Parastatals face conflict of interest
Jul 19, 2005
CONFLICT of interest is one of the biggest challenges managers and board members of parastatals have to battle with, the chief executive officer of the Capital Markets Authority, Japheth Kato, has said.
By Apollo Mubiru
CONFLICT of interest is one of the biggest challenges managers and board members of parastatals have to battle with, the chief executive officer of the Capital Markets Authority, Japheth Kato, has said.
He said the only way to eliminate conflict of interest is to apply transparency and integrity as packages of corporate governance.
Kato said this during a workshop for board directors and senior managers of public enterprises at Hotel Africana in Kampala recently.
He said, “To accelerate local and foreign investments, we must improve corporate governance.â€
Kato said although the principles of good corporate governance like transparency, fairness and accountability were meant for listed companies, they apply to all firms including private ones and non-governmental organisations.
He said directors/managers of parastatals should have common sense, integrity, confidentiality, commitment and manage conflict of interest.
Uganda Securities Exchange chief executive officer, Simon Rutega, said some managers of listed companies forget that the money running the companies belongs to shareholders.
Rutega said, “Some managers forget that the money is not theirs and use it irresponsibly but as a manager, you must be ethical and adhere to the laws governing your company.â€
Ends
CONFLICT of interest is one of the biggest challenges managers and board members of parastatals have to battle with, the chief executive officer of the Capital Markets Authority, Japheth Kato, has said.
He said the only way to eliminate conflict of interest is to apply transparency and integrity as packages of corporate governance.
Kato said this during a workshop for board directors and senior managers of public enterprises at Hotel Africana in Kampala recently.
He said, “To accelerate local and foreign investments, we must improve corporate governance.â€
Kato said although the principles of good corporate governance like transparency, fairness and accountability were meant for listed companies, they apply to all firms including private ones and non-governmental organisations.
He said directors/managers of parastatals should have common sense, integrity, confidentiality, commitment and manage conflict of interest.
Uganda Securities Exchange chief executive officer, Simon Rutega, said some managers of listed companies forget that the money running the companies belongs to shareholders.
Rutega said, “Some managers forget that the money is not theirs and use it irresponsibly but as a manager, you must be ethical and adhere to the laws governing your company.â€
Ends