Corporate Governance

shell companies: PSBs may run a shell scan on big borrowers with RoC

The government may ask state-run banks to run a check on big borrowers with the corporate affairs ministry or the concerned registrar of companies (RoC) before sanctioning highvalue consortium loans, said a top finance ministry official. The idea is to find out if the borrower has any associated shell companies, get a fix on subsidiaries with direct or indirect beneficiaries and to determine whether there are any red flags against the prospective borrower. “Banks were mostly relying on financial statements…

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‘Chivayo US$200m deal illegal’ 

POLICE should immediately conduct an investigation and prosecute senior government officials implicated in the shady multi-million-dollar Gwanda solar contract after a probe by a parliamentary portfolio committee revealed that the project is unlawful, a report by MPs says. By Bernard Mpofu The Gwanda contract was among several power projects awarded to Intratrek which is fronted by ex-convict Wicknell Chivayo. A report done by the Parliamentary Portfolio Committee on Mines and Energy seen by the Zimbabwe Independent — which has been…

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Improving the effectiveness of the audit committee

Corporates should strengthen this vital institution of corporate governance Over the last decade, the business scenario across the world has become increasingly complex and uncertain, and we are truly living in a VUCA world—Volatile, Uncertain, Complex and Ambiguous—which creates difficult conditions and situations for doing business. At the same time, a powerful force is driving the entire business world towards a new commercial reality. The power of rapid technological changes is fast transforming the world into one common marketplace for…

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Is It Really All About Culture?

PHOTO: rawpixel For the last several years, practitioners and consultants have been talking about culture as it relates to risk, compliance and ethics.  Two new pieces reinforce my view that culture is not just about risk, compliance, and ethics. There are many, many dimensions and sometimes they may actually conflict. Culture Slowdown and Culture Shock The first of these is an interview with Jim DeLoach, a friend who is managing director of Protiviti. “5 Keys to Building an Innovative Culture:…

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UMB holds series of business seminars for clients

Accra, June 14, GNA – UMB, in partnership with accounting firm, KPMG, has held the first in a three-part training seminar at the UMB Centre for Businesses in Kasoa for their SME clients within the Kasoa business enclave. A statement issued by UMB and copied to the Ghana News Agency, said the session was to train and empower them in best business practices ranging from bookkeeping, tax compliance for SME’s in Ghana, corporate governance and succession planning, amongst other relevant…

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Executives at LI companies got median pay raise of 5.6% last year

Top executives at Long Island public companies got a median pay raise of about 5.6 percent in 2017 — even as some highly paid executives took multimillion-dollar pay cuts, according to newly compiled data. The region’s biggest public company executive pay package in 2017, worth $9.5 million, went to Ivan Kaufman, president, chairman and chief executive of Arbor Realty Trust Inc., a Uniondale real estate investment trust, according to government filings compiled by financial researcher S&P Global Market Intelligence and Newsday. Kaufman’s compensation…

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Gender-balanced boards in Ghana perform better – Report

The International Finance Corporation (IFC), a member of the World Bank Group, and the State Secretariat of Economic Affairs of Switzerland (SECO), have released a study that says that better performing companies in Ghana tend to have more gender-balanced boards. The study reviewed gender diversity on boards across various sectors, to provide empirical evidence that guides the development of organizational and national policies intended to promote sustainable company performance and economic growth. A statement issued on Thursday said high-performing firms,…

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Fidelity boss in the eye of audit storm 

Fidelity Life Assurance Ltd CE Reuben Java is in the eye of a storm after it emerged this week that he was awarded an annual bonus when he was appointed to the helm in October last year at a time the company was trading at a loss. Java also rejected a top-of-the-range vehicle, a Mercedes Benz GL, and spent US$200 000 on a Mercedes S Class. By Melody Chikono Informed sources at Fidelity Life told businessdigest this week that Java,…

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Partnership and participation

Anthea McIntyre | Photo credit: European Parliament audiovisual The John Lewis Partnership, headquartered in my West Midlands constituency in England, is a highly successful retail company which glories in its old-school advertising slogan “Never Knowingly Undersold”. Its department stores are renowned for quality and customer service, but it has also moved with the times and expanded its business into the world of cyber-shopping, online sales and “click and collect” retailing. Last year the company’s long-standing chief executive Andy Street left…

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Stobart Group (STOB) share price falls as letter to shareholders warns of ex-chief’s efforts to ‘destabilise’ the company

Stobart Group has issued a letter to shareholders ahead of this month’s annual meeting (AGM), after announcing yesterday it had dismissed former chief executive Andrew Tinkler and was seeking legal action. Today it is launching proceedings in the High Court to seek damages from him for what the company said included “breaches of contractual and fiduciary duties”, and has reached out to shareholders warning of Tinkler’s attempts to “destabilise the company”. Shares in Stobart dropped nearly four per cent this…

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Abraaj’s $15bn empire teeters on the brink after filing for liquidation – Newspaper

DUBAI: Abraaj, the Middle East’s biggest private equity firm, has filed a petition in the Cayman Islands, asking the court to appoint PwC as provisional liquidators for the embattled company. “The appointment of provisional liquidators imposes a moratorium on the enforcement of all unsecured claims against the company, allowing time for a proposal to be put to creditors for the orderly restructuring of the company,” it said in a statement. The move is to thwart separate legal action by the…

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Abraaj’s $15bn empire teeters on the brink after filing for liquidation – Newspaper

DUBAI: Abraaj, the Middle East’s biggest private equity firm, has filed a petition in the Cayman Islands, asking the court to appoint PwC as provisional liquidators for the embattled company. “The appointment of provisional liquidators imposes a moratorium on the enforcement of all unsecured claims against the company, allowing time for a proposal to be put to creditors for the orderly restructuring of the company,” it said in a statement. The move is to thwart separate legal action by the…

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Vedanta Resources mulls options for iron ore workers after shutdown

Vedanta Resources is considering options including lay-offs for some of the 2,000 employees of its iron ore business in southwest India that was shut down by a court, two sources said, as it struggles with a series of setbacks in the country. The Supreme Court in February cancelled all iron ore extraction permits in Goa and ordered mining to cease from March 16 on environmental and other concerns. The state is known…

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Actuaries can stabilise Zim’s financial sector, IPEC

The Herald Munashe Matambo Business ReporterAn increased number of actuarial professions practicing in the country can help stabilise the financial sector, the Insurance and Pensions Commission acting Commissioner Blessmore Kazengura has said. Speaking during the fourth actuarial convention of the Actuarial Society of Zimbabwe (ASZ) in Harare yesterday, Comm Kazengura said the commission greatly values the role of the actuarial profession “in our regulated industry.” He added that an increased number of actuaries practicing in the country can help stabilise…

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Gender-balanced boards perform better – Report

Accra, June 14, GNA – The International Finance Corporation (IFC), a member of the World Bank Group, and the State Secretariat of Economic Affairs of Switzerland (SECO), have released a study that says that better performing companies in Ghana tend to have more gender-balanced boards. The study reviewed gender diversity on boards across various sectors, to provide empirical evidence that guides the development of organizational and national policies intended to promote sustainable company performance and economic growth. A statement issued…

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