9 February 2017

Angola: Finance Minister Hails Best Corporate Governance Practices

Luanda — Finance Minister, Archer Mangueira, said on Wednesday in Luanda that the country is on the right track regarding the corporate governance initiatives, with some regulatory mechanisms already in place for better performances.

The minister said so during the conference on "principles of corporate governance: the role, importance and training of non-executive directors, promoted in a Keve Bank ".

He underscored the importance of corporate governance and the use of the best practices advocated worldwide, including in Angola by the business public and private community.

The minister informed known that the country has rules, among them, the BNA Notice 1/13, of April 19, which mandates binding obligations on corporate governance for authorized financial institutions and holding companies subject to the supervision of the Central Bank.

According to hi, in November 2013 the Capital Markets Commission presented the Guide to Best Corporate Governance Practices, materializing the principles and recommendations to be adopted by companies that wish to be financed through the Securities Market.

On the other hand, he highlighted the Angolan Corporate Governance Centre, created in December 2013, and produced a letter of principles setting up a range of guidelines for public and private companies.

The official recalled that in September 2013, the Basic Law of the Public Business Sector was published and in June 2015 the Law on the Bases of Financial Institutions, both enshrine the importance of best corporate governance practices.

According to Acher Mangueira, the Public Procurement Law started to recommend companies that want to provide goods and services to the State in order to adopt best corporate governance practices, such as the regular provision of information, organized accounting, internal control systems and social and environmental responsibility.

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