A critical examination of the all-inclusive approach to corporate governance in Uganda: a case study of CELTEL (U) LTD.

Abstract

It is widely perceived that the notorious collapse of Enron one of America’s largest companies in 2001, has focused international attention on company failures and the role that strong corporate governance needs to play to prevent them. The United Kingdom responded by refocusing on the Higgs report and the Smith report (2003) and the US produced the Sarbanes- Oxley Act (2002). Corporate governance, therefore, developed as a tool for monitoring and controlling corporate structures, and ensuring that accountability, transparency, fairness are included in the decision making process. It is designed to find a sustainable equilibrium between the interests of the various stakeholders. This must be supported by an adequate legal regulatory system that has credibility and is enforceable . The International Finance Corporation in conjunction with the African Management Services Company (AMSCO) developed the project for promoting corporate governance in Africa as a part of the programme of building private sector capacity in Africa. Similarly, there is growing pressure by bilateral and multilateral creditors to push government and corporate entities to demonstrate promotion of good governance. The mandate to promote corporate governance in Uganda is being handled by the Uganda Institute of Corporate Governance.