The International Finance Corporation (IFC) an agency of the World Bank Group has commenced training for Small and Medium Enterprises on Corporate Governance at the Shangri-La Resort, Lumley Beach, Freetown.
The training attracted several small and medium enterprises and a number of Development Economic Journalist Association (DEJA).
According to the Lead Facilitator, Chinyere Almona, Head of Corporate Governance Programme at the IFC said corporate governance seeks to enhance basic requirements of the law which is not originally conceived as a regulatory instrument. Corporate governance she said is to provide best practices in the discharge of legal obligations.
She said Corporate Governance is a mechanism through which boards and directors are able to direct, monitor, and supervise the conduct and operations of a corporation and its management in a manner that ensures appropriate levels of authority, accountability, stewardship, leadership, direction and control.
She explained that the main corporate governance bodies of a company include shareholders, Managers and Directors and that it is also important for improved operational performance, improved risk management, higher firm valuation and share performance with better access to capital for improved sustainability.
A discussion panel on corporate governance from external investor’s perspective was significantly highlighted.
Speaking on corporate governance and family enterprises, governance, framework and methodologies, she dilated on their basic differences and challenges.
She maintained that most family businesses are hard to be sustained because a good family business structure might consider family constitution, family meeting, assembly and other family institutions.
By Saidu Bah
Tuesday May 06, 2014