Institute of Directors-Ghana engages stakeholders on national corporate governance code

The Institute of Directors-Ghana is engaging stakeholders to develop a national corporate governance code to enhance good management practices in the country.

It is also pursuing the agenda of getting legislative backing to promote directorship to ensure the attainment of the agenda of good corporate governance.

Mr Rockson Dogbegah, President of the Institute, who announced this, said the draft bill was ready and going through stakeholder consultation to fine-tune it.

“We believe sincerely that if the bill is passed, it is going to enhance the corporate governance environment, where people will appreciate professionalism better than the way it is now,” he said.

Mr Dogbegah was speaking at the virtual launch of this year’s director’s week celebration on the theme: “Good Corporate Governance and Leadership: An Essential Framework for the Management of Uncertainties.”

The week celebration, the third in the series, will be celebrated virtually due to the COVID-19 pandemic.

He said the Institute was seeking to ensure that training became a cardinal aspect of the country’s governance architecture and called for collaboration from the media to achieve the objectives.

“The issue of acquiring basic training in directorship will become very key. The current practice is that everybody wakes up and register a company and becomes a director. Beyond that, you need certain skills set to be able to operate the objectives of the organizations,” he said.

Mr Dogbegah said directorship played a key role in the wealth and value creation of nations and the board of directors was the focal point in the corporate governance system and legally mandated with directing and overseeing organizational success.

He said good corporate governance contributed to organizational effectiveness.

“Directors provide leadership to ensure sustainable good corporate governance culture to advance responsible economic growth and innovation,” he said.

He said in the uncertain covid-19 pandemic environment, directors were to up their game to ensure appropriate strategic interventions for business continuity and sustainability.

The need for directors to self-appraise, test, prepare and insulate themselves against uncertainties is another major issue that has become a keen global concern, not only for directors but humanity in general.

Mr Dogbegah said preparations to contain uncertainties had not only become the new normal but the key essential, necessitating things be done differently.

“Institute of Directors-Ghana is ready to offer necessary support to individuals and institutions to build the needed capacity for sound corporate governance and leadership in the economy,” he added.

He said the Directors week celebration for 2020 would explore opportunities for members to examine their systems and access their degree of preparedness for dealing with uncertainties.

He said strategic capacity development sessions would also be organized to equip directors to be able to manage uncertainties.

Opportunities will further be created for members to interact with the leadership to discuss various strategic issues relating to the institute.

There would be an award ceremony to recognize individuals and organizations who distinguished themselves in the promotion of good corporate governance.