Developing a suitable system of corporate governance is an important priority for Africa. Corporate governance is underdeveloped on the continent – outside particular pockets – but the emerging system reflects a mix of universal and distinctly African elements. Central to the latter is the recognition that corporate governance demands consideration of the interests of stakeholders beyond businesses, and that socio-economic rather than purely financial criteria should measure their activities. South Africa’s King Code is a trendsetter here. Going forward, Africa needs to nurture its corporate governance system with an eye to what is possible for its emerging business sector, so that the demands are realistic and contribute to business growth.

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Author: Terence Corrigan, South African Institute of International Affairs