The Ethiopian Corporate Governance Institute (ECGI), a private sector initiative to govern ethics and conduct of companies in the country, was launched on Saturday October 26 at the African Union Commission Headquarters, Capital reported.

Tadesse Haile, State minister of Industry (MoI), said at the launching ceremony that most businesses in Ethiopia are still operating under traditional norms of business management and practices.

“Companies that employ corporate governance do have a better chance of establishing sustainable and mutually beneficial business relations with buyers, suppliers and creditors,” Tadesse said.

Ayalew Zegeye, President of the Addis Ababa Chamber of Commerce and Sectoral Associations (AACCSA), has been appointed as the Director for the ECGI.

The ECGI, which so far has enlisted 70 public and private businesses as members, seeks to regulate the conducts of businesses on a volunteer basis towards the evolution of a dynamic, ethical and responsible business community.

Source: Capital