Press Release - 06/03/2018

Capacity building seminar on corporate governance

On Monday, February 26th, 2018 opened at the headquarters of Togo Invest Corporation SA, a capacity building seminar on corporate governance geared towards the executives and middle management of Togo Invest Corporation SA, Togo Oil Company SA and the Port Autonome de Lomé, facilitated by trainers from the OHADA Regional Higher School of Magistrates (ERSUMA).

This seminar aimed to equip the participants with a comprehensive understanding of “corporate governance” and raise their awareness of its importance as a tool for the development of their companies.

This training was provided by Professor Abdoulaye SAKHO, Associate Professor of Law at the University Cheikh Anta Diop of Dakar (UCAD) and member of the Senegalese Institute of Directors (ISA) and by Mr. Charles MOUMOUNI, Counsel at DS Lawyer Canada and Full Professor at the University of Laval (Canada), Co-Chair of the Panafrican Institute of Economic and Financial Governance (IPAGEF), Vice-President of the International Francophone Agora, moderated by Dr. Médard BACKIDI, Director of studies at ERSUMA.

For five (05) days, participants, based on the standards of good governance provided for the Organization for the Harmonization of Business Law in Africa (OHADA), the Organization for Economic Co-operation and Development (OECD) ) and the G-20, delved into the: (i) generalities on the “corporate governance”; (ii) stakeholders and their synergies; (iii) social bodies; (iv) the duties and responsibilities of directors and executive officers; (v) governance of public, private and non-profit organizations; (vi) the means of control, monitoring and sanction; (vii) governance as a management tool to resolve issues, ethics and social responsibility; (viii) governance as a crisis management tool and (ix) strategic governance and communication plan.

At the end of this seminar, participants agreed that corporate governance is an important instrument that allows the interests of all stakeholders to be taken into account in order to build a sustainable and efficient company. It not only contributes to the efficiency of the company but also constitutes a guarantee for investors and lenders.

Thus, in order to ensure good governance in state enterprise, the following recommendations emerged from the seminar (i) sensitize directors and executive officers to the usefulness of corporate governance; (ii) encourage capacity building for directors and executive officers on matters of corporate governance; (iii) develop governance standards that take into account the ethical dimension (governance code); (iv) set up a Togolese institute of directors and (v) harmonise law 90-26 of 4 December 1990 on public enterprises with the regional texts on corporate governance.

For the Secretary General of the company, Mrs. Cynthia E. GNASSINGBE-ESSONAM,

“the training has not only helped to strengthen the capacities of three Togolese public companies executives and middle managers on corporate governance, but has also equipped them with best practices in regards the instruments and mechanisms to be put in place in order to establish an institutional framework conducive to investment “.

As a reminder, Togo Invest Corporation SA, is the investment holding company created by the Togolese State to lead the development and implementation of strategic investments by and for the State in order to create value for the Togo’s economy and its people.