Maravi

(DAILY MAIL) State calls for good business culture

State calls for good business culture
By NKOLE CHITALA

GOVERNMENT has urged the public and private sectors to abide by good corporate culture to reduce fraud and corruption. The government has also called on stakeholders to submit 2008 budget proposals and publicise the proposals to enable the public to comment on them. Minister of Finance and National Planning, Ng’andu Magande, said good corporate governance was an effective way to reduce fraud and corruption.

“Good corporate governance with clearly laid down systems and procedures could be used to create safeguards against corruption, mismanagement and frauds and promote fundamental values of a market economy in a democratic society,” he said.

Mr Magande was speaking during the Institute of Directors (IoD) seminar on good corporate governance at Lusaka’s Taj Pamodzi Hotel last week. Mr Magande also implored small and medium-scale enterprises (SMEs) to apply good corporate governance since they played a significant role in the economic and social development of the nation.

He added that SMEs ought to have their corporate governance programmes tailored specifically for their size but without compromising on the basic principles of good corporate governance.

And the minister noted that the publicising of the budget proposals would be a transparent way of ensuring that other people comment on the proposals.

Earlier, IoD president, Mumba Kapumpa, said the issue of corporate governance had taken centre stage over the past few years, which the institute believed was essential. He said the seminar was put together under the Fifth National Development Plan to try and find ways of addressing issues affecting the economy.

Labels: DAILY MAIL, GOVERNANCE, MAGANDE

posted by MrK @ 8:22 PM