Today, I announce a pre-emptive bid for the board chairmanship of Ahafo Ano North NPP, a subsidiary of NPP Ghana, Management Consultants for Ghana Incorporated. Analyst projects NPP Ghana, will in due course open the bidding process to select board chairmen for her 128 subsidiaries with incumbents having successfully elected the the parent company's Chief Executive after a very fierce contest.
There are serious manoeuvring and lobbying to coerce the corporate headquarters to go for a less competitive option, endorsement or invoke a poison pill which which her articles of incorporation permit. However, the stakes are so high and the corporate headquarters has signalled through her strategic bulwarks that managerial entrenchment will not be countenanced as its highly risky. It has been proven by empirical evidence to be self serving, even though it enhances firm-specific skills. It is predicted that incumbent board chairmen could retain their seats where they had truly represented the interest of their shareholders and maximised value of their investment.
The parent Chief Executive addressing some incumbents, also signalled his determination to protect and enhance the core values of the company and would not allow his tenure to erode value as that would be an affront to the cherished legacy of his predecessors and wouldn't be able to account. He cautioned, “I don’t want to be the leader who took the Danquah-Busia group back into opposition. "That is not an account I wish to make to my grandfather [J B Danquah], my uncle [William Ofori-Atta] and father [Edward Akufo-Addo] when I finally meet them on the other side." (Statesman, 07.02.08). Indeed, the Chief Executive was emphasizing a vision that would be propelled by efficiency and hard work.
Refreshingly, incumbents who over the years have performed creditably would have nothing to fear as they might have built formidable empires and loyalties, coupling with their deep pockets advantages.
Analytically, such incumbents have leverage and competitive advantages that would scare off new or potential entrants, except the unrelenting and aggressive predators who would propose plans that would create synergy and value. The Chief Executive seems to favour a staggered board, where a number of incumbents are replaced where necessary to strategically bolster the confidence of the shareholders in the board. He said, "First, what we have we hold. That is the law of nature..” Explaining “If we hold on to our 128 seats we maintain our majority in the 230-seat chamber and also win the presidency.” “Hence, no effort will be spared in ensuring retention of the NPP-held seats.” The emphasises is mine. (Statesman, 07.02.08). While the Chief Executive vividly expressed his determination to maintain their board member majority in the 230 seat house, he was in effect cautioning that incumbents who had not performed and fallen short of the glory, expectation and confidence of their shareholders would be sacrificed to ensure that a winnable candidate is selected to retain the seat.
I announce this bid conscious of the dynamics in Ahafo Ano North, motivated and strengthened by my passion to induce shareholder action and participation to increase value. I leverage on rich research experience and comparative analytical skills in finance, corporate governance and management, a strong professional teaching experience and community mobilization skills. I was born, nurtured and grown in the great values and traditions of the UP/NPP legacy, as the son of the late B.K Awuah, the longest Ahafo Ano North NPP shareholder's representative chairman from 1992-2000. My active involvement and commitment started in 1992 when I was at Secondary school, volunteering with some University students, organizing and canvassing for supporters in Ahafo Ano North. In year 2000, while studying at the University of Ghana, I volunteered in Volta Region as an agent with other students to challenge the managerial entrenching threat possessed by the rival group, NDC Ghana. NDC Ghana and its appendage, PNDC had mismanaged Ghana Incorporated for nearly 18 years.
At the University of Ghana in 2001, I was elected the Vice Chairman of NPP Legon and worked as a research assistant at the office of the Chief Executive of Ghana Incorporated, The Castle, during the 2002-2003 National Service year.
In the next couple of weeks I will put in a comprehensive and compelling bid for the board chairmanship of Ahafo Ano North. A plan that will create and preserve value to the general shareholder body and would be so competitive that my internal rivals would shudder and shivers would be sent via the spine of the Ahafo Ano North NDC board chairman elect. The Ahafo Ano North shareholders' representatives would after due diligence and appraisal find it non-strategic to reject my bid as it will be the only plan that could align with their interest, meet their long term value and expectation. Above all, I would commit my self to a very comprehensive management plan which my rivals cannot compete. A plan which will be unparalleled in the history of Ahafo Ano North. A plan that would give ownership to the true shareholders and increase the value of their investment by their active participation and involvement.
I finally signal to my potential competitors to revise their notes because they have a very keen competitor, what I certainly know, is that their old strategy will not work this time. I will painstakingly, give the shareholder's representatives the right information and I am very confident, the compelling nature of the realities and the imminent threat they face would demand their action.
Yaw Awuah Boadu Ayeboafo
Aspiring Board Chairmanship Candidate 2008