The Impact of Sound Corporate Governance in Promoting National Economic Development

by AfricanFinancials on Sep 28, 2009

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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

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 — Presentation Transcript

The Impact of Sound Corporate Governance in Promoting National Economic Development 28 September 2009 Nqaba Mkwananzi

Contents

Introduction

How Corporate Governance affects an economy

Institutional Framework for effective Corporate Governance

Summary

Conclusion

The need for Corporate Governance is URGENT

Institutional Framework for effective Corporate Governance

Property rights

Contract law

A well-regulated banking sector

Exit Mechanisms: Bankruptcy and foreclosure

Sound securities markets

Competitive markets

Transparent and fair privatization procedures

Transparent and fair taxation regimes

Institutional Framework for effective Corporate Governance cont.

An independent, well-functioning judicial system

Anti-corruption strategies

Reform of government agencies

An investigative and informed media

An active, integrity-based business community

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.

This might be a common picture……

But this could be just around the corner!

“ 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

THANK YOU

The Impact of Sound Corporate Governance in Promoting National Economic Development

by AfricanFinancials on Sep 28, 2009

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The Impact of Sound Corporate Governance in Promoting National Economic Development — Presentation Transcript