IFC launches African Corporate Governance Network in Mauritius
With an eye on an emerging Africa, the International Finance Corporation (IFC), a member of the World Bank Group, announced the launch of the African Corporate Governance Network (ACGN) in Mauritius on October 16. (Image: http://conference.miod.mu)
With an eye on an emerging Africa, the International Finance Corporation (IFC), a member of the World Bank Group, announced the launch of the African Corporate Governance Network (ACGN) in Mauritius on October 16. The forum is expected to encourage best practices in corporate governance among African institutions, and contribute to capacity building in corporate governance.
The ACGN was formed to develop the institutional capacity of members, enhance effective corporate governance practices and build better governed and more accountable private and public sector organizations in Africa.
Countries currently involved in the network are Kenya, Malawi, Mauritius, Mozambique Nigeria, South Africa, Tanzania, Zambia and Zimbabwe. Member countries will be bound by the ACGN constitution, signed during the launch.
Jane Valls, CEO of the Mauritius Institute of Directors said in a press release that the African Corporate Governance Network is an important initiative for Africa. He expressed pleasure that the event was taking place in Mauritius on the eve of their international conference.
Valls added that he was confident that the African Corporate Governance Network would soon find its place as one of the major organizations promoting best practices in Africa.
Chinyere Almona, Head of IFC Africa Corporate Governance Program said that strong international practices in corporate governance are an important factor in attracting investment. Through the African Corporate Governance Network, IFC encourages the adoption of good corporate governance practices across Africa to increase investor confidence, boost private sector development, and create sustainable businesses to provide employment and reduce poverty, she added.
A recent report by the Organisation for Economic Cooperation and Development found that a robust framework of corporate governance rules and regulations provides investors with confidence, and entrepreneurs with the incentives to develop their businesses. The OECD report emphasizes that developing and emerging markets, in particular, benefit from strong governance as companies gain better access to external capital required to realise their potential for economic growth.
The ACGN’s vision is to make Africa a continent committed to effective corporate governance and ethical leadership.
Acknowledging the contribution of several partners, Valls said that they were indebted to IFC for their overall support, and to Standard Bank and ACCA for their support of ACGN’s initial meetings. He also expressed his gratitude to the representatives of the NEPAD Business Foundation for providing the Secretariat to the ACGN.
Meanwhile, an international conference jointly organized by the Mauritius Institute of Directors and the Institute of Directors of Southern Africa was held in Mauritius from October 17- 18.
The international conference, on the theme Africa Rising! Governance for Sustainability: The Road Map for Value Creation, was hosted at the Hilton Resort and Spa.
Source: International Finance Corporation (IFC)