Event Report: 4th Annual International Conference on Corporate & Financial Markets

From 6 - 8 November 2024 we attended the 4th CFML Conference hosted by the North-West University and the University of Botswana. The three-day event brought together leading scholars, practitioners, and experts in corporate and financial law from across Africa and beyond. Under the theme “Embracing Corporate Governance, Ethics, Fintech and AI to Combat Financial Crime and Promote Reputable Financial Institutions, Organisations and Financial Markets,” the conference addressed pressing challenges and opportunities in the field. 

The conference opened with a compelling keynote address by Judge Dennis Davis of the South African Companies Tribunal and the University of Cape Town, who explored the challenges of corporate governance in South Africa, particularly focusing on the implementation of King IV principles and their role in curbing corruption. This set the tone for a series of engaging discussions throughout the event. Other distinguished keynote speakers included Professor MD Tuba from UNISA, who delivered the second keynote address, focusing on voluntary self-regulatory measures to promote financial inclusion. His presentation provided a comparative analysis of Codes of Banking Practice across South Africa, Australia, and India, examining their effectiveness in promoting financial inclusion. Professor Tuba critically evaluated whether these voluntary self-regulatory codes are suitable measures for promoting financial inclusion, given their private nature and independence from state intervention. His analysis of institutional and enforcement mechanisms offered valuable insights into how South Africa’s Code of Banking Practice could be enhanced to better serve its objectives. The third keynote speaker, Professor PC Osode from the University of Fort Hare, presented a detailed analysis of business rescue proceedings and their effect on pre-existing contracts. His address examined the innovative features of South Africa's business rescue scheme under the Companies Act 71 of 2008, particularly focusing on Section 136’s provisions regarding contract obligations during rescue proceedings. Professor Osode's presentation was particularly timely, addressing what he described as “some of the most vexing questions of South African corporate insolvency law” through the lens of emerging jurisprudence. Professor TH Mongalo from the University of Witwatersrand delivered the fourth keynote address, making a compelling case for democratising corporate law. His presentation, “Making Corporate Law Make Sense,” challenged the traditional notion of corporate law as an exclusive domain of specialists. Professor Mongalo advocated for incorporating corporate law into all higher education programs and demonstrated how various corporate law transactions, from constitutional amendments to public offerings, could be made accessible to ordinary entrepreneurs. His vision for transferring “corporate law power to the people” offered a fresh perspective on making corporate law more inclusive and beneficial to broader society. The final keynote address by Professor K Odeku from the University of Limpopo tackled the complex challenge of South Africa's just energy transition. His presentation examined the delicate balance between reducing greenhouse gas emissions and maintaining economic growth and employment. Professor Odeku analysed the implications of South Africa’s $8.5 billion international funding package for transitioning away from coal-fired power stations, exploring the tension between environmental objectives and labour concerns. His address highlighted the complex interplay between international environmental commitments and domestic socio-economic realities. 

A significant portion of the conference was dedicated to exploring the intersection of artificial intelligence with corporate governance and financial law. Sessions covered diverse topics ranging from AI-driven personalised pricing regulation to the role of robo-advisors as fiduciaries. The integration of technology in combating financial crimes emerged as a recurring theme, with several presentations addressing the challenges and opportunities presented by fintech solutions in preventing fraud and money laundering. Financial inclusion and accessibility formed another key focus area, with discussions centred on mobile money regulations, open banking initiatives, and regulatory sandboxes. Of particular interest to us in the field of IP was Professor Lonias Ndlovu’s presentation on ‘Financial Inclusion and intellectual Property Rights in Mobile Banking Applications: Selected African Reflections’ which highlighted how mobile banking has increased access to financial services for the broader African population. His research further revealed that IP rights in this instance are working as intended by fostering innovation and concluded that they are not hindering any access to these services.  

The conference was notably enriched by the contributions of Ms Queen Munyai, CEO of the Consumer Goods & Services Ombud (CGSO) of South Africa, who provided valuable insights from both regulatory and consumer protection perspectives. In her opening remarks on the first day, Ms Munyai set the stage for discussions about consumer protection and ethical business practices in the modern financial landscape. Her subsequent presentation, “Upholding the Provisions of the Consumer Goods and Services Industry (CGSI) Code of Conduct as an Ethical Practice by Businesses to Combat Financial Crime,” offered practical insights into how businesses can integrate ethical practices into their operations while maintaining compliance with consumer protection regulations. Ms Munyai emphasized the crucial role of industry codes of conduct in preventing financial crime and protecting consumer interests, drawing from her extensive experience at the CGSO. 

The academic program was enriched by two significant panel discussions. The first focused on mentorship in academia, featuring insights from experienced scholars and practitioners. The second provided practical guidance on academic writing and publication processes, particularly valuable for emerging scholars in the field. These sessions contributed to the conference’s broader goal of fostering academic development and knowledge exchange. These discussions were particularly beneficial and insightful to the IP Chair researchers. 

The conference successfully demonstrated the evolving nature of corporate and financial law in the face of technological advancement and global challenges. The discussions highlighted the growing importance of integrating ethical considerations and technological innovation in corporate governance while maintaining focus on traditional principles of financial regulation and oversight. Participants engaged in meaningful dialogue about the future of corporate governance, particularly in developing economies, and the role of technology in shaping this future. As the conference concluded, it was evident that the event had achieved its objectives of promoting dialogue and knowledge exchange on critical issues in corporate and financial law. The diverse range of topics covered, and the quality of discussions reflected the complex challenges facing the field today, while also highlighting potential solutions and opportunities for future development. The success of this year's conference has set a high standard for future CFML events and contributed significantly to the ongoing development of corporate and financial law in Africa.