“Good governance is not only the solution. The purpose is improvement which is the basic rule. Participatory Governance for Emerging Africa is the theme of the 6th West African forum of good corporate governance held in Lomé, the capital city of Republic of Togo on 28 and 29 October 2013. Thirty representatives of private and public companies Economic and Monetary Union (WAEMU) are combined in this framework history, to recharge on the fundamentals of good corporate governance, undeniable factor economic growth in all countries in the world,” says Mr. Komla Sitsopé KAGLAN, the Mission chief Cabinet Chief for Africa Consulting Group, the organizational structure of the event.
Africabusiness.com: The 6th West African forum of good corporate governance has been opened and the theme of “participatory governance for emerging Africa “can we talk of good governance companies to 100% Mr. KAGLAN Komla Sitsopé:
KAGLAN Komla Sitsopé: No company can claim to be hundred percent in the dynamics of Good Corporate Governance. Good governance is not an end to itself. The purpose it is the continuous improvement as the rule, to enable the launch of the Application for Certification to the African index of good corporate governance and creating a spirit of corporate intelligence to slip policies to a very high threshold for coverage.
This is why we need at every moment to revisit the basic principles for businesses to permeate. The sixth forum Enables companies to relax on the fundamentals of good corporate governance and we will enjoy this forum to once again start the certification to the African index implementation of good corporate governance. Already, there are twenty companies which are evaluating, and then we expect the conclusions very soon.
This forum also will allow businesses to score the essential tools of good corporate governance. That is to go through a good budget, good schedule, good internal audit firm. That’s why we selected sub-themes which relates to the internal audit, budget, banking and finance in business and the effectiveness of the Board Directors, etc.
Africabusiness.com: What do we mean by good governance in practice?
Mr. KAGLAN Komla Sitsopé: The field of good governance is very broad subject. Like I just said, no company can claim to have a high threshold of good corporate governance. The purpose is the continuous improvement that is needed in every moment rule as a principle to daily working tool. When we launched the assessment for 2010, 2012 and 2013 edition, we have implemented the recommendations and this is our satisfaction. For example, we visited companies where outright internal audit function was non-existent, no environmental policy, no qualification and therefore we made recommendations and when we went back a year or two years later, we have seen good results for the implemented recommendations thesis.
That’s satisfaction and we hope that already companies are engaged in this process. We need not to rest on our oars but continually revisit as basic principle, to create a tool for management efficiency and company effectiveness. It has proved by all the experts that good corporate governance is a factor of economic growth. When companies are doing well, the economy is doing well also. Employees are paid on time and the family is happy, that is when we say “good corporate governance is a factor of poverty reduction when business is going well and marriages to create value. This brings satisfaction to the stakeholders.”
Africabusiness.com: How do you justify the selection focused on the theme of this forum ie “participatory governance for emerging Africa?”
Mr. KAGLAN Komla Sitsopé: The sixth theme of this forum is “participatory governance based income. We have an emerging Africa, when you deploy enough internal policy, when you try to hold regular meetings in business and when you explain to stakeholders the policy initiated in business. The actors manage to work effectively and permanently for the company to accomplish better results. When you order do not adopt a participatory approach, it is difficult for players to master the functions correctly, so we lose a lot of time, a lot of money, which is ultimate loss. Africa is truly an emerging continent.
Africabusiness.com: A word about the certification Debonne African Governance index?
Mr. KAGLAN Komla Sitsopé: Certification in African index of good governance is an innovation. A certified company is not necessarily the one which has achieved a high level of good governance. Companies are certified to various degrees. The company may be on the path of good governance, as it can be a tolerance zone (Deployed policies are intended not to the results appointment), or in a comfort zone (and the policy and the results follow the same rhythm). This is to show varying degrees of certification and emulation with the purpose to allow the company to restructure.