African Development Bank (AfDB) Group Corporate Governance Strategy
First Stakeholders and Development Partners Consultative Meeting
Tunis, 8-9 December 2006 – The African Development Bank is organizing its first consultative meeting on the question of business ethics and management. Leaders from business and development community will review the overall status of corporate governance in African countries, present the Bank’s Strategy on Corporate Governance and discuss the best modalities for its implementation, taking into account existing programs and activities.
The Bank adopted its corporate governance strategy in December 2005 to guide its operations in this area. The overall goal of this strategy is to contribute to economic development by promoting good corporate governance in public and private sector corporations. The strategy aims at promoting three key governance principles at corporate level and ensuring that regulatory framework and institutional capacities are in place to enforce transparency, responsibility and accountability.
The Bank’s efforts to improve corporate governance will target three key players: i) government organizations and regional institutions; ii) financial intermediaries; and iii) corporations, particularly SOEs and SMEs. In close cooperation with NEPAD and Regional Economic Communities (RECs) the Bank will assist Regional Member Countries (RMCs) to develop their codes of corporate governance. This will be achieved through financial and technical assistance to governments and other key stakeholders, including firms.
The corporate governance Strategy is an important component to the Bank’s larger overall governance policy, as it contributes to building economic and political governance in African countries by promoting good practices at corporate level. This will then facilitate the improvement of country governance.
The meeting in Tunis will build on AfDB past actions, particularly in support to NEPAD and the Pan African Corporate Governance Forum in the design of plans of action tailored to address the needs of corporations and African countries.
High-level experts representing a wide range of organizations and partners from Africa, Europe and America will be participating in the meeting.
Private Sector Department
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