MUTATI WELCOMES SOUTH AFRICA'S "GOOD BEHAVIOUR" CODE FOR CORPORATES

Zambia's Finance Minister FELIX MUTATI has welcomed South Africa"s issuance of a code of conduct for it"s businesses operating in other countries.

Mr. MUTATI says the South African Code of Conduct for its foreign businesses will raise the standard of governance and the level ofcompliance of those companies to local statutes and regulations in host countries such as Zambia.

"Our expectation is that this initiative will become a point of reference for corporate organisations from other jurisdictions operating in Zambia that do not already have such codes," he said.

"Our colleagues in South Africa have a well developed capital market and most of their businesses operating in other countries are listed on their stock exchange because they committed to good corporate governance," observed Mr. MUTATI.

The Minister also said "through the code of conduct issued by their country, South African companies operating in Zambia will be expected to maintain the highest standards of corporate governance, and implement corporate social responsibility programmes in accordance with their country's code ofconduct, and local guidelines of course."

Mr. MUTATI was commenting on the sidelines of the ongoing Africa Infrastructure Financing Forum in Johannesburg, South Africa.

Yesterday, ROB DAVIES, South Africa's Minister of Trade and Investment, disclosed that his country had developed guidelines and a Code of Conduct for South African Companies which have invested and are operating businesses in other countries to ensure that the highest standards ofcorporate governance were observed.

Mr. MUTATI is in South Africa to attend the Africa Infrastructure Financing Forum and hold bilateral meetings with the South African Treasury and development oriented organisations.

During the delivery of a keynote speech at the official opening of the event yesterday, Mr. MUTATI stated that the Zambian government was in the process of creating financing instruments which would facilitate enhanced participation of the private sector in infrastructure development in key sectors of the economy.

He called for ruthless prioritization of development projects, efficient resource mobilisation, and effective sequencing of programme implementation processes in order to achieve speedy and lasting developmental integration.

You are here: Home Archived Ministerial Bulletin MUTATI WELCOMES SOUTH AFRICA'S "GOOD BEHAVIOUR" CODE FOR CORPORATES