The long awaited Botswana Corporate Governance Code of Conduct (BCGCC) which has superseded the South African equivalent is expected to become a listing requirement for companies on the Botswana Stock Exchange (BSE), it has been revealed.
Chairman of Institute of Directors, Ronald Phole said when the BSE listing requirement becomes law, Botswana would have joined other international bourses where the Code has become prudent business practice.
He revealed that in an interview that the BCGCC launch has been conducted with IOD in collaboration with expert and professional input from SA-based Professor Mervyn King.
Bringing on board former SA Judge King, who is also King Committee Chairman on Corporate Governance has enabled IOD to incorporate into the curriculum of on-going BCGCC training programme incumbents’ proficiency corporate standards with the roles and functions of board of directors, individual directors, internal audits and IT governance to name but a few.
“The Code was developed as an enabler for corporate or individual business ventures to have direction. BCGCC’s coming of age replaces the SA Code which has been in practice. From now on, citizen businesses will be guided by the Botswana prototype,” Phole said.
“It is hoped this smart business brainchild will create and build a culture of responsibility and accountability by corporate leaders including executive directors, chief executive officers, board of directors irrespective of belonging to public, private or non-governmental (NGO) sectors. Due to the inculcated benefits to business practice, there is scope in making the Code a listing requirement.”
The home grown Code also puts paid to the past, adherence to the applications and principles of the gradually obsolescent Companies Act, which did not clearly define corporate governance issues. Since IOD has removed the retarding impediments, BCGCC ushers an era of generational efficiency outlining to corporate and other stakeholders how it can be implemented as “the” best practice, he said.