...Report of The Committee on the Financial Aspects of Corporate Governance. The report was published in December 1992, following the recommendations of the Cadbury Committee. • Address concerns about the working of the corporate governance system. • The Committee made it its purpose to address the financial aspects of corporate governance and out of this produced a Code of Best Practice. The Committee • The Cadbury Committee was established in May 1991 by the Financial Reporting Council, the London Stock Exchange, and the accountancy profession. • Reasons: Increasing lack of investor confidence in the honesty and accountability of listed companies. Financial collapses of listed corporations. Auditors who signed off a set accounts which turned out be a misrepresentation of the facts, and about losing its self-regulatory role. Lack of board accountability for such matters as directors’ pay. Corporate Governance Contemporary corporate governance started in 1992 with the Cadbury report in the UK Cadbury was the result of several high profile company collapses is concerned primarily with protecting weak and widely dispersed shareholders against self-interested Directors and managers Cadbury Report 1992 The committee on the financial aspects of corporate governance’ The Code of Best Practice’ (1992) Voluntary code ▪ But for listed companies a compliance statement was required ▪ ‘Comply or explain’ – Principles rather than rules The ‘principles...
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...[pic] ADVANTAGES OF GOOD GOVERNANCE IN A COUNTRY Governance definition varies from an institution to another, an author to another and from one setting to another. This paper intertwines various definitions of governance as a basis of understanding good governance, outlines the principles of good governance, and discusses the advantage of good governance based on six key principles with variance examples across the continent. 1.1 INTRODUCTION Governance refers to the manner in which public officials and public institutions acquire and exercise the authority to provide public goods and services, including the delivery of basic services, infrastructure, and a sound investment climate (World Bank, 2007). It is also the exercise of power or authority; political, economic, administrative or otherwise to manage a country's resources and affairs (Kefela, 2011). The United Nation (2008) has defined governance in terms of process of government action and how things are done, not just what is done. Governance covers the quality of institutions and their effectiveness in translating policy into successful implementation, which includes the mechanisms, processes and institutions through which citizens and groups articulate their interests, exercise their legal rights, meet their obligations and mediate their differences (Kefela, 2011). The referred institutions are the bodies setting formal rules (property rights, rule of law etc) while taking...
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...FINANCIAL MANAGEMENT OF COURTS BUDGET Programme Director, Tererai Mafukidze Members of the South African Judges Commission, Members of the Venice Commission Various Professionals and members here present, Distinguished Guests, Registrars from various parts of the world, Ladies and Gentlemen Protocol observed. I am humbled to address this auspicious gathering of the South African Judges Commission and Venice Commissions Registrar’s workshop held in our most beautiful land, South Africa. Allow me, therefore, to extend a warm word of welcome to all newly appointed Registrars and also pay recognition to those of you who have been a pillar of strength at your various organizations ensuring enhanced administrative support and capacitating the Judiciary that you serve. You are indeed a critical foundation on which the future of judicial effectiveness lies. Ladies and Gentlemen: I have been requested to talk about Financial Management, Management of Courts Budgets and its Challenges. I am sure you will agree with me that anyone requested to talk about this topic, can do so for the whole day or two or even a week. I am saying so precisely because financial Management, Management of Courts Budget and its Challenges are extensive and to sum this up in 30 minutes is in itself a challenge. INTRODUCTION It is said that if managers expect their subordinates to adopt any of their wishes or characteristics, such as frugal qualities in the workplace, managers themselves must...
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...FINANCIAL MANAGEMENT OF COURTS BUDGET Programme Director, Tererai Mafukidze Members of the South African Judges Commission, Members of the Venice Commission Various Professionals and members here present, Distinguished Guests, Registrars from various parts of the world, Ladies and Gentlemen Protocol observed. I am humbled to address this auspicious gathering of the South African Judges Commission and Venice Commissions Registrar’s workshop held in our most beautiful land, South Africa. Allow me, therefore, to extend a warm word of welcome to all newly appointed Registrars and also pay recognition to those of you who have been a pillar of strength at your various organizations ensuring enhanced administrative support and capacitating the Judiciary that you serve. You are indeed a critical foundation on which the future of judicial effectiveness lies. Ladies and Gentlemen: I have been requested to talk about Financial Management, Management of Courts Budgets and its Challenges. I am sure you will agree with me that anyone requested to talk about this topic, can do so for the whole day or two or even a week. I am saying so precisely because financial Management, Management of Courts Budget and its Challenges are extensive and to sum this up in 30 minutes is in itself a challenge. INTRODUCTION It is said that if managers expect their subordinates to adopt any of their wishes or characteristics, such as frugal qualities in the workplace, managers themselves must...
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...FINANCIAL MANAGEMENT OF COURTS BUDGET Programme Director, Tererai Mafukidze Members of the South African Judges Commission, Members of the Venice Commission Various Professionals and members here present, Distinguished Guests, Registrars from various parts of the world, Ladies and Gentlemen Protocol observed. I am humbled to address this auspicious gathering of the South African Judges Commission and Venice Commissions Registrar’s workshop held in our most beautiful land, South Africa. Allow me, therefore, to extend a warm word of welcome to all newly appointed Registrars and also pay recognition to those of you who have been a pillar of strength at your various organizations ensuring enhanced administrative support and capacitating the Judiciary that you serve. You are indeed a critical foundation on which the future of judicial effectiveness lies. Ladies and Gentlemen: I have been requested to talk about Financial Management, Management of Courts Budgets and its Challenges. I am sure you will agree with me that anyone requested to talk about this topic, can do so for the whole day or two or even a week. I am saying so precisely because financial Management, Management of Courts Budget and its Challenges are extensive and to sum this up in 30 minutes is in itself a challenge. INTRODUCTION It is said that if managers expect their subordinates to adopt any of their wishes or characteristics, such as frugal qualities in the workplace, managers themselves...
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...THE RELEVANCE OF MY ACADEMIC QUALIFICATION TO THE ECONOMY Introduction Accountancy is the foundation of accountability in public and corporate governance. Accounting entails capturing financial activities, summarize and interpret them for its various users, because financial information is necessary for informed decision to the management, employees, regulatory bodies, potential investors and other stakeholders. Accordingly, accounting is often referred to as the language and soul of business for the fact that it produces and keeps pertinent financial information of business entities. The profession strives to protect its core values of integrity, competence and objectivity which remains the time tested building blocks for what has been a truly successful and honoured profession. For the study of accountancy in Africa, Nigeria is important for several reasons. Nigeria, the most populous country in Africa, has crude oil as her main export and she has remained a rentier state in terms of revenue generation. The need for legal regulations for exercising accounting profession came to reality on September 1, 1965 by the enactment of the Institute of Chartered Accountants of Nigeria Act (ICAN). Some decades later the Association of National Accountants of Nigeria was established by law. For the accountants to truly play a leadership role in their field, they must be proactive participants in the development process. Nigeria became independent in 1960 at the crest of a global wave...
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...in this form with the help of many individuals and institutions. First, the team extends profound gratitude to the respected respondents of banks and finance companies for their valuable and generous support without which the project would not have been successful. Similarly, we are thankful to the Research Committee of NASC and Research and Consulting Services Department for their continuous guidance, facilitation and support in this endeavor. ABSTRACT The study examines insiders' perspectives on the determinants of corporate governance in the Nepalese financial sector. For this, we use a 5-point Likert scale questionnaire developed by CLSA, modified and contextualized to Nepalese setting. The study reveals that whereas accountability, discipline, and transparency significantly and positively promote corporate governance, factors like fairness, responsibility, independence and social awareness have been unable to explain corporate governance. The study also evidences positive and significant role of classification policy of the central bank in promoting better governance. We suggest...
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...Peace Without Justice Via di Torre Argentina 76, I-00186, Roma, Italy www.npwj.org Permission to reproduce and distribute this document is hereby granted provided that this notice is retained on all copies, that copies are not altered and that No Peace Without Justice is credited. This publication is also available at www.npwj.org. No Peace Without Justice is an international non-profit organisation founded by Emma Bonino and born of a 1993 campaign of the Transnational Radical Party that works for the protection and promotion of human rights, democracy, the rule of law and international justice. NPWJ undertakes its work within three main thematic programs: International Criminal Justice; Female Genital Mutilation; and Middle East and North Africa Democracy, including specific work on Iraq. NPWJ is a Member of the TRP Senate, a Member of the Steering Committee of the NGO Coalition for the International Criminal Court and the Italian civil society partner in the Democracy Assistance Dialogue. This publication has been produced with the assistance of the European Union. The contents of this publication are the sole responsibility of No Peace Without Justice and can in no way be taken to reflect the views of the European Union. Overall editing of this report was done by Alison Smith. The draft report was prepared by Sylvia de Bertodano, Joanna Evans, Nicole Fritz and Michael Gibb. Design and production by Rebus, Paris Alison Smith is the Legal Counsel and Coordinator of the International...
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...In politics, corruption undermines democracy and good governance by flouting or even subverting formal processes. Corruption in elections and in the legislature reduces accountability and distorts representation in policymaking; corruption in the judiciary compromises the rule of law; and corruption in public administration results in the inefficient provision of services. It violates a basic principle of republicanism regarding the centrality of civic virtue. More generally, corruption erodes the institutional capacity of government if procedures are disregarded, resources are siphoned off, and public offices are bought and sold. Corruption undermines the legitimacy of government and such democratic values as trust and tolerance. Recent evidence suggests that variation in the levels of corruption amongst high-income democracies can vary significantly depending on the level of accountability of decision-makers.[3] Economic effects[edit] See also: Corporate crime In the private sector, corruption increases the cost of business through the price of illicit payments themselves, the management cost of negotiating with officials and the risk of breached agreements or detection. Although some claim corruption reduces costs by cutting bureaucracy, the availability of bribes can also induce officials to contrive new rules and delays. Openly removing costly and lengthy regulations are better than covertly allowing them to be bypassed by using bribes. Where corruption inflates...
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...Opinion Three scenarios for Kenya's ICC trials The outcome of the ICC case on the electoral violence in Kenya can have important consequences. Last updated: 23 Feb 2014 09:11 Abdullahi Boru Halakhe Abdullahi Boru Halakhe Abdullahi Boru Halakhe is a Horn of Africa security analyst. RSS E-mail Listen to this page using ReadSpeaker Email Article Print Article Share article Send Feedback An ICC verdict might damage the alliance between William Ruto and Uhuru Kenyatta, writes Halakhe [Reuters] The three Kenyacases before the International Criminal Court (ICC) could possibly produce three different outcomes: The three suspects, President Uhuru Kenyatta, Deputy President William Ruto and radio journalist Joshua Sang, could all be found guilty; they could all be found innocent; or, alternatively, some suspects could be found guilty and some innocent. All three outcomes have consequences both domestically and in the way the court will be perceived in Kenya and across Africa. Over 1,200 people were killed and some 600,000 displaced in the 2007-2008 electoral violence that featured their respective communities as the principal protagonists. In that election, Kenyatta and Ruto supported opposite political parties. Guilty verdict One possible outcome of the trial is guilty verdicts. For the ICC, this is an ideal ending to what has been a bruising battle inside and outside the court. Since its establishment in 2002, the court has failed to prosecute high profile...
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...An understanding of one’s self through different life experiences provides contentment and thus, engenders a sense of acceptance. Each person’s experiences, social acceptance and accountability, based on their unique emotional experiences, can alter our sense of affinity. Understanding nourishes belonging while a lack of understanding prevents it; this concept of belonging is evident in “Feliks Skrzynecki” from Peter Skrzynecki’s analogy “Immigrant Chronicle”, examines the consequences of a lack of understanding where estrangement poses a drawback. Belonging refers to the notion of having a sense of self, acceptance and validation as portrayed in Skrzynecki’s poem “St Patrick’s College” where a sense of allegiance to any place or people starts...
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...simply raise revenue: "Any tax that produces revenue will in some way alter the social and economic order." Taxes that only raise revenue without effecting other changes do not exist in the real world. The concept of fiscal policy captures that link between revenue collection and government spending. More specifically, taxes can be used to increase or decrease inflation and purchasing power, stimulate investment, and prevent harmful concentrations of wealth. Taxation is an underrated tool in the effort to build more capable and responsive states. The role of taxation as a central force in the development of democracy resonates strongly in Anglo-American history. The duty of paying for government legitimizes demands for services and accountability. When eighteenth-century American rebels declared "No taxation without representation!" in Boston Harbor, they were echoing convictions developed in earlier struggles between rulers and revenue-producers on British soil. Democracies are built not only on periodic elections but also on a social contract based on bargaining over the collection and spending of public revenue....
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...transfer of competences from central government level to elected authorities at the sub national level. Rondinelli. (1992) defines decentralisation as the transfer of responsibility for planning, management, and resource raising and allocation from the central government to sub units. In this definition, units listed include field units of central government ministries or agencies, semi-autonomous public authorities or corporations, and other authorities such as Non Governmental Organisations (NGOs). Basically decentralisation is the act of distributing power and authority to lower levels of governance. Some of the key aims of decentralisation are; enhanced efficiency and accountability, increased community participation and improved service delivery at lower implementation levels. The need for decentralisation in Africa has been attributed to the spread of multi-party political systems that have created demand for greater citizen voice and...
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...Decentralization, deconcentration and devolution: what do they mean?1 Compiled by Elizabeth Linda Yuliani2 Decentralization with its various types has been implemented in many countries, and the terms have been widely used. However, the same word is often used to describe different things. Interpretations vary, and have led to different conceptual frameworks, programs, implementation and implications. Such differences have invited debates and discussion. This document lists definitions of decentralization, deconcentration, devolution and other related terms used in papers presented at the Interlaken Workshop on Decentralization, 27-30 April 2004, Interlaken, Switzerland. As this is a work in progress, there may be many parts needing improvement/changes. We look forward to receiving your comments and suggestions (L.yuliani@cgiar.org). Decentralization Definitions and descriptions of decentralization used in the papers include: • “Decentralisation is usually referred to as the transfer of powers from central government to lower levels in a political-administrative and territorial hierarchy (Crook and Manor 1998, Agrawal and Ribot 1999). This official power transfer can take two main forms. Administrative decentralisation, also known as deconcentration, refers to a transfer to lower-level central government authorities, or to other local authorities who are upwardly accountable to the central government (Ribot 2002). In contrast, political, or democratic, decentralisation refers...
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...political transformation through the change of one state to another, for instance, the change from oppressive leadership to self-governing leadership. Q3The formulation of the key concepts that are entails with transitional justice results to its innovation. The human rights goals formulation and the elimination of the criminal issues has resulted to a declaration of the innovative activity performed by transitional justice. Democratic reforms are acquired through the process of justice invention through investigation of criminology cases through the justice transition. human rights have been strengthened through the accountability of the criminal cases (Dinah, 2005) and in accordance with the accountability of the local tribunal, termination of impunity and a definition of a mutual relationship through the creation of the democratic movements. For instance in South Africa a truth justice was defined after the reconciliation commission addressed the human rights crimes. Reference Dinah, S., (2005) Encyclopedia of Genocide and Crimes against Humanity: Vol 3, Retrieved on August 23,...
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