The Institute of Directors (IOD) Mozambique recently hosted a series of meetings of the African Corporate Governance Network (ACGN) in Maputo.
Held over three days the meetings included a business forum with presentations by Baroness Lynda Chalker, Africa Matters and ACGN Ambassador, on Corporate Governance in Africa; Professor Deon Rossouw, CEO of the Ethics Institute of South Africa, highlighting the cardinal values underpinning good governance; and Fred Swaniker, African Leadership Academy, on promoting greater corporate governance in Africa through ethical leadership.
Sponsorship for the ACGN meeting and business forum were provided by Standard Bank and ACCA, without which support this important forum to promote good corporate governance across the continent would not be possible.
• To access the event press release kindly click here.
During an African Corporate Governance Summit held in Maputo, Mozambique in February 2016, the African Corporate Governance Network (ACGN) released the first edition report on the ‘State of Corporate Governance in Africa: An Overview of 13 Countries’. The report contains a high-level overview of the current state of the corporate governance frameworks and systems in 13 countries, which include Egypt, Ghana, Kenya, Malawi, Mauritius, Mozambique, Nigeria, South Africa, Tanzania, Tunisia, Uganda, Zambia and Zimbabwe.
With underlying research work performed for the ACGN by EY in South Africa, this report is the first cross-country survey of corporate governance in Africa and is intended to establish a baseline understanding of what corporate governance looks like today in the 13 surveyed countries.
• To access an online copy of the ACGN-EY African Corporate Governance Report, kindly click here.
• To read more on the launch of the ACGN-EY African Corporate Governance Report, kindly click here.
The ACGN EY Research report on the state of corporate governance in ACGN member countries is nearing completion and will officially be launched at the next ACGN meeting to be hosted by the IOD Mozambique in February 2016. Currently the ACGN has signed up 17 African countries as members and represents over 16,000 directors and senior executives across the continent.
In the short term, the ACGN is targeting Togo, Benin, Niger, Mali, Burkina Faso and Senegal for membership through the establishment of Institute of Director (IOD) organisations supported by the IOD Ivory Coast and the regional stock exchange.
The last ACGN meeting was held in Lagos, Nigeria from 20 – 22 July 2015, where an MOU was signed with the African Securities Exchange Association and Society for Corporate Governance in Nigeria. Also of note was the key note address by Professor Deon Rossouw of the Ethics Institute of South Africa at the IOD Nigeria quarterly business forum.
For more information and press releases, kindly visit http://www.afcgn.org/
“Enhancing effective corporate governance practices is an imperative step towards building better private and public sector organisations in Africa,” says Jane Valls, Chairman of the African Corporate Governance Network (ACGN) ahead of the network’s first meeting of the year, scheduled for 16-17 February in Lusaka, Zambia.
The ACGN is a collaborative network of director membership organisations that promote effective corporate governance on the African continent. The bi-annual meetings provide a platform for network partners, policy makers and market participants to exchange experiences and best practices aimed at addressing ongoing corporate governance challenges in Africa.
“The ACGN is still in its early years but has already come a long way since its launch in October 2013,” says Lynette Chen, CEO of the NEPAD Business Foundation (ACGN Secretariat). “We now have 16 members and 7 affiliate members from 16 countries, together representing the voice of over 16,000 directors and senior executives in Africa.”
In line with the network objective of enhancing effective corporate governance practices, and building better organizations and corporate citizens in Africa, the focus in the last 18 months has been on growing the network, and developing institutional member capacity.
Current members of the ACGN include Egyptian Institute of Directors, Ethiopian Institute of Corporate Governance; Institute of Directors Ghana, Institut National des Administrateurs de Cote d'Ivoire, Institut Arabe des Chefs d’Entreprise (Tunisia), Institute of Directors Kenya, Institute of Directors in Malawi, Mauritius Institute of Directors, Institut Marocain des Administrateurs, Institute of Directors Mozambique, Institute of Directors Nigeria , Institute of Directors in Southern Africa, Institute of Directors in Tanzania, Institute of Corporate Governance of Uganda, Institute of Directors of Zambia, Institute of Directors Zimbabwe.
The IoD Zambia in association with Stanbic Bank Zambia hosted the international delegation of institute professionals in Lusaka, Zambia. “As IoD Zambia continues to consult and make appropriate statements on issues bordering on good corporate governance, and making relevant recommendations on the best practices, the coming of ACGN to Zambia just reinforces the process,” says Sabina Luputa, Executive Director at the Institute of Directors of Zambia. “It is with much gladness that we receive the ACGN members in Zambia, to come and interact with some of our members, as a starting point for networking.”
“We will continue to build on these foundations to grow the network, undertake research and provide a common platform for advocacy ultimately to ensure a favourable investment climate in the countries we represent. We understand the importance of good corporate governance and the need for effective corporate governance practices for sustainable development,” concludes Valls.
The South African Department of Trade and Industry (dti) in partnership with the African Peer Review Mechanism (APRM), the Institute of Directors In Southern Africa (IoDSA) and the NBF hosted a corporate governance seminar themed ‘Promoting Good Corporate Governance in South Africa, the Region and the Continent’ on Friday, 27 March 2015 at the Development Bank of Southern Africa (DBSA), 1258 Lever Road in Midrand, South Africa.
The seminar sought to further enhance co-operation between private and public sector on corporate governance programmes and initiatives in Africa. Attending delegates were invited to participate in discussions on the various initiatives aimed at promoting good Corporate Citizenship in Southern Africa and the rest of the continent.
The seminar also highlighted South Africa’s corporate governance processes as regulated by the Companies Act, the King IV Report currently underway as well as the lessons learnt from the African Peer Review Mechanism (APRM) across 6 SADC countries. It also gave the platform to showcase the various corporate governance initiatives and programmes on the continent including the NBF’s African Corporate Governance Network (ACGN) which now has a membership base of 17 countries representing over 17, 000 senior executives and directors in Africa.
As increasing importance is placed on Africa’s corporate governance from development and investing institutions, the “Africa Corporate Governance Network” (ACGN) met to discuss strengthening national corporate governance standards through shared learning, experience exchanges and dissemination of best practices aimed at addressing on-going corporate governance challenges in Africa. With representative members from Kenya, Malawi, Mauritius, Morocco, Mozambique, Nigeria, Senegal, Tanzania, Uganda, South Africa Zambia and Zimbabwe, the ACGN aims to advance corporate governance in Africa by strengthening country institutions in order to achieve their domestic goals for institutionalising good corporate governance.
Speaking after the meeting was Derek Browne, COO of the NEPAD Business Foundation who said, “Corporate governance plays a crucial role in assuring investors that there are good management teams who act ethically and in the best interests of stakeholders.” For Africa, this is important as we try to court more capital for business. The ACGN initiative will prove important in consolidating efforts and accelerating the sharing of best practices which can increase the utility of consensus standards of corporate governance”.
The ACGN will provide policy makers and market participants with an important forum to exchange experiences and best practices aimed at addressing on-going corporate governance challenges in Africa.