Good governance a must for development

Kathmandu, November 19:

Experts here urged to draft economic and industrial policy — for sustainable development of the country — speaking at an interaction on ‘Good Governance and Commercial Court’ organis-ed by Corporate Governance Forum Nepal. They were of the view that development of financial institutions and industrial houses and corporate culture can only help develop the country.

On the occasion, Anup Raj Sharma, a justice at the Supreme Court, stressed on the role of Commercial Court and good governance for sustainable development. “Political culture is a must for corporate culture,” he said, adding that sooner the commercial benches come into practise, better it will be for the establishment of Commercial Court.

“Everyone should follow financial descipline,” Krishna Bahadur Manandhar, acting governor of the Nepal Rastra Bank (NRB), said, adding that NRB rules and regulations are contextual.

Though corporate houses are increasing in Nepal, there is no corporate culture. “And, the financial institutions make rules and regulations that suit themselves,” accused Harihar Dahal, a lawyer turned lawmaker, speaking on the occasion.

Matrika Prasad Niraula, president of the forum and a lawyer presented paper on ‘Corporation, Corporate Governance and Commercial Court,’ Rabindra Prasad Pandey, executive director of NRB presented a paper on ‘Basel II and Banking Corporate Governance’, Subash Adhikari presented a paper on ‘Corporate Culture for Economic Development’, and co-ordinator of the programme advocate Kumar Ingnama presented a paper on ‘Merger Acquisition, WTO Effect on Banking, Corporate Governance and Culture’ at the interaction, where Surendra Bir Malakar, president of NCC also spoke.