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Maseru

IOD leads inaugural corporate governance dialogue

Business

Seabata Mahao

In a bid to stimulate deliberations on the state of corporate governance in the country, the Institute of Directors (IOD) Lesotho will host the first annual Inter-Generation Value Roundtable in Maseru on May 1.

The event, which coincides with the ongoing Lesotho’s 200 bicentennial celebrations will bring together different stakeholders to embark on a discourse on the Mohlomi Code of Corporate Governance, which is the blueprint for enhancing Lesotho’s corporate governance. 

IOD Lesotho’s chairman, Advocate Selebalo Ntepe recently told journalists that IOD commemorates the bicentenary mindful of the fact that until the recent development of the Mohlomi code, Lesotho did not have a governance code to guide business, non-government organisations (NGO’s), and other sectors of the society.  

“Corporate governance is the new discipline which is practical to our modern world. Lesotho for a long time was depending on the South African governance code but the economic landscapes are different as well as the cultures. So, we decided to look back to the times of the Moshoeshoe I’s advisor Mohlomi, and we noted his philosophy in governance to benefit our Inter-Generation Value,” Ntepe said.

“The Inter-Generation Value Round Table is therefore a reformation of the country’s values in the corporate governance to build the economy of Lesotho. We are trying to implement the intergenerational mindset whereby all stakeholders as well as individuals will create a wealth for generations to come, so this code can be an eye opener to Basotho, then in three years’ period Lesotho will be a different country,” Ntepe said.

Lesotho began the journey to forming its own corporate governance around 2004, and the code was finally launched in 2021.  

“We walked the journey with the Government of Lesotho after receiving funding from the African Development Bank to create the Mohlomi Code with all the relevant stakeholders in corporate governance. The GOL allowed us to sell our vision on how we intent to develop the contextualized code and grammatical code that is going to be responsive to our unique context and the economic context of Lesotho.”

The Mohlomi Code was is considered to as the change that corporates need as it is based on the latest international corporate governance standards.

The code is also inclusive of the 17 Sustainable Development Goals (SDG’s) and the extended National Strategic Development Goals (NSDP) II principles.

The roundtable event is expected to be graced by international speakers including Professor Mervyn King from South Africa, Dr. Pali Lehohla from South Africa, among others. 

Some of the partners behind the event include Mergence Investment Managers, Standard Lesotho Bank, Lesotho National Insurance Group Hollard, Lesotho Communications Authority, BAM Group, Limkokwing University of Creative Technology, the Government of Lesotho, Design Studio Focus, D2 Graphix, Brand New Vixion, Lerotholi Polytechnic, and Value Beneficiary Rotary.

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