The
Commonwealth Association for Corporate Governance (CACG) has
won an international award for its work in promoting excellence
in corporate governance.
The
International Corporate Governance Network (ICGN) announced
on Thursday, 10 July that the 2003 ICGN Award for contributions
to furthering standards of good corporate governance would go
jointly to the CACG and to Dr William Crist, former chairman
of CalPERS, the California Public Employees' Retirement System
(US).
A
statement issued by ICGN on 11 July said, "The CACG is
a remarkable organisation; there is no other group out on the
ground promoting practical aspects of corporate governance and
having such a major impact on so many countries."
CACG
was established in 1998 in response to the Edinburgh Commonwealth
Economic Declaration, 'Promoting Shared Prosperity', issued
by Commonwealth Heads of Government at their 1997 summit. Based
in Marlborough, New Zealand, the CACG has, under the direction
of the Commonwealth Secretariat, undertaken projects in more
than 35 Commonwealth countries in Africa, South Asia, the Caribbean
and the Pacific.
Working
with 30 affiliate organisations around the world, CACG is the
main agency for the delivery of the Secretariat's programme
to promote good corporate governance. It provides training for
company directors, undertakes research to gauge the impact of
corporate governance initiatives in participating companies,
and develops guidelines on best practice in corporate governance
for adaptation to the needs of individual countries.
"The
Commonwealth has always advocated an 'inclusive' approach to
corporate governance, covering its contribution to development
and corporate social responsibility, as well as compliance with
regulatory standards," said Michael Gillibrand, head of
advisory services at the Secretariat's Governance and Institutional
Development Division. "In this way we endeavour to create
a positive environment for investment in member countries."
ICGN's
members are large investment fund managers around the world.
In 2001, their combined assets were estimated to exceed US$10
trillion. The awards were presented at the ICGN annual conference
at the Euronext Stock Exchange in Amsterdam, the Netherlands.
This was the first time the award has gone to an organisation
rather than an individual.
The
CACG will play an active role in the 2nd Pan-African Consultative
Forum on Corporate Governance, taking place in Nairobi, Kenya,
on 21-23 July 2003. The Forum will focus on corporate governance
as a means to promote investment under the New Partnership for
Africa's Development (NEPAD). Participants from across Africa
will discuss key corporate governance issues in the region,
review progress and achievements, foster co-operation among
organisations active in efforts to improve corporate governance,
and agree international standards and priorities to improve
corporate governance in the region. The Forum is supported by
the African Development Bank, the World Bank Group, the Global
Corporate Governance Forum, the Organisation for Economic Co-operation
and Development, and the Commonwealth Secretariat.
|
|
Geoffrey
Bowes (New Zealand),
holding proudly the Award
|
from
left to right: Michael Gillibrand (UK), Mervyn King (South
Africa), Geoffrey Bowes (New Zealand), Vijay Poonoosamy
(Mauritius)
behind:Marcelo MacKinley (Canada), Caroline Phillips (UK) |
(Source: CNIS - eNews for the Commonwealth,
Issue 144 16 July 2003)
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