Designing codes and implementing standards for corporate governance in West Africa:experience of the republic of Benin

Abstract

In order to enable enterprises to seize opportunities arising while keeping related environmental threats at bay, it is important to develop an effective, high quality model of governance. In Benin, three main factors justify the need to develop such a model of governance: Economic liberalism introduced subsequent to the Conference of the Living Forces of the Nation in February 1990; Poor economic and financial performance of public enterprises which led to a wave of bankruptcies, restructuring or privatizations; The demands of regional integration. Benin has endeavored to ensure the ratification of the texts and resolutions of the Union pertaining to corporate governance. It is in this manner, that over and above the alignment of convergence criteria agreed on for the UEMOA zone, the country possesses a regulatory framework in harmony with the community directives and regulations.