The Audit and Risk Committee at AVA Medical plays a crucial role by ensuring that the Management has identified and assessed all the risks that each business entity face. The committee establish a risk management infrastructure that is capable of addressing and mitigating these risks, thus ensuring business continuity and resilience across the Group.

Formed in 2022, the Committee brings together experts from all companies within the Group, each selected for their specialized knowledge and skills. This diverse expertise creates a comprehensive approach to risk management, fostering a strong risk-aware culture. The Committee has already initiated a Group-level Risk Assessment to evaluate the probability and impact of potential risks faced by each company. The results will be synthesized to develop targeted recommendations for risk mitigation, supporting AVA Medical's commitment to sustainable growth and robust risk management.

The ARC Committee consists of Nicolas Kerambrun, CEO of AVA Medical; Stéphane Lefèvre, CEO of Natec Medical; Alessandro Cancarini, COO of Natec Medical; Yannick Applasamy, COO of Xtruline; Vanessa Desvaux de Marigny, Head of Laboratory at Abiolabs; Vanessa Armance, CHRO, and Shabnam Gungabissoon, CFO of AVA Medical. 

Natec Medical has set up a Performance Committee with the aim of identifying any mismatch or gap in the company’s actual expenses versus what has been budgeted, conduct detailed root cause analysis and devise proper corrective and precautionary actions to avoid such occurrences.

The set-up of this new committee is in line with AVA Medical’s continuous improvement, in line with our values of Excellence. By always looking to improve on any service, product, set of skill or performance, the company firmly believes that we will achieve more efficiency, and all of our employees will be able to rank up and learn new skills, which will allow them to achieve better results and improve on a personal level.The goal is not just to fix those mismatches, but rather to level up all the processes and keep the company focused on a path of continuous improvement.

The Committee is pursuing its mandate to identify and reduce waste, in close collaboration with the relevant departments and business units of the Group and will put in place various control procedures in line with the KPIs to monitor and improve the company's performance.

The committee will thus be responsible for reviewing the discrepancies in expenditure and consumption on a dozen or so raw materials used in the manufacture of our medical devices.

The Performance Committee consists of Bhavna Nunkoo, Operations Excellence Manager; Girish Jagarnath, Operations Director; Alessandro Cancarini, COO; Nareshwaree Ramdharry, Quality Manager; Nourchene Dhebi, Methods Manager; and the process engineers.

The Group is committed to attaining and sustaining high standards of corporate governance to ensure transparency and protection of the interests of its sole shareholder and its stakeholders at large.

The Board of Directors (the "Board") of AVA Medical Group recognizes that the National Code of Corporate Governance for Mauritius (2016) (the "Code") is seen as best practice and therefore ensures that its operations are conducted in a way that displays characteristics of good governance namely discipline, transparency, independence, accountability, fairness, social responsibility and professionalism.

This report describes the main corporate governance framework and compliance of the Group with the disclosures required under the Code.