BURKINA FASO Law and Practice Contributed by: Bobson Coulibaly, Pierre Yanogo, Marie France Zagre and Diana Woba, SCP Yanogo Bobson
SCP Yanogo Bobson Cité An3 Lot 39 section BI Bureau I25 Ouagadougou Kadiogo Burkina Faso Tel: +226 2540 9276 Email: info@yb-lawyers.com Web: www.yb-lawyers.com
1. Corporate Governance Requirements 1.1 Corporate Forms and Governance Requirements Forms of Corporate/Business Organisations The forms of company governed by the OHADA Uni - form Act on the Law of Commercial Companies and Economic Interest Groups (AUDSCGIE) are: • limited liability companies ( société à responsabilité limitée ) (Article 309 et seq.); • limited companies ( société anonyme ) (Article 385 et seq. AUDSCGIE); • simplified joint stock company ( société par actions simplifiées ) (Article 853-1 et seq. AUDSCGIE); • general partnership ( société en nom collectif ) (Arti - cle 270 et seq. AUDSCGIE); • co-operative; • economic interest grouping ( groupement d ’ intérêt économique ) (Article 869 et seq. AUDSCGIE); • limited partnership ( Société en commandite simple ) (Article 293 et seq. AUDSCGIE); • branches ( succursale ) (Article 116 and following AUDSCGIE); and • representative or liaison offices ( bureau de représentation ) (Article 120-1 et seq. AUDSCGIE). Principal Sources of Corporate Governance Requirements for Companies The main source of corporate governance require - ments for companies in Burkina Faso is the OHADA Uniform Act on the Law of Commercial Companies and Economic Interest Groups (AUDSCGIE).
Corporate Governance Requirements for Companies With Publicly Traded Shares Companies with publicly traded shares must: • be a public limited company ( société anonyme ) with a board of directors (Article 828 AUDSCGIE); • have an audit committee (Article 829-1 AUD - SCGIE); • publish annual financial statements (balance sheet, profit and loss account, statement of source and application of funds and annexed statement) (Arti - cle 847 AUDSCGIE); • at the end of the first half of the year, publish an activity and results table and a half-yearly activ - ity report, accompanied by a certificate from the statutory auditor; • keep a register of registered shares (Article 746-1-2 AUDSCGIE); and • hold annual general meetings. 1.2 Corporate Governance Legislation and Regulation The main source of corporate governance require - ments for companies in Burkina Faso is the OHADA Uniform Act on the Law of Commercial Companies and Economic Interest Groups (AUDSCGIE). 1.3 Companies With Publicly Traded Shares Companies with publicly traded shares must: • be a limited company ( société anonyme ) with a board of directors (Article 828 AUDSCGIE); • have an audit committee (Article 829-1 AUD - SCGIE);
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