Mauritius, October 16, 2013 - IFC announced the launch of the African Corporate Governance Network (ACGN) that will encourage best practices in corporate governance among African institutions, and contribute to capacity building in corporate governance.
The ACGN was formed to develop the institutional capacity of members, enhance effective corporate governance practices and build better governed and more accountable private and public sector organizations in Africa.
Countries currently involved in the network include: Kenya, Malawi, Mauritius, Mozambique, Morocco, South Africa, Tanzania, Uganda, Zambia and Zimbabwe. Member countries will be bound by the ACGN constitution, which was signed at the launch.
The ACGN launch was hosted by the Mauritius Institute of Directors and sponsored by the IFC Africa Corporate Governance Program based in Nigeria. The NEPAD Business Foundation was appointed to act as the secretariat for the ACGN.
With the current business spotlight on Africa which, according to the International Monetary Fund, will host seven of the top ten fastest growing economies in the world in the next five years, the signing of the ACGN Constitution is a major step for the founder members to accomplish their mission which is to develop the institutional capacity of ACGN members for enhancing effective corporate governance practices towards building better private and public sector organizations and corporate citizens in Africa.
The ACGN’s vision for Africa is to strive towards building a continent committed to effective corporate governance and ethical leadership.
The main objectives of the ACGN, as laid down in their new Constitution, are to exchange and share knowledge, information, good practice tools and resources and demonstrate good corporate governance within each member organisation.
Its aim is also to create a common platform for advocacy and to promote a consistent message regarding contemporary and emerging matters on corporate governance in Africa.
In order to expand the network's influence and reach, the ACGN will form strategic relationships with organisations such as IFC.
Enhancing sustainable capacity across the ACGN should enable the Director Organizations’ membership to grow and the ACGN to achieve its goals.
The ACGN will represent the views of directors on corporate governance matters and participate in dialogues with national, bilateral and multilateral bodies as well as commission research on topics related to corporate governance and directorship in Africa. The ACGN will therefore have a key role in replicating good corporate governance practices across Africa.