The global movement towards corporate sustainability has significant overtones for Mauritius as a small island developing state. Integrating Environmental, Social and Governance (ESG) principles throughout its financial services ecosystem has been a key thrust for the government and is a pivotal aspect of the government strategy to develop the funds industry in particular.
In this line, the Financial Services Commission (FSC) has introduced the new Disclosure and Reporting Guidelines for ESG Funds, aimed at enhancing transparency and accountability within the sector. These guidelines are intended for investment businesses championing ESG strategies that align with the United Nations Sustainable Development Goals (UN SDGs) or other globally recognised sustainability frameworks. By setting a clear standard for transparency, the FSC is empowering these businesses to showcase the authenticity of their ESG commitments – while taking a firm stand against greenwashing. The goal is to equip investors with transparent, consistent, and trustworthy information that supports confident decision-making and reinforces integrity, accountability, and market discipline across the financial services landscape.
With ESG considerations now being a cornerstone of investment decisions and corporate strategies, Intercontinental Trust Limited (ITL) is proud to note that it has been a pioneer in the sustainability space in Mauritius. Indeed, since 2020, ITL has been a signatory to the Ten Principles of the United Nations Global Compact (UNGC), in the areas of Human Rights, Labour, Environment, and Anti-Corruption. In so doing, ITL shows its effort to integrate the Ten Principles into its business strategy, culture, and daily operations, and contribute to UN goals, particularly the Sustainable Development Goals (SDGs).
Making a positive difference: ITL’s commitment to the UNGC
Since January 2023, our Executive Director Francoise Chan has been representing ITL on the council of the UN Global Compact Network Indian Ocean and we are proud to announce that she has now been elected Vice-chair of the council. The UN Global Compact Network Indian Ocean is a multi-stakeholder regional platform for businesses in Mauritius, Madagascar, Seychelles and Comoros to align their strategies and operation with universal sustainability principles, and take action to advance the SDGs. It is the first regional network in Africa that provides an opportunity for businesses across the continent to share knowledge and create impactful partnerships to progress on the 2030 Agenda both locally and regionally.
This appointment reflects Françoise’s unwavering commitment to responsible business and sustainable development and underlines ITL’s long-standing dedication to the UNGC’s Ten Principles. By incorporating these universal sustainability principles into strategies, policies and procedures, and establishing a culture of integrity, companies are not only upholding their basic responsibilities to people and planet, but also setting the stage for long-term success.
Striving hard for sustainable outcomes: The UNGC and its Ten Principles
The UNGC notes that corporate sustainability starts with a company’s value system and a principles-based approach to doing business. Responsible businesses enact the same values and principles wherever they have a presence, and know that good practices in one area do not offset harm in another. The Ten Principles of the United Nations Global Compact are derived from: the Universal Declaration of Human Rights, the International Labour Organisation’s Declaration on Fundamental Principles and Rights at Work, the Rio Declaration on Environment and Development, and the United Nations Convention Against Corruption. Principles 1 to 2 pertain to Human Rights, 3 to 6 lie under the Labour paradigm, 7 to 9 pertain to the Environment and 10 deals with Anti-corruption efforts.
Strengthening our foundation for sustainability efforts
Over the 25 years of its existence, ITL has been actively supporting stakeholders, including NGOs and governmental agencies, that are engaged in ecological transitions. To further evince our dedication and commitment to our community, the recently launched ITL Foundation will continue to focus on education, poverty alleviation, environmental and sustainable initiatives for a better future through its different initiatives in the community.
The ITL Foundation launched in 2024 represents our concerted thrust on community outreach efforts and focuses primarily on the following pillars:
- Education, including women empowerment,
- Community development and poverty alleviation, and
- The environment and sustainable development.
Apart from its commitment to the UNGC, at an overarching level, ITL has adopted a group sustainability strategy that actively focuses on specific UN SDGs. Our targeted SDGs include Gender Equality (SDG 5), Reduced Inequalities (SDG 10), Climate Action (SDG 13), and Life on Land (SDG 15).
A call to action: Do good while doing well
At ITL, we urge other management companies and fund service providers to join the movement to do good while doing well.
“Aligning financial returns with sustainable outcomes is now indispensable for businesses, especially those operating in key sectors such as financial services. Here, the importance of being part of impactful initiatives such as the UNGC network cannot be overstated, with the wealth of resources available through their platform to support fund service providers and management companies in their ESG journey. Indeed, taken together with the new regulatory framework for ESG Funds which came into effect on 24th March 2025, the timing couldn’t be better!” notes Francoise Chan, Executive Director, ITL and Vice-chair, UNGC Network Indian Ocean.
As investors, governments, and the public become increasingly aware of the significant impact that businesses have on communities, societies, and the environment, the onus is on us to rise to the occasion and position our jurisdiction for sustainable success.
