Abstract
The advent of new technology and the 4th industrial revolution has introduced new facets of corporate crimes and regulatory challenges for the enforcement of anti-corruption laws. Acknowledging the negative effects of corruption on the private sector, corporate governance mechanisms may help reduce corruption in the private sector by ensuring that corporations are managed in the best interest of the corporation and the shareholders or investors. This article aims to evaluate the adequacy of the regulatory measures intended to promote good corporate governance in Namibia thereby cushioning the Namibian financial market from the negative effects of corporate corruption. It provides an exposition of the concepts corporate corruption and corporate governance by considering the relationship between the two. It further provides an analysis of the Namibian corporate governance regime and the anti-corruption legislative framework. It is submitted that if Namibia is to realise the financial market objectives set out in its policy documents, there is a need for the introduction of robust strategic approaches in corporate governance directed at curbing and/or reducing corporate corruption responsive to the 4th industrial revolution challenges, amongst others.
Highlights
Vision 2030 inter alia sets out various financial sector objectives with a view to achieving a more efficient, competitive and resilient financial system that is vital to securing the prospects of sustainable economic growth and development
The High-level Panel on the Namibian Economy (HLPNE) Report recommended that the enforcement of the rule of law had to be supported by strengthening existing institutions such as the Anti-Corruption Commission and that the fight against corruption had to be stepped up with an enforced "zero tolerance" approach across all sectors and institutions. It identified the rolling out of lifestyle audits as one of the various means to support this drive.13. It is in the light of the above findings that this paper aims to investigate the adequacy of the regulatory measures intended to promote good corporate governance in Namibia, thereby cushioning the Namibian financial market from the negative effects of corporate corruption amidst global financial woes
Since 1990, when Namibia attained her independence from the South African mandate, the corporate governance codes for South Africa, namely King I, King II and King III were made applicable to Namibia
Summary
In 2004 Namibia adopted Vision 2030, a long-term National Development Programme document that spells out the country's developmental programmes and its strategies to achieve national objectives. The primary objective of Vision 2030 is to improve the quality of life of the Namibian people and raising it to levels found in the developed world. Vision 2030 inter alia sets out various financial sector objectives with a view to achieving a more efficient, competitive and resilient financial system that is vital to securing the prospects of sustainable economic growth and development. Vision 2030 identifies good governance as a cross-cutting value that Namibia upholds as a nation. The HLPNE acknowledged that there are cases of serious corruption and mismanagement across all sectors and that the Anti-Corruption Commission established through the Anti-Corruption Act has not prevented the spread of corruption and has resulted in a few court cases only.11 It is unknown how many investment opportunities in Namibia have been lost due to corruption and other factors.. It identified the rolling out of lifestyle audits as one of the various means to support this drive.13 It is in the light of the above findings that this paper aims to investigate the adequacy of the regulatory measures intended to promote good corporate governance in Namibia, thereby cushioning the Namibian financial market from the negative effects of corporate corruption amidst global financial woes. An analysis of the Namibian corporate governance regime and of the legislative framework on the prevention of corruption follows and thereafter, are concluding remarks are made
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