Creating Awareness on Principles of Corporate Governance

A half-day workshop on corporate governance was held this morning at Link Hotel, Ebène. Around 100 Chairpersons, Chief Executive Officers, Secretaries and Board members of parastatal bodies participated in the workshop which was organised at the initiative of the Office of Public Sector Governance (OPS).

The main objective was to sensitise stakeholders on the principles of corporate governance. The workshop focused on the findings of a survey that was carried out in February 2011 on 17 parastatal bodies to assess whether they are complying with the Code of Good Governance. The study touched upon several topics such as the responsibilities of the Board; Board composition; role of Chairpersons, Directors, General Managers, Secretaries and stakeholders; disclosure and transparency and corporate social responsibility.

The findings revealed that the ratings were high as regards awareness of good corporate governance practices in the public sector and that the Board, the CEO and Directors tend to perform better when there is a mix of skills among Board Directors. According to the survey, most organisations do not have a Corporate Objective Statement as per the Code of Good Governance.

In his address at the opening ceremony, the Director of OPSG, Mr G. Gopee, recalled that it is government policy to promote good corporate governance practices within the public sector in line with international sound practices. He pointed out that the responsibility of the OPSG is to make of public sector institutions a model of good corporate governance.

The resource persons at the workshop were Ms Jane Valls, CEO of the Mauritius Institute of Directors and Mr Rohit Ramnawaz, Managing Director of African Links Ltd, who spoke respectively about the case of Good Governance and the role of management and the role of the Board and Directors.

The workshop forms part of a series of activities which the OPSG will be organising to generate national awareness on corporate governance. Future activities include a series of workshops to create awareness and build capacity on corporate governance and a strategy workshop with a view to providing greater comprehension to industry partners on the application of corporate governance throughout the public sector.

Good Governance stands at the core of perception of business probity and integrity, wealth creation and reputation enhancement. Principles of Good Governance are the fundamental foundations on which effective and successful organisations are built and managed. The pillars of good corporate governance are good Board practices, strong regime of transparency, protection of shareowner rights, fairness, responsibility, accountability and transparency. Compliance to the Code ensures increased value to the organisation, sustainability, better reputation, increased stakeholder confidence, better leadership and less risk of fraud and corruption.