Corporate governance consultant Marian Barnor has emphasized the need for a corporate governance code for businesses to be developed.

Speaking on the Executive Lounge on the JOYNEWS channel on MultiTV, she also insisted that directors of firms must be held accountable if businesses they supervise fail. 

According to her, corperate governance is essential for national development because better companies make a better society.

"In order to drive the nation forward in terms of economic development attention should be focused on corporate governance," she said.

She argued that people are quick to conclude that a banks failure is due to lack of good administration when that not really the case.

Madam Barnor continued to say that effort has to be given towards implementing corporate governance and the country should provide guidelines and should also develop a code which could be applied in different industries.

Watch the video below: