Corporate Governance

SET TONE AT THE TOP

Management has the added responsibility of demonstrating, through their actions, the importance of good governance. In any business, such behavior does not simply happen; it is the product of clear and direct communication of behavioral expectations, modeled from the top and demonstrated by example. Those who are in a leadership position should set the pace for others and management should be aware that their ethical behavior and actions determine that of the other employees in the company.

At JDStore Group, all business conduct should be well above the minimum standards required by law. Employees uncertain about the application or interpretation of any legal requirements should refer the matter to their superior, who, if necessary, can seek the advice of the legal team of JDStore Group.

INTERNAL CONTROL AND RISK MANAGEMENT

JDStore Group’s internal control framework supports the execution of the strategy and ensures regulatory compliance. The foundation for internal control is set by the risk management framework, financial control, and supporting policies.

The aim of the JDStore Group’s internal control framework is to assure that the operations are effective and well-aligned with the strategic goals. The internal control framework is intended to ensure correct, reliable, complete, and timely financial reporting and management information. The framework endorses ethical values, good corporate governance, and risk management practices. The activities related to internal control and risk management are part of JDStore Group’s management practices and are integrated into the business and planning processes.

RISK MANAGEMENT FRAMEWORK

JDStore Group uses systematic risk management to develop the efficiency and control of business operations as well as their profitability and continuity. The risk management framework consists of the risk management organization, related policies, operating principles, processes, and tools. The risk management organization develops and maintains the company’s risk management framework, including risk reporting, risk management governance, and follow-up of risk exposures consisting of strategic, financial, operational, and compliance risks.

The risk management organization consists of a central group-wide unit and virtual teams, whose members are located in different units across the globe. Each process owner is responsible for the continuous development and improvement of the established procedures, including controls and risk management.

FINANCIAL REPORTING PROCESS AND RESPONSIBILITIES

JDStore Group has a common accounting and reporting platform. Group consolidation and reporting are based on the reporting system, which facilitates common control requirements for all legal entities reporting to the Group. It also provides a common platform that enables stronger compliance and adherence to the relevant accounting standards and GAAPs. JDStore Group undertakes continuous improvements to the common accounting and reporting platform to accommodate internal needs and new regulatory requirements.

MAJOR RISKS

JDStore Group has four risk categories:

• Strategic Risks – They are related to market volatility, IT market transformation to new technologies (including the rapid digitalization and automatization of society), change management, reskilling ability and speed, agility to respond to new entrants in the market, and ensuring quality and timely delivery in the dynamic and increasingly demanding business environment.
• Operational Risks – They refer to changing the business model in business units, risk and continuity management, and maintaining a high professional standard in delivery management and quality assurance.
• Financial Risks – They mainly consist of credit risks, currency risks, interest rate risks, and liquidity risks.
• They are connected to the organization’s failure to recognize or meet the requirements in the areas of legislation or other mandatory regulations, policies, and other ethical best practices.

CHANGE AND TRANSFORMATION

Sudden changes in the market environment, economic cycle, political stability, customer demand, or the competitive landscape might negatively affect JDStore Group’s operations and profitability.

To diversify its operations and thus mitigate its risks, JDStore Group provides products and services to several different industries and aims to develop its business mix with a view to providing a diverse related product mix to strengthen its position amongst both current and new customers. A standardized approach to providing products and services and employing automated processes is a means of improving competitiveness and reducing risk.

JDStore Group has invested in process automation, which is seen as a way to improve quality and reduce costs. Well-drafted policies and rules are made available to assure that the implications of automation on risk and compliance are fully understood by all parties in the organization.

RETENTION OF EMPLOYEES

Fresh competition and demand for new services require the ability and speed to reskill, attract new, and retain existing competencies and business knowledge for new service models and offerings. JDStore Group’s success builds on passion, innovation, attracting talent, skills renewal, business knowledge, and the maturity of the organization.

The inability to retain key employees and recruit new talent with the required competence might have a negative impact on the company’s performance and strategy implementation. To reduce these risks, JDStore Group offers its employees challenging jobs, diverse development possibilities, social recognition, and training opportunities as well as interesting career paths through job enlargement and job enrichment. Furthermore, the company has competitive compensation packages, including a company-wide incentive system.

CURRENCY RISKS

Changes in the general market environment and the global economy can usher in additional financial risks. JDStore Group’s currency transaction exposure arises from foreign trade, cash management, and external funding in foreign currencies.

As a substantial proportion of the Group’s revenues are generated in United States Dollars (USD) and Indian Rupees (INR), fluctuations of the United States Dollars and the Indian Rupees against the Mauritian Rupees may have an impact on the financial statements.

OUR COMMITMENTS

Our ambition is to make a difference in people’s lives through innovative high-quality products and services. How we do this is guided by a set of simple and shared values. They are fundamental to the way we behave, the reputation and relationships we build with our customers, employees, shareholders, and the environment and communities in which we operate. Our commitment to living our values shows that we wish to be recognized as responsible, and respect the needs of both present and future generations.

COMMITMENT TO CUSTOMERS & SHAREHOLDERS

Ever attentive to customer needs and expectations, we constantly evaluate and improve our products, services, and methods. Our commitment to putting quality and innovation to work for our customers is the driving force behind every product we bring to market. We understand that public concerns and demands with respect to safety and quality are of paramount importance.

We aim to create value for our shareholders. We provide our shareholders with intelligible, relevant, and reliable information on a regular and timely basis. We make every effort to ensure that the principles of good corporate governance are honored.

ORGANIZATION RECORDS AND DISCLOSURES

Accurate and reliable records of many kinds are necessary to meet JDStore Group’s legal and financial obligations and to manage the affairs of the Group. The Group’s books and records must reflect in an accurate and timely manner all business transactions.

PRIVACY POLICY

Our different websites, apps, and entities are governed by their respective policies. The policies are available on the respective websites or on-demand if required for business or legal purposes. We take great measures to ensure that all stakeholders’ personal data are kept safely. We take steps to ensure that only designated persons have access to these data on a strictly need-to-know basis.

Where we have collected such data on behalf of another party, the use of this information by that party is governed by their privacy policy for which we are not responsible.

DATA SECURITY

We have in place reasonable technical and organizational measures to prevent unauthorized or accidental access, processing, erasure, loss, or use of personal data and to keep personal data confidential.  These measures are subject to ongoing review and monitoring.  To protect the personal data, we also require our third-party service providers to take reasonable precautions to keep the personal data confidential and to prevent unauthorized or accidental access, processing, erasure, loss, or use of personal data, and to act at all times in compliance with applicable data protection laws.

CHANGES TO THE CORPORATE GOVERNANCE STATEMENT

You can review the most current version of the statement at any time on this page.

We reserve the right, at our sole discretion, to update, change or replace any part of this statement by posting updates and changes to our website. It is your responsibility to check our website periodically for changes.

CONTACT INFORMATION

Questions about the Corporate Governance Statement should be sent to us at info@jdstoregroup.com.