CORPORATE GOVERNANCE IN COMMONWEALTH COUNTRIES

The need for good governance is now internationally recognised because of the high correlation between corporate governance and investor decisions. Good corporate governance improves the financial performance of companies and the capital markets. Appropriately, the Commonwealth member states are aware that to develop their economies, they need good governance and integrity, which are pillars for better economic and investment climate. This means that the issue of corruption cannot be overlooked. All Commonwealth countries that have not already done so are required to develop and implement their own national good governance and anti-corruption strategies. All the authors who have contributed chapters to the book have alluded to the problem of corruption in their various countries, especially in the developing economies. Also, Transparency International reports that many countries lack the political will to counter corruption. Countries such as Mauritius and Rwanda provide great examples of how political will to enforce good governance can bring about positive change, which significantly influences the economic landscape of the country. This book, Corporate Governance in Commonwealth Countries, a compendium of contributions from accomplished authors, examines how the Commonwealth has achieved a degree of consensus in developing and promoting standards of corporate governance both in the public and the private sectors in member countries. It reveals the various organisations and institutions that have been at the forefront of supporting and promoting corporate governance in Commonwealth countries. It consists of 18 chapters, divided into six parts. Parts I to V focus on each of the groupings of the Commonwealth countries - Africa (19 countries), Asia (7 countries), Caribbean and Americas (13 countries), Europe (3 countries) and the Pacific (11 countries). Each part presents some background information about each of the countries represented in the specific region, such as the year each country joined the Commonwealth, the World Bank Classification of the country, official language, currency in use, the population, corruption perception index score, and the ease of doing business in each country, among others. Part VI presents insights into corporate governance developments in selected Commonwealth countries - Ghana (Chapter 6), Malawi (Chapter 7), Mauritius (Chapter 8), Nigeria (Chapter 9), Pakistan (Chapter 10), Rwanda (Chapter 11), Swaziland (Chapter 12), Tanzania (Chapter 13), Tonga (Chapter 14), Uganda (Chapter 15), United Kingdom (Chapter 16) and Lake Chad (Chapter 17). It ends with Concluding Remarks and Recommendations (Chapter 18). The chapters present the relationship of each country with the CW and the corporate governance developments in each country. Chapter 17 examines corporate governance challenges in the management of Lake Chad, an Ancient Lake surrounded by four countries - Chad (on the east of the Lake), Niger (on the North Western side of the Lake), Nigeria (on the West side of the Lake) and Cameroon (on the South of the Lake). The latter two countries are member states of the Commonwealth. The Lake Chad Basin Commission was formed in the 1960s after many African countries had gained their independence from Britain. The book adds to our knowledge of corporate governance at the international level, especially within the Commonwealth, comprising a unique collection of nations - ranging from the developed economies through to vastly differing levels of emerging economies at varying stages of transition. Academics, researchers, business and finance students, investors and government agencies with an interest in the Commonwealth and corporate governance will find the book authoritative and insightful.