Lagos, Nigeria, October 16, 2013 – IFC,
a member of the World Bank Group, today announced the launch of the African
Corporate Governance Network that will encourage best practices in corporate
governance among African institutions, and contribute to capacity building
in corporate governance. The ACGN launch taking place in Mauritius today
is sponsored by the IFC Africa Corporate Governance Program based in Nigeria.
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 include: Kenya,
Malawi, Mauritius, Mozambique Nigeria, South Africa, Tanzania, Zambia and
Zimbabwe. Member countries will be bound by the ACGN constitution, which
will be signed during the launch.
Jane Valls, CEO of the Mauritius Institute
of Directors said, “The African Corporate Governance Network is an important
initiative for Africa. I am especially pleased that this event should be
taking place in Mauritius on the eve of our international conference. I
am confident that the African Corporate Governance Network will soon find
its place as one of the major organizations promoting best practices in
Chinyere Almona, Head of IFC Africa Corporate
Governance Program said, “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 that
will provide employment and reduce poverty.”
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.
Organisation for Economic Co-operation and
Development (OECD), Corporate governance, value creation and growth:
The bridge between finance and enterprise, 2012; available at http://www.oecd.org/corporate/corporateaffairs/corporategovernanceprinciples/50242938.pdf.
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, “We are indebted to IFC for their overall support,
and to Standard Bank and ACCA for their support of our initial meetings.
We thank the representatives of NEPAD Business Foundation for providing
the Secretariat to the ACGN.”
IFC, a member of the World Bank Group, is
the largest global development institution focused exclusively on the private
sector. Working with private enterprises in more than 100 countries, we
use our capital, expertise, and influence to help eliminate extreme poverty
and promote shared prosperity. In FY13, our investments climbed to an all-time
high of nearly $25 billion, leveraging the power of the private sector
to create jobs and tackle the world’s most pressing development challenges.
For more information, visit www.ifc.org