p>\u00a0In Mauritius, the property market has experienced sustained growth, supported by foreign investment and development in the luxury and residential segments and retail mall extension. The commercial property segment has also seen continued growth with a number of new office buildings starting construction. However, risks of market overheating, rising construction costs, supply chain delays, and environmental exposure remain material considerations.<\/p><p>\u00a0The Board recognises that Lavastone operates within a dynamic and evolving real estate environment. These global and local developments guide our strategic planning and are embedded in the ISO 31000-aligned Risk Management Framework to ensure that risks are identified, assessed, and managed in a structured and proactive manner.<\/p><p>\u00a0The main risks identified during the financial year, along with mitigation measures, are summarised in our Business Risk Register on pages 83 to 85.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0767f2e elementor-widget elementor-widget-heading\" data-id=\"0767f2e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">The Risk Management Framework<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ef44789 elementor-widget elementor-widget-text-editor\" data-id=\"ef44789\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>In line with <b>Principle 6 of the National Code of Corporate Governance for Mauritius,<\/b> the Board is responsible for setting the Company\u2019s risk appetite and ensuring that a sound risk management and internal control framework is in place.\u00a0<\/p><p>Lavastone has implemented a structured <b>Risk Management Framework<\/b> based on the ISO 31000 Risk Management guidelines which provide a structured and internationally recognised approach to managing risk. The framework ensures that risk management is integrated, structured, and dynamic, and embedded in the Company\u2019s culture and decision-making processes.<\/p><p>\u00a0The key components of the framework are:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-04d19aa elementor-widget elementor-widget-text-editor\" data-id=\"04d19aa\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><b>1. Integration<\/b> \u2013 Risk management is incorporated into our strategic planning, investment decisions, and day-to-day operations.<\/p><p>\u00a0<b>2. Structured and Comprehensive Approach<\/b> \u2013 We follow a systematic process for identifying, assessing, and treating risks across all business units.<\/p><p><b>\u00a03. Customization<\/b> \u2013 The framework is tailored to the nature of the real estate sector in Mauritius, considering the Company\u2019s size, context, and business model.<\/p><p>\u00a0<b>4. Inclusion of Stakeholders<\/b> \u2013 Input is sought from management, employees, investors, and other stakeholders to ensure a complete understanding of risks.<\/p><p>\u00a0<b>5. Dynamic and Responsive<\/b> \u2013 The framework evolves to address changes in the economic, legal, and regulatory environment.\u00a0<\/p><p><b>6. Continual Improvement<\/b> \u2013 The risk management process is regularly reviewed and improved to enhance effectiveness.<\/p>\t\t\t\t\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-ba99e18 e-flex e-con-boxed e-con e-parent\" data-id=\"ba99e18\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-352c907 e-con-full e-flex e-con e-child\" data-id=\"352c907\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-e0f3837 elementor-widget elementor-widget-heading\" data-id=\"e0f3837\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">The Risk Management Process<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-469f21c elementor-widget elementor-widget-image\" data-id=\"469f21c\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"331\" height=\"308\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/pg77-1.svg\" class=\"attachment-full size-full wp-image-1211\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2d6c493 elementor-widget elementor-widget-text-editor\" data-id=\"2d6c493\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Lavastone applies the following steps of the ISO 31000 process:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3a5a881 elementor-widget elementor-widget-image\" data-id=\"3a5a881\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"498\" height=\"239\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/p77-2.svg\" class=\"attachment-full size-full wp-image-1237\" 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\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-2cfdf40 e-flex e-con-boxed e-con e-parent\" data-id=\"2cfdf40\" 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-3bb018c elementor-widget elementor-widget-heading\" data-id=\"3bb018c\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Emerging risks:<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c5760da elementor-widget elementor-widget-text-editor\" data-id=\"c5760da\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>The Board actively monitors emerging risks that may affect the Company\u2019s long-term sustainability. Key areas include:\u00a0<\/p><ul><li><b>\u00a0Digitalisation and technology transformation<\/b> &#8211; which offer operational efficiencies but require robust cybersecurity and staff upskilling.\u00a0<\/li><li><b>System change risk<\/b> \u2013 Upgrading or replacing core IT, property management, or operational systems carries risks of disruption to business processes, data migration errors, and potential operational downtime.\u00a0<\/li><li><b>ESG expectations<\/b> \u2013 Growing stakeholder demand for sustainable, socially responsible, and well-governed operations requires integration of ESG principles into project design, construction, and reporting.<\/li><li><b>Climate-related financial risks<\/b> \u2013 Especially relevant for coastal developments, these include exposure to extreme weather, sea-level rise, and regulatory requirements.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6ae22b2 elementor-widget elementor-widget-text-editor\" data-id=\"6ae22b2\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>The Board ensures that these emerging risks are <b>integrated into the risk management framework<\/b>, continuously monitored, and addressed through proactive mitigation strategies, safeguarding the Company\u2019s resilience and long-term value creation.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cede08c elementor-widget elementor-widget-text-editor\" data-id=\"cede08c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>During this financial year, Lavastone identified and seized the following opportunities:<\/p><ul><li>\u00a0Launched the Montebello project, with construction scheduled to begin in the first quarter of FY26.<\/li><li>\u00a0Anchor tenant signed for the commercial project in La Gaulette. Scheduled to begin construction in Q1 FY26.<\/li><li>Focused on employee development through the implementation of a Performance Management System (PMS)<br \/>and registration for the Great Place to Work certification.<\/li><li>Explored acquisitive opportunities to diversify the portfolio.<\/li><li>Sold non productive land assets in Trianon.<\/li><li>Invest in several yielding property development projects.<\/li><li>\u00a0Launched the planned expansion of C Rodrigues at Mourouk.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-124bb03 elementor-widget elementor-widget-heading\" data-id=\"124bb03\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Risk Governance<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-decdbfd elementor-widget elementor-widget-text-editor\" data-id=\"decdbfd\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>To strengthen its risk governance framework, Lavastone has adopted the internationally recognised <b>Three Lines of Defence (3LoD) model<\/b>, which clearly defines responsibilities for managing risks and maintaining effective internal controls.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a64f15c elementor-widget elementor-widget-image\" data-id=\"a64f15c\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"264\" height=\"134\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/p78-1.svg\" class=\"attachment-full size-full wp-image-1112\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fcfb7aa elementor-widget elementor-widget-text-editor\" data-id=\"fcfb7aa\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>The<b> Board of Directors<\/b> recognises that an effective risk management system is vital for achieving the Company\u2019s strategic and operational objectives and for ensuring long-term sustainability.<\/p><p><b>The Risk Management &amp; Audit Committee (\u201cRMAC\u201d)<\/b> assists the Board in overseeing the adequacy and effectiveness of the Company\u2019s risk management systems and internal controls. The committee is guided by a formal and approved charter and performs its role by providing independent insight to the Board.<\/p><p>\u00a0The RMAC comprises 3 non-executive directors and is chaired by an independent non-executive director.<\/p><p>\u00a0The key role and responsibilities of the RMAC are to provide its independent and objective advice on the key components of the controls\u2019 framework:<\/p><ul><li>Financial statements\u00a0<\/li><li>Internal Audit\u00a0<\/li><li>External Audit\u00a0<\/li><li>Reporting and disclosure<\/li><li>Risk Management<\/li><\/ul>\t\t\t\t\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-36e1d0e e-flex e-con-boxed e-con e-parent\" data-id=\"36e1d0e\" 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-9eb999e elementor-widget elementor-widget-text-editor\" data-id=\"9eb999e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><b>Management<\/b> is responsible for identifying, assessing, and managing risks within the parameters set by the Board and is accountable to the Board and the RMAC.<\/p><p><b>\u00a0The Risk and Compliance functions<\/b> provide oversight and <b>monitor adherence to risk policies<\/b> and regulatory requirements. The Head of Finance is identified as our risk champion whose role is to raise awareness on the risk environment across the organisation and coordinate the risk meetings. <b>A Compliance Officer<\/b> is appointed to focus mainly on the regulatory, compliance and legal risks, including AML\/CFT.\u00a0<\/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 has implemented the following components:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-aa531e0 elementor-widget elementor-widget-image\" data-id=\"aa531e0\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"490\" height=\"47\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/p79-1.svg\" class=\"attachment-full size-full wp-image-1121\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-64393c3 elementor-widget elementor-widget-heading\" data-id=\"64393c3\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Risk management policy<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9034794 elementor-widget elementor-widget-text-editor\" data-id=\"9034794\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Our RM policy is approved by the Board of Directors and RMAC. The policy is aligned with our vision and strategic objectives.<\/p><p>\u00a0<b>Our vision:<\/b>\u00a0 <i>Lavastone aims to be the preferred partner for commercial real estate solutions, while delivering optimum value to its shareholders.<\/i><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-322b7f8 elementor-widget elementor-widget-heading\" data-id=\"322b7f8\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Our strategic objectives<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-754a95a elementor-widget elementor-widget-image\" data-id=\"754a95a\" data-element_type=\"widget\" data-widget_type=\"image.default\">\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-2025\/wp-content\/uploads\/2026\/01\/p79-2.svg\" class=\"attachment-full size-full wp-image-1123\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\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-a2df3b5 e-flex e-con-boxed e-con e-parent\" data-id=\"a2df3b5\" 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-794d7dd elementor-widget elementor-widget-heading\" data-id=\"794d7dd\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Risk appetite statement<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cfd814a elementor-widget elementor-widget-text-editor\" data-id=\"cfd814a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\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. Our Risk Appetite is approved by the Board of Directors and monitored by Management and the RMAC.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-80c4fa2 elementor-widget elementor-widget-text-editor\" data-id=\"80c4fa2\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>We will pursue growth whilst continuously improving<b> customer service<\/b> and<b> operational excellence<\/b>.<span style=\"font-size: 1rem;\">\u00a0To improve our commitment to <strong>sustainability<\/strong>, we will strive to meet the criteria for a LEED certification on our new development projects.<\/span><\/p><p>\u00a0We aim to grow regionally and have 10% of our portfolio outside of Mauritius in 10 years\u2019 time.\u00a0<\/p><p>However, we will<strong> not engage in and tolerate<\/strong> activities which create safety, regulatory and quality concerns.\u00a0<\/p><p>We will not make decisions which pose a financial risk impact of 10% or more on our revenue or increase our loan to value ratio to above 40%. Our exposure is limited to:<\/p><ul><li><span style=\"background-color: transparent;\">25% of Net Asset Value for any one sector (Retail, Hospitality, Office, Industrial, Residential etc)<\/span><\/li><li><span style=\"background-color: transparent;\">20% of Investment Property Value for any single building<\/span><\/li><li><span style=\"background-color: transparent;\">20% of Rental Revenues for a single tenant<\/span><\/li><\/ul>\t\t\t\t\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-34fdf61 e-flex e-con-boxed e-con e-parent\" data-id=\"34fdf61\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-05b679a e-con-full e-flex e-con e-child\" data-id=\"05b679a\" data-element_type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-d577358 e-con-full e-flex e-con e-child\" data-id=\"d577358\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3dbfaab elementor-widget elementor-widget-image\" data-id=\"3dbfaab\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"245\" height=\"77\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/Pg-80-Risk-Appetite-Statement-1.svg\" class=\"attachment-full size-full wp-image-1135\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e664ae8 elementor-widget elementor-widget-text-editor\" data-id=\"e664ae8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>During this financial year, we maintained our loan to value ratio to 24.9% thus aligning with our risk appetite. In order to manage dependency risks, we also maintained concentration value of any single property and revenue from a single tenant below 20%. The value of our net assets is dispersed across different segments namely hospitality, retail, office, and industrial. Office properties represent the highest value of our net assets, with 33%. The higher proportion in the office segment is explained by the acquisition of Absa House following the sale of the Riche Terre Industrial Park. The development of Montebello together with the development of Case Noyale and acquisition and development of Industrial Land will address this imbalance once these investments are completed. <br \/><br \/>Overall, Lavastone is committed to its risk appetite statement and is continuously taking the appropriate measures to maintain its risk appetite to an acceptable level.<\/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-d17ad56 e-con-full e-flex e-con e-child\" data-id=\"d17ad56\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-075dcbb elementor-widget elementor-widget-heading\" data-id=\"075dcbb\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Risk criteria<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0117b1e elementor-widget elementor-widget-text-editor\" data-id=\"0117b1e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Our risk criteria take into consideration the 2 elements of probability and impact and is defined on a scale of 1 to 5.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-880cd3f e-con-full e-flex e-con e-child\" data-id=\"880cd3f\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-02ee0e9 elementor-widget elementor-widget-image\" data-id=\"02ee0e9\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"141\" height=\"89\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/Pg-80-Risk-Criteria.svg\" class=\"attachment-full size-full wp-image-1137\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b839309 elementor-widget elementor-widget-image\" data-id=\"b839309\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"71\" height=\"89\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/Pg-80-Our-Risk.svg\" class=\"attachment-full size-full wp-image-1133\" 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<div class=\"elementor-element elementor-element-44d1204 e-con-full e-flex e-con e-child\" data-id=\"44d1204\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-c7ae005 elementor-widget elementor-widget-text-editor\" data-id=\"c7ae005\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\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\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2de7b4f elementor-widget elementor-widget-heading\" data-id=\"2de7b4f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Business Risk Register<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-190e693 elementor-widget elementor-widget-text-editor\" data-id=\"190e693\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>As part of the Monitoring and Review process, the Business Risk Register (\u201cBRR\u201d) of Lavastone consists of risk identification, assessment and response. The BRR is a recording and monitoring tool designed to assist the Management team of Lavastone for informed decision-making.<\/p><p>\u00a0Our BRR is reviewed and updated on a quarterly basis through risk management meetings and reported to the RMAC.<\/p><p>\u00a0These risk sessions 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.<\/p><p>\u00a0Refer to the section on risk heatmap and top 10 risks below.<\/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\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-fa73900 e-flex e-con-boxed e-con e-parent\" data-id=\"fa73900\" 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-bf0d2a0 elementor-widget elementor-widget-heading\" data-id=\"bf0d2a0\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Risk Indicators<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-43e2656 elementor-widget elementor-widget-text-editor\" data-id=\"43e2656\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\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, 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\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e385015 elementor-widget elementor-widget-heading\" data-id=\"e385015\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">SYSTEM OF INTERNAL CONTROLS<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4cca55a elementor-widget elementor-widget-text-editor\" data-id=\"4cca55a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>The Board of Directors is responsible for ensuring that Lavastone maintains a comprehensive system of internal<br \/>controls designed to safeguard shareholders\u2019 investments and the Company\u2019s assets, and to ensure the integrity<br \/>of financial and non-financial information.<\/p><p>The internal control system forms an integral part of the Company\u2019s risk management framework, providing<br \/>assurance that risks are identified, assessed, and managed within defined tolerances. It encompasses both<br \/>preventive and detective controls and covers all major operational, financial, and compliance activities.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0c1b17b elementor-widget elementor-widget-heading\" data-id=\"0c1b17b\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Key components of Internal Controls<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0f8074c elementor-widget elementor-widget-image\" data-id=\"0f8074c\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"399\" height=\"266\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/Pg-81-Internal-Control.svg\" class=\"attachment-full size-full wp-image-1145\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bc53546 elementor-widget elementor-widget-heading\" data-id=\"bc53546\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Monitoring and Assurance<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-120d70b elementor-widget elementor-widget-text-editor\" data-id=\"120d70b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>The Board, through the RMAC, ensures ongoing monitoring and evaluation of the effectiveness of internal<br \/>controls. This is achieved through:<\/p><ul><li>Regular reporting by management on control implementation and key risk indicators.<\/li><li>Independent reviews by Internal Audit, which evaluates the adequacy and effectiveness of controls across<br \/>all business units.<\/li><li>Follow-up and tracking of corrective actions for identified control deficiencies.<\/li><\/ul><p>The RMAC also reviews the findings of the<strong> external auditors<\/strong>, considers their recommendations, and monitors<br \/>management\u2019s response and remediation actions.<\/p>\t\t\t\t\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-25920ca e-flex e-con-boxed e-con e-parent\" data-id=\"25920ca\" 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-b7cfe8e elementor-widget elementor-widget-text-editor\" data-id=\"b7cfe8e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><strong>Continuous Improvement<\/strong><\/p><p>Recognising that internal control is a dynamic process, Lavastone continually strengthens its control environment by:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b6cf224 elementor-widget elementor-widget-text-editor\" data-id=\"b6cf224\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li>Updating procedures in response to changes in the business model, regulatory requirements, or risk profile.<\/li><li>Incorporating lessons learned from audits and incidents.<\/li><li>Leveraging technology to automate and enhance control processes, including through system upgrades and integration.<\/li><li>Conducting staff training to build awareness and competence.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7d1582f elementor-widget elementor-widget-text-editor\" data-id=\"7d1582f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Based on the work performed by management, internal and external auditors, and the RMAC, the Board is satisfied that the Company\u2019s system of internal controls is<strong> adequate and effective<\/strong>, operating as intended, and provides reasonable assurance that material risks are appropriately managed and controlled.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-df45a22 elementor-widget elementor-widget-heading\" data-id=\"df45a22\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">INTERNAL AUDIT<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7541d9a elementor-widget elementor-widget-text-editor\" data-id=\"7541d9a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>The Internal Audit function of the Group is outsourced to Smart-Tree 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 including Ethics.\u00a0<\/p><p>The mission of the Internal Auditor 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 the management and mitigation of risk, responsibilities which remain at the Board and management levels.<\/p><p>The internal audit function is governed by the mandatory elements of the Institute of Internal Auditors\u2019 (IIA) International Professional Practices Framework, including the Core Principles, the Code of Ethics and the International Standards for the Professional Practice of Internal Auditing.<\/p><p>A formal internal audit charter is approved by the RMAC and describes Internal Audit\u2019s role, responsibilities, scope, authority and reporting structure, amongst others.\u00a0<\/p><p>An internal audit plan is approved by the RMAC on an annual basis and uses a risk-based approach.\u00a0<\/p><p>During the FY 2024-2025, the Internal Auditor covered the following scope:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f2fbfcb elementor-widget elementor-widget-image\" data-id=\"f2fbfcb\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"345\" height=\"48\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/Pg-82-Internal-Audit.svg\" class=\"attachment-full size-full wp-image-1160\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-003fc64 elementor-widget elementor-widget-text-editor\" data-id=\"003fc64\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>The objectives of the internal audit assignments were to:<\/p><ul><li>Provide assurance to the Board, RMAC and Management that risks are mitigated through control measures and adequate procedures.<\/li><li>Evaluate the controls design.<\/li><li>Provide risk insights and recommendations on the improvement of the control environment.<\/li><li>Evaluate adherence to the internal policies and procedures and regulatory framework.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-95f88c3 elementor-widget elementor-widget-text-editor\" data-id=\"95f88c3\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>As part of its key responsibilities, the RMAC:<\/p><ul><li>Reviews and approves the internal audit charter.<\/li><li>Reviews and approves the annual internal audit plan.<\/li><li>Reviews and monitors management\u2019s responses and actions to internal audit findings.<\/li><li>Reviews and monitors the effectiveness of the internal audit function.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-317ed74 elementor-widget elementor-widget-text-editor\" data-id=\"317ed74\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>The Internal Auditor monitors and assesses their audit recommendations with 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 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\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-8b0645d e-flex e-con-boxed e-con e-parent\" data-id=\"8b0645d\" 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-a54ca4d elementor-widget elementor-widget-image\" data-id=\"a54ca4d\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"442\" height=\"434\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/p83-1.svg\" class=\"attachment-full size-full wp-image-1164\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-51611fe elementor-widget elementor-widget-image\" data-id=\"51611fe\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"445\" height=\"175\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/p83-2.svg\" class=\"attachment-full size-full wp-image-1165\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\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-01ac8ab e-flex e-con-boxed e-con e-parent\" data-id=\"01ac8ab\" 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-5324199 elementor-widget elementor-widget-image\" data-id=\"5324199\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"504\" height=\"562\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/Pg-84-Top-10-Risks.svg\" class=\"attachment-full size-full wp-image-1169\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\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-9575c58 e-flex e-con-boxed e-con e-parent\" data-id=\"9575c58\" 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-9f7ca68 elementor-widget elementor-widget-image\" data-id=\"9f7ca68\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"504\" height=\"685\" src=\"https:\/\/lavastone.mu\/annual-report-2025\/wp-content\/uploads\/2026\/01\/Pg-85-Top-10-Risks.svg\" class=\"attachment-full size-full wp-image-1182\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\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>ESG Report OUR WINDOW OF OPPORTUNITY FRAMES A HORIZON BUILT TO ENDURE ESG Report OUR WINDOW OF OPPORTUNITY FRAMES A HORIZON BUILT TO ENDURE Frameworks and standards that guide us Environmental Performance Social Performance Our Governance Performance Frameworks and standards that guide us Environmental Performance Social Performance Our Governance Performance Lavastone Properties develops and manages [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-477","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/lavastone.mu\/annual-report-2025\/wp-json\/wp\/v2\/pages\/477","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lavastone.mu\/annual-report-2025\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/lavastone.mu\/annual-report-2025\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/lavastone.mu\/annual-report-2025\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lavastone.mu\/annual-report-2025\/wp-json\/wp\/v2\/comments?post=477"}],"version-history":[{"count":608,"href":"https:\/\/lavastone.mu\/annual-report-2025\/wp-json\/wp\/v2\/pages\/477\/revisions"}],"predecessor-version":[{"id":2302,"href":"https:\/\/lavastone.mu\/annual-report-2025\/wp-json\/wp\/v2\/pages\/477\/revisions\/2302"}],"wp:attachment":[{"href":"https:\/\/lavastone.mu\/annual-report-2025\/wp-json\/wp\/v2\/media?parent=477"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}