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Developing countries must profit from current interest in corporate governance

Submitted by: Adam Smith Institute

Categories: Corporate Governance

Posted: Mar 04, 2003 – 11:00 PM EST

 

Mar. 04 /CSRwire/ - Corporate governance and corporate social responsibility are currently enjoying an unprecedented level of debate, as the private sector acknowledges its critical duty towards shareholders and wider society. These terms apply to enterprises all over the world and are set to converge as international standards of practice.

“Corporate governance in developing countries and transition economies has become increasingly important for underpinning growth prospects”, explains Grant Kirkpatrick, Principal Administrator, Corporate Affairs Division, OECD. “It has an important role not only in attracting FDI but also in enabling domestic enterprises to move beyond their often family base to tap new sources of capital on a sustainable basis.” In addition, protecting the environment, employees and society at large, are crucial objectives for corporate governance in developing countries.

So how can the current interest in corporate governance and corporate social responsibility be maximised to promote sustainable economic development in the developing world?

Of primary importance is the need for social and ethical accountability to be led by the governments themselves: ministerial guidance and support is crucial in ensuring that the enterprise sector is transparent, accountable and fair to its stakeholders, thus attracting both foreign and local investors and appealing to increasingly demanding customers.

The Adam Smith Institute, in London, will be holding a training workshop for key decision makers from governments and private enterprises in transition and developing economies, which will review among other things, the integral links between good corporate governance, good economic governance and good political governance. Participants will assess the scope of corporate governance, review implementation roles and challenges, and establish ideas on promoting it in their own countries.

“Appropriate corporate governance is essential for the business community to drive sustainable development strategies and practices in developing countries” will be the message that Dr Simon Zadek, one of the expert speakers, will drive home to the participants. Dr Zadek is Chief Executive of the Institute of Social and Ethical AccountAbility, and ‘Global Leader for Tomorrow’ at the World Economic Forum 2003. He will be joined in discussion by other renowned experts such as Mierta Capaul, Private Sector Advisory Corporate Governance, World Bank, and Ndung’u Gathinji, Chief Executive Officer, Eastern, Central and Southern African Federation of Accountants.

The Adam Smith Institute is now accepting registrations on this workshop, which will take place on 29th April – 2nd May. For full details of the programme, contact Ruth Reidy (+44 20 7091 3518) or ruth.reidy@adamsmithinstitute.com or visit www.adamsmithinstitute.com.

ABOUT THE ADAM SMITH INSTITUTE
The Adam Smith Institute helps governments pursue the goals of economic and social development through the provision of advice and training in four key areas: privatisation; utility reform and regulation; reform of public finance and administration; and private sector development. Our philosophy stems from a group of interrelated core values and addresses the issues of competitive markets, honest government and individual liberties.

For more information, please contact:

Ruth Reidy Adam Smith Institute
Phone: +44 (0)20 7091 3518

 

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