Corporatization of Professional Bodies: A Comparative Study of the Chartered Institute of Government Finance Audit and Risk Officers (CIGFARO) and Institute of Local Government Management (iLGM)

Abstract

Corporatization of professional bodies may be seen as a new phenomenon, but it has been a call since the 1980s when many professional bodies started experiencing decline. Although corporatization, as practice, is a private sector concept, applying it in the management and administration of professional bodies is likely to provide a better turn-around in how professional bodies are managed. Part of corporatization is having corporate governance structures including ethics codes which are meant to professionalize professional bodies. This study therefore compared the Chartered Institute of Government Finance Audit and Risk Officers (CIGFARO) and Institute of Local Government Management (iLGM) with a view to establish if they apply corporatization.