ARTICLE
Corporate Control in Zones of
Weak Governance
Author
: Soji APAMPA
86
ABSTRACT
This paper sets out the case for a new form of corporate control mechanism , christened the Civitas Mechanism of Control by the Author , better suited for use in zones of weak governance . It examines existing control mechanisms and why they are unsuited in those environments where typically , the regulator ’ s behaviour may itself need to be regulated , and firms come up against agents they did not hire , could not possibly effectively monitor , and certainly cannot sanction but whose activities can leave them vulnerable to various risks . The paper then looks at how MACN and its local partner in
Nigeria , CBi , have navigated this conundrum to international acclaim , having won the first-ever “ Outstanding Achievement in Collective Action ” award in June 2022 by the Basel Institute on Governance ( B20 Collective Action Hub ). The paper draws parallels between the mechanism and aspects of the roles of ‘ Guardians ’ and ‘ Philosopher Kings ’ outlined in Plato ’ s Republic . It demonstrates how this reduced risk significantly for the Civitas .