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GICAM, Proparco and AFD join forces to draft Central Africa's first code of good governance for companies
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The signing of a partnership between GICAM and AFD Group will enable the work undertaken since January 2020 to continue within the framework of the Good Corporate Governance Initiative. The Code of Good Corporate Governance will notably aim to promote a business environment that is favourable to investment.
Good corporate governance is a key factor in ensuring the sustainability and added value of companies. It helps establish a climate of confidence in the management and control of company activities and is an excellent way of limiting the financial risks of investors and lenders.
The Code of Good Corporate Governance will be developed by the Groupement inter-patronal du Cameroun (GICAM), the representative organization of the private sector in Cameroon, in close dialogue with companies and in consultation with the authorities, thanks to the technical support of the international firm Nestor Advisors, and the financial participation of Proparco and AFD.
AFD Group is supporting GICAM in the preparation, monitoring, adoption and promotion of this Code. Governance is an important component of Proparco's and AFD's non-financial value-added strategy, which supports its clients and counterparts in the implementation of good governance tools and processes. In particular, a centre of expertise has been dedicated to it at Proparco for over 6 years.
Central Africa's first code Code of Good Governance for Central African companies, the result of nearly two years of work
The first code of its kind in Central Africa will promote a favourable business environment and give companies, from family SMEs to multinationals, including public companies, a reference framework in this area.
In 2018, GICAM adopted a Declaration on Corporate Governance, thus demonstrating its commitment to promoting corporate citizenship and sustainable development for all.
This Declaration led to the creation of the "Good Corporate Governance Initiative" Taskforce set up in December 2019 and chaired by Jacques Jonathan Nyemb, a business lawyer and member of the GICAM Board of Directors, whose diagnostic work will serve as a basis for the preparation of the Code of Good Corporate Governance.
GICAM welcomes AFD/Proparco Group's interest in this initiative aimed at strengthening the competitiveness of businesses and accelerating Cameroon's entrepreneurial revival.