APRA Conference 28 30 May 2014 PR Corporate
- Slides: 41
APRA Conference 28 -30 May 2014 PR & Corporate Governance : What Synergy?
Jane Valls CEO Mauritius Institute of Directors and Chairperson African Corporate Governance Network (ACGN)
UNLOCKING AFRICAN POTENTIAL
ACGN 10 Founding Members: • Institute of Directors Kenya • Institute of Directors in Malawi • Mauritius Institute of Directors • Institut Marocain des Administrateurs • Institute of Directors Mozambique • Institute of Directors in Southern Africa • Institute of Directors in Tanzania • Institute of Corporate Governance of Uganda • Institute of Directors of Zambia • Institute of Directors Zimbabwe
New members and partners • IOD Nigeria • IOD Senegal • Targeting: Algeria, Botswana, Cote d’Ivoire, Egypt, Ethiopia, Ghana, Namibia, Seychelles and Tunisia • Partners, affiliates and collaborators: NBF, Webber Wentzel, IFC, FITC Nigeria, ACCA, EY, Ethics. SA, ASEA, ESSEC, Standard Bank, World Bank
WHY? According to the International Monetary Fund, Africa will host seven of the top ten fastest growing economies in the world in the next five years. With the current focus on growth and development in Africa, good corporate governance and capacity building in this area, is vitally important.
Our Mission and Vision Mission • To develop the institutional capacity of ACGN members for enhancing effective corporate governance practices towards building better private and public sector organisations and corporate citizens in Africa. • Vision • Africa, a continent committed to effective corporate governance and ethical leadership. Our Values • Transparency – Being open and clear • Integrity – Ethical behaviour and consistency of actions and values • Teamwork and Collaboration – Leveraging collective knowledge • Accountability – Being answerable to stakeholders • Diversity – Being respectful of the diversity of the African continent
Objectives • Exchange and share knowledge, information, best practices tools and resources. • Demonstrating good practice within member organisations and network • Building sustainable capacity to enable membership organisations to achieve their goals • Common platform for advocacy, initiatives and communications • Expand the network • Create a favourable investment climate (outcome) • Conduct research.
4 KEY FOCUS AREAS 1. Research • Baseline study • repository of information on corporate governance in Africa • EY support 2. Advocacy • Stakeholder engagement and mapping • Lobbying for improved corporate governance after research completed
4 KEY FOCUS AREAS 3. Collaboration • Sharing of tools and best practices • MOU’s with key stakeholders 4. Capacity Building • Assessment of each member • Develop action plan, training, coaching and mentoring • IFC has been approached for support
ACGN ~ together representing the voice of over 11, 000 directors and senior executives in Africa
Challenges facing corporate governance reform in Africa • • Corruption Regulatory issues Inactive shareholders State owned enterprises Board weakness One-size fits all governance codes Political instability
Website www. afcgn. org
PR & Corporate Governance : What Synergy? • Role of the professional Public Relations practitioner in todays world of corporate governance • Managing the interests, attitudes and perception of all the stakeholders • The rocky road that has brought us here
QUESTION? • What is Corporate Governance?
Corporate Governance £ 400 m taken from the pension fund
What Is Corporate Governance? “Corporate governance is the system by which companies are directed and controlled…. ” Sir Adrian Cadbury, UK, 1992 17
• ENRON • WORLDCOM • PARMALAT • MAXWELL • BARINGS • BCCI • VIVENDI • SATYAM • LEHMAN
Lehman Brothers 4 th Largest Investment Bank in the US Bankrupt in 2008 19
Madoff In December 2008, Bernard Madoff admitted to a Ponzi Scheme. In March 2009, Madoff pleaded guilty to 11 federal crimes and admitted to operating the largest investor fraud ever committed by an individual. In June 2009 he was sentenced to 150 years in prison.
LEHMAN BROTHERS SHARE PRICE Housing bubble peaked in 2006 Case for Corporate Governance 19 Jan 2012
BRADFORD & BINGLEY SHARE PRICE Case for Corporate Governance 19 Jan 2012
40 million people lost their jobs
RUPERT AND JAMES MURDOCH NEWS OF THE WORLD
Protection of (minority) shareowner rights Strong regime of disclosure and transparency Appropriate control environment and processes Good board practices Elements of good Corporate Governance The five key elements of good corporate governance Strong commitment to corporate governance reforms 26
Ethics
SATYAM – WHERE TRUST WAS ABUSED • Satyam Corporate Services - annual revenues > USD 1 billion in 2008 - winner of World Council for Corporate Governance’s Golden Peacock Award • January 2009 - Confession by Founder and Chairman - Embezzlement of about USD 1 billion in cash • A year later - “ A steady improvement in the functioning of boards in India…Independent Directors… more involved in overseeing the affairs of their companies and property minority rights” (Comment by ARUN DUGGAL, former CEO Bank of America in India)
In late 2011 the company fired its newly appointed British CEO causing a scandal that wiped 75% off the company's stock market valuation. The board members had engaged in one of the biggest loss-concealing scandals in Japan.
REPUTATION
Corporate Governance in the Financial Services 33
Stakeholder Management
Balanced Picture
NEWS
Corporate Communications
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