While the 2001 Guideline recommended for a rotation of directors, it was noted that this recommendation has not been implemented to the satisfaction of the Bank of Mauritius. It was found that some boards remained “Pale, Male and Stale” as Governor Bheenick remarked during the first Workshop.
To remedy that, we had no other alternative than to limit the term of office of non-executive directors of local banks to 6 years with a cooling-off period of two years before a possible re-appointment. This would allow for more fresh blood in the Boardroom with new ideas, new mindset and, why not, bolder initiatives.