CODE OF CORPORATE GOVERNANCE IS FOR EFFICIENT SOEs – SIGA BOSS
The Director- General of the State Interests and Governance Authority, (SIGA) Hon. Stephen Asamoah-Boateng has said a code of corporate governance is to ensure efficiency in SOEs.
He made the statement when he appeared as a guest on PM Express a current affairs programme on Joys News hosted by Evans Mensah.
On Tuesday 7th of September this year, the State Interests and Governance Authority (SIGA) and the Ministry of Public Enterprises organised a Stakeholders’ Consultative Forum on a draft Code of Corporate Governance at the Labadi Beach Hotel.
The draft Code of Corporate Governance was put together as part of SIGA’s mandate to guide and promote sound corporate governance practices among State Owned Enterprises (SOEs), Joint Venture Corporations (JVCs) and Other State entities (OSEs).
It is against this background that Mr. Evans Mensah sought to understand the significance of the code of corporate governance.
“The code when approved will guide and promote sound corporate governance practices among State Owned Enterprises (SOEs), Joint Venture Corporations (JVCs) and Other State entities (OSEs). It will serve as “a document of reference” that can be used to properly evaluate and monitor state entities to ensure that they operate efficiently, and effectively. It will also enable a fair evaluation of State Entities to allow SIGA to play its mandatory oversight role appropriately. Hon. Asamoah-Boateng revealed.
He explained that, he has confidence in the calibre of experienced individuals selected by the President to function in these state entities. Nevertheless, these directors must be oriented in a new culture of high performance to erase the general perception of non-performance of public entities.
The Director-General acknowledged that State Entities have made many improvements from the inauguration of SIGA and attributed it to Performance Contract Negotiations and Signing of Performance Contract between the Entities and SIGA.
Need for the Consultation
Answering a question on the need for the consultation, Hon. Asamoah-Boateng said the draft Code of Corporate Governance cannot be forced on to the State Entities thus the consultative forum was to get all the State Entities involved in the process in order to out with a document that will be accepted and owned by all.
He praised expertise of his SIGA staff for putting together the draft Code of Corporate Governance and for also for organising the workshop.
The consultative programme was supported by Agance Française de Developpment (AFD), Expertise France and the World Bank.