BURKINA FASO Law and Practice Contributed by: Bobson Coulibaly, Pierre Yanogo, Marie France Zagre and Diana Woba, SCP Yanogo Bobson
dering. They may alert the auditor to any suspicious transactions, who in turn would alert CENTIF. Personal Liability Risks for Directors in Relation to AML Non-Compliance There are no personal risks for members of a com - pany’s board of directors with regard to anti-money laundering. 6. Audit, Risk and Internal Controls 6.1 External Auditors The company is not required to appoint an external auditor for its financial statements other than the audi - tors appointed by it if it is required to have such audi - tors under the provisions of the AUDSCGIE. For example, a limited company ( société anonyme ) is required to appoint statutory auditors. However, a lim - ited liability companies ( société à responsabilité limi- tée ) is only required to appoint them if it meets certain conditions set forth in Article 376 of the AUDSCGIE. 6.2 Risk Management and Internal Controls In Burkina Faso, there is currently no regulatory authority specifically dedicated to addressing “geo - political risks” faced by businesses. The board of directors, in its role of overseeing the company’s operations, may be required to take geo - political risks into account when making major cor - porate decisions in collaboration with the company’s management.
on the environment are subject to prior approval by the Minister in charge of the environment. The opinion is based on a Strategic Environmental Assessment (SEA), an Environmental Impact Assess - ment (EIA), or an Environmental Impact Statement (EIS). These include, for example, mineral extraction com - panies. For this purpose, Article 153, paragraph 1, of the Mining Code states: “Any applicant for a mining title, with the exception of an applicant for an explo - ration permit, who wishes to undertake fieldwork that may harm the environment must submit a feasibility report issued by the Minister of the Environment”. 7.2 ESG Developments In Burkina Faso, in terms of ESG, most mining compa - nies have incorporated ESG standards into their strat - egies in order to comply with environmental conserva - tion policies. To this end, initiatives are being taken to transform the rehabilitation of mining sites into areas of environmental development through tree planting. To date, there are no legal requirements in Burkina Faso regarding the board of directors’ oversight of AI. 8.2 AI Use-Related Risks To date, there are no governance frameworks in Bur - kina Faso to address AI use-related risks. 8.3 Liability Exposures Arising From AI Use To date, there is no specific legislation addressing the civil liability risks for boards of directors and execu - tives arising from the use of AI. However, if, in the course of their duties, manag - ers perform acts that are prejudicial to the company through the use of AI, they may be held liable. 8.4 Key Disclosure Requirements for AI Use To date, there are no reporting requirements in Burkina Faso that companies must comply with regarding the use of AI. 8. Artificial Intelligence 8.1 Board Oversight of AI
7. Environmental, Social and Governance 7.1 ESG Requirements
Reporting on the environment applies only to compa - nies engaged in activities that may pollute the envi - ronment. Pursuant to Article 25 of Law No 006-2013/AN of 2 April 2013 establishing the environmental code in Bur - kina Faso, activities likely to have a significant impact
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