IMPLEMENTING good corporate governance practices within a company leads to effective, transparent and accountable governance of affairs, says an International Finance Corporation (IFC) official.
Report by Business Reporter
The IFC is a member of the World Bank Group, which finances and provides advice for private sector ventures and projects in developing countries.
Isimkah Osayuware Ibuakah, the legal advisor in the Africa Department for the Corporate Governance Advisory Programme for the banking sector in Nigeria, who was the guest of honour at last Friday’s Director of the Year Awards (Doya), spoke about the key issues and challenges to implementation of corporate governance.
Her remarks were read by Tinashe Rwodzi, the managing partner at PricewaterhouseCoopers and a senior councillor of the Institute of Directors Zimbabwe, organisers of the Doya.
She says corporate governance systems in place should be based on decision-making processes that hold individuals accountable, encourage stakeholder participation and facilitate the flow of information across all organs of the company’s structure.