The Tunisian Institute of Administrators (ITA) has announced the creation of the first nucleus of the African Institute of Administrators, bringing together representatives from five countries: Tunisia, Algeria, Mali, Guinea, and Côte d'Ivoire. This development took place during the ITA's 10th annual meeting in Tunis. The new institute aims to strengthen the application of international norms on corporate governance and environmental, social, and governance (ESG) practices within financial institutions, banks, and listed companies in these countries.
The ITA's president, Moez Joudi, emphasized that adhering to these international norms is no longer optional but essential for ensuring the long-term sustainability of businesses, their competitiveness, and their ability to attract international financing. This move is expected to enhance the credibility and appeal of these companies to global investors. The establishment of the African Institute of Administrators reflects a growing recognition of the importance of good governance and ESG practices in Africa.
Anis Jaziri, president of the Tunisian-African Business Council (TABC), noted that this new structure could position Tunisia as a hub for a continental network of administrators' institutes, thereby consolidating African economic partnerships. This development aligns with broader efforts to promote economic integration and cooperation across the continent. By fostering a culture of good governance and ESG practices, Tunisia and its partner countries aim to create a more favorable business environment.
Hatem Smiri, president of the Financial Market Council, highlighted that his organization is working on establishing a legal framework for governance and ESG reporting tailored to the Tunisian financial market. This framework will draw on best practices from regional and international markets, ensuring that Tunisian companies can compete effectively on the global stage. The development of such a framework is seen as crucial for enhancing transparency and accountability in the Tunisian business sector.
Ary Naïm, regional director of the International Finance Corporation (IFC), recalled that the partnership between the IFC and ITA, established in 2023, has already led to the training of a network of certified trainers. He stressed that effective governance within companies' boards requires three key pillars: developing risk management strategies, being proactive in the face of change, and adhering to international norms on governance and ESG. These elements are critical for addressing multiple threats, including cyber risks.
Naïm further emphasized that high-quality governance practices are essential for addressing the challenge of youth employment in Africa by 2050. With the continent expected to experience significant demographic growth, creating an enabling environment for businesses to thrive is crucial. The African Institute of Administrators is expected to play a pivotal role in promoting these practices across the region. By doing so, it aims to contribute to sustainable economic growth and development.
The launch of the African Institute of Administrators marks a significant milestone in the promotion of corporate governance and ESG practices in Africa. As the continent continues to navigate complex economic and environmental challenges, such initiatives are seen as vital for ensuring a sustainable and prosperous future. Moving forward, the ITA and its partners will focus on implementing the institute's mission and expanding its reach across Africa.
Key points
- The African Institute of Administrators aims to strengthen international norms on corporate governance and ESG practices in five initial member countries.
- The initiative is expected to enhance Tunisia's role as a hub for African economic partnerships and promote sustainable business practices.
- The establishment of the institute reflects a growing recognition of the importance of good governance and ESG practices in Africa.
