By Kefiloe Kajane
The Institute of Directors of Lesotho (IoD) this week launched the much anticipated Mohlomi Corporate Governance Code.
This is in order to efficiently and effectively fulfil their mandate of leading good corporate governance advocacy across all sectors in the socio-economic landscape of Lesotho.
The member of Mohlomi Committee Ntepe Selebalo said the code was established because of the non-existence of a corporate governance code. He keenly observed dire need for a contextualised code-culture as important
He indicated that the code is going to apply to corporations, state-owned entities except for profit companies, political parties and religious organisations.
IoD chairman Lejone Mpotjoane said the launching of the code marked a very important milestone because every country needs good governance. He made an example of a great company that has a great boardroom.
He said the corporation thanked the prime minister for being a champion for good governance and also the ministry of finance for its continued support. He thanked the team that participated in the making of the code.
The Lesotho National Development Corporation (LNDC) chief executive officer Molise Ramaili commended the partnership the IoD has forged with the Delivery Unity in the prime minister’s office for the launch.
He said LNDC played a greater role in the plan and “that is to promote Lesotho as an attractive investment destination for global and indigenous investors.
“The corporation’s vision is to be a catalyst for diversifying globally competitive economy under full of manufacturing industries. Our mission is to deliver excellent services to our clientele as we partner to achieve inclusive and sustainable economic growth.
“LNDC could not turn a blind eye on the call by IoD to support this initiative because the Mohlomi Code will set as a guardian to those who chose to invest and do business in Lesotho. It tells a story of how to do business in Lesotho and has a direct planning of strategies investors will adopt when doing business here. Good corporate governance is a corner stone to the activities of both public and the private sectors,” he said.
The code is made up of 22 principles divided into six clusters that address issues of leadership, composition with the view to effectiveness and sustainable development of the country.
It was developed with the financial assistance of the African Development Bank of M1.2 million through facilitation and support of the government of Lesotho ministry of finance.
