Corporate Governance

For the purposes of the APRM, corporate governance is defined as being concerned with the ethical principles, values and practices that facilitate holding the balance between economic and social goals and between individual and communal goals, with the aim of seeking the common good for all parties (Objectives, Standards, Criteria and Indicators for the APRM, Section 4.l).

The objectives elaborated on this page are taken directly from the Objectives, standards, criteria and indicators for the APRM, Section 4. For each objective, specific standards, criteria and examples of indicators are given. These objectives also form the structure of the APRM self-assessment master questionnaire, Section 3.

These objectives are drawn from various continental and international codes and treaties, including: the Principles of Corporate Governance (OECD); International Accounting Standards; International Standards on Auditing; Core Principles of Effective Banking Supervision; the African Charter on human and people's rights; Labour codes of the International Labour Organisation (ILO); and Codes on industrial hygiene and safety of the World Health Organisation.

The key objectives under the theme of economic governance and management are:

• To provide an enabling environment and effective regulatory framework for economic activities;
• To ensure that corporations act as good corporate citizens with regard to human rights, social responsibility and environmental sustainability;
• To promote the adoption of codes of good business ethics (eg. Cadbury King Codes) in achieving the objectives of the organisation;
• To ensure that corporations treat all their stakeholders (shareholders, employees, communities, suppliers and customers) in a fair and just manner; and
• To provide for accountability of corporations and directors.