CAMEROON Law and Practice Contributed by: Bayee A. Besong, Besong & Co
7. Environmental, Social and Governance 7.1 ESG Requirements
By contrast, companies that make a public offering of securities must appoint at least two statutory auditors and two deputy auditors. The statutory auditor is responsible for issuing an opinion confirming that the summary financial state - ments are regular and fair and that they present a true and fair view of the company’s results for the financial year, as well as its financial position and assets at the end of that year. The auditor’s permanent role, without interfering in management, is to verify the company’s assets and accounting records and to ensure compliance with accounting rules and standards. The statutory auditor must also ensure that equality between shareholders is respected, particularly that all shares of the same class enjoy identical rights. 6.2 Risk Management and Internal Controls In Cameroon, the supervision of geopolitical risk is indirect and is carried out through the management of operational and strategic risks by the board of direc - tors, as well as by regulatory authorities such as the National Agency for Financial Investigation (ANIF), an administrative body operating under the supervision of the Ministry of Finance. The ANIF’s primary responsibilities include the receipt, analysis and dissemination of information relating to predicate offences, as well as the transmission of information connected to the fight against money laundering and the financing of terrorism and prolif - eration. The board of directors, often supported by specialised committees such as audit or risk management com - mittees, oversees the effectiveness of internal control and risk management systems, in order to assess the impact of geopolitical tensions on the company’s fun - damental operations and performance.
There is no specific law mandating comprehensive environmental, social and governance (ESG) report - ing, as perhaps exists in other jurisdictions. However, several laws touch on the environmental, social and governance dimensions, including: • Law No 96/12 of 5 August 1996 on the Framework Law on Environmental Management; • Cameroon’s Labour Code; and • the Uniform Act. 7.2 ESG Developments Given that there is no single, specific law mandating reporting on ESG issues, no significant changes have been made in our jurisdiction regarding their reporting and consideration. However, many large companies publish ESG reports to satisfy or meet investor demands. Various local companies are therefore beginning to adopt these practices to align with the international best practices, but not purely as a legal obligation. There are no legal or regulatory requirements yet for oversight by the board of AI, but general governance rules already require directors to monitor up-and- coming technologies and associated risks. These rules generally state that decisions related to strategic technologies (including AI), the supervision of digital systems and technological risks, are indi - rectly the responsibility of the board of directors. Nevertheless, Cameroon is gradually developing a concrete public policy on AI, namely the National Arti - ficial Intelligence Strategy 2025 (still in draft/develop - ment phase). 8. Artificial Intelligence 8.1 Board Oversight of AI
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