The Impact of Sound Corporate Governance in Promoting National Economic Development

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The Impact of Sound Corporate Governance in Promoting National Economic Development

Nqaba Mkwananzi - Ernst & Young

Corporate Governance Summit – ZIMLEF Harare 28/09/2009

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  • The Impact of Sound Corporate Governance in Promoting National Economic Development

    1. 1. The Impact of Sound Corporate Governance in Promoting National Economic Development 28 September 2009 Nqaba Mkwananzi
    2. 2. Contents <ul><li>Introduction </li></ul><ul><li>How Corporate Governance affects an economy </li></ul><ul><li>Institutional Framework for effective Corporate Governance </li></ul><ul><li>Summary </li></ul><ul><li>Conclusion </li></ul>
    3. 4. The need for Corporate Governance is URGENT
    4. 5. Institutional Framework for effective Corporate Governance <ul><li>Property rights </li></ul><ul><li>Contract law </li></ul><ul><li>A well-regulated banking sector </li></ul><ul><li>Exit Mechanisms: Bankruptcy and foreclosure </li></ul><ul><li>Sound securities markets </li></ul><ul><li>Competitive markets </li></ul><ul><li>Transparent and fair privatization procedures </li></ul><ul><li>Transparent and fair taxation regimes </li></ul>
    5. 6. Institutional Framework for effective Corporate Governance cont. <ul><li>An independent, well-functioning judicial system </li></ul><ul><li>Anti-corruption strategies </li></ul><ul><li>Reform of government agencies </li></ul><ul><li>An investigative and informed media </li></ul><ul><li>An active, integrity-based business community </li></ul>
    6. 8. How do we measure economic growth? - Using measures of economic growth can give distorted pictures of the level of income in a country – if the income distribution is not taken into account. -A small proportion of the population can own a large amount of the wealth in a country. The level of human welfare for the majority could therefore be very limited.
    7. 9. This might be a common picture……
    8. 10. But this could be just around the corner!
    9. 11. <ul><li>“ Good governance is not a matter of seeking to improve Africa’s relations with the rest of the world but to end political and economic mismanagement on the continent, consequential violent conflicts, instability, denial of democracy and human rights, [and to arrest the] deepening poverty and global marginalization” Thabo Mbeki </li></ul>
    10. 12. THANK YOU

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