On the 31ST March 2023 was the launching ceremony of the first GOOD CORPORATE GOVERNANCE CODE in the Cental African sub-region in general and in Cameroon in particular at the Cameroon Employers’ Organization (GICAM) Head Office in Bonanjo-Douala in the presence of the French ambassador in Cameroon, the first technical advicer of the Prime Minister of Cameroon and professional corporations (APECCAM,COBAC, ASAC, API, BIT, BIT, CTR, DGB, CONSUPE, CCIMA, CAPEF etc…).
This work was done by a TaskForce IBGE created by the GICAM’s Good Governance initiative with the support of AFD (Agence Française du Développement) and it’s affiliate PROPARCO(Societé de Promotion et de Participation pour la Coopération Economique).
Despite the fact that GICAM and other professional corporations has published some works as far as company ethics, ESG, governance and management are concerned, it is to be noticed that 8 new enterprises out of 10 shut-down within their first 2 years of existence due to:
- The absence of transparency;
- The non-respect of the rules;
- The absence of independence of organs of control;
- Most enterprises disappear with their founders;
Due to the reasons mentioned above, MFIs are usually seriously affected as they are usually their financial partners and support.
Nowadays, most MFIs have a lot of difficulties to recover their loans due to the aforementioned reasons and many more. There is therefore an interest for MFIs to encourage their partners to take whole of this document and implement the recommendations in order to improve their solvency and their credibility towards their partners and stakeholders.
The GICAM took the initiative to put in place the Corporate Social Responsibility Charter amongst other guides and The Good Corporate Governance Code which is the compass it proposes to enterprises as a whole and MFIs in particular.
The GICAM therefore initiated this work for three (03) main reasons:
- The local and international context marked by a transition towards sustainable governance;
- An inclusive, participatory and consensual approach;
- An endogenous, tailor-made and avant-garde reference.
This Code is made up of 8 chapters which lie on 9 major principles.
The 8 chapters are:
- Responsibility, structure and functioning;
- Risks management and control;
- Culture, values and ethics;
- Dissemination of information;
- Respect of shareholders and their rights;
- Relationship with stakeholders.
The 9 principles are:
After the presentation of this code, the next steps will be:
- Promotion and extension;
- Training on the Good Code of Corporate Governance and Corporate Governance;
- The monitoring and evaluation system;
- Establishment of a label Good Corporate Governance