BURKINA FASO Law and Practice Contributed by: Bobson Coulibaly, Pierre Yanogo, Marie France Zagre and Diana Woba, SCP Yanogo Bobson
1. Introductory 1.1 Forms of Corporate/Business Organisations
• be a public limited company ( société anon- yme ) 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) (Article 847 AUDSCGIE); • at the end of the first half of the year, publish an activity and results table and a half-yearly activity 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. 2. Corporate Governance Context 2.1 Hot Topics in Corporate Governance Corporate governance is an evolving subject in Burkina Faso, with a growing interest in improv - ing corporate governance practices to enhance transparency, accountability and corporate performance. Thus, the main current issues in corporate governance in our jurisdiction are financial transparency, business ethics and the fight against corruption, training and awareness- raising in corporate governance and ultimate The main issues and requirements for companies in terms of information on environmental, social and governance (ESG) issues may be influenced by national regulations and the expectations of local stakeholders. Here are some of the key questions and requirements. beneficial owner declarations. 2.2 ESG Considerations • Regulatory compliance – companies must comply with national ESG regulations, which
The forms of company governed by the OHADA Uniform Act on the Law of Commercial Compa - nies and Economic Interest Groups (AUDSCGIE) are: • limited liability companies (Article 309 and fol - lowing of AUDSCGIE); • public limited companies (Article 385 and fol - lowing of AUDSCGIE); • simplified joint stock company ( société par actions simplifiées ) (Article 853-1 et seq. AUDSCGIE); • general partnership ( société en nom collectif ) (Article 270 and following of AUDSCGIE); • economic interest grouping ( groupement d’intérêt économique ) (Article 869 et seq. AUDSCGIE); • limited partnership (Article 293 and following of AUDSCGIE); • branches (Article 116 and following of AUD - SCGIE); and • representative or liaison offices (Article 120-1 and following of AUDSCGIE). 1.2 Sources of Corporate Governance Requirements The main source of corporate governance requirements for companies in Burkina Faso is the OHADA Uniform Act on Commercial Com - panies and Economic Interest Groups. 1.3 Corporate Governance Requirements for Companies With Publicly Traded Shares Companies whose shares are listed on the stock exchange must:
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