Law to regulate appointment, functions of Board of Directors in the offing – President

A law to regulate the appointment and functions of Board of Directors in the country is in the offing, the President, Nana Addo Dankwa Akufo-Addo, has said.

He said good corporate governance, hinged on values such as accountability, fairness, transparency, had become necessary for the success and sustainability of corporate organisations.

President Akufo-Addo said this in a speech read on his behalf by the Deputy Minister of Trade and Industry, Carlos Kingsley Ahenkorah at the maiden Institute of Directors Ghana (IoD-Gh) Excellence Awards in Corporate Governance 2019 held in Accra last Friday.

The programme which was part of the IoD-Gh two-day international conference on corporate governance was on the theme “Optimising the Growth of SMEs whiles Globalising Big Corporates:  The Role of Good Corporate Governance.”

President Akufo-Addo said his government was seriously considering a legislation to regulate corporate governance in the country.

Good corporate governance practices and policies, the President said formed the modus operandi of Boards of Directors of corporate bodies across the globe.

“Choosing the right set of Board of Directors largely guarantee the success of and development of business organisations and the country,” he said.

He said Board of Directors were critical to achieving an organisation`s vision and goals.

Outlining measures being taken to sanitise the corporate governance sector, the President mentioned the New Companies Act and the Corporate Governance Code of the Bank of Ghana.

The President announced that a mandatory training for Board of Directors for business organisations in the country.

He commended IoD-Gh for the awards to recognise individuals who have worked hard in their fields of endeavours in the corporate governance sector.

The President said the awards would lift the bar in corporate governance practice in the country.

The Governor of the Bank Of Ghana, Dr Ernest Addison in a speech read on his behalf said corporate governance issues had become necessary for the sustainability of business organisations.

He said the  theme of the programme emphasised the need  for Board of Directors to institute good corporate governance measures in the organisations they lead.

The President of IoD-Gh, Rockson Dogbegah said the competitive and honorary award was to recognise individuals and organisations who were working to promote governance practice in the country.

He said the individuals and organisations in the competitive categories went through rigorous selection process.

Mr Dogbegah said the award was to stimulate good governance practice in Ghana, stressing that as lot needed to be done bring up corporate governance practice.

The Managing Director (MD) of Stanbic Bank Limited, Mr Alhassan Andani in his remarks said his award was endorsement of the good work he was doing.

He dedicated the award to the staff and clients of the bank and individuals who had mentored him in his banking career.

The MD emerged the overall winner in the individual category after lifting the Most Influential Director of the year.

The Innovative Director of the year went to Chief Executive Officer of Prudential Life Insurance, the Most Credible and Media Communication award went to Kenneth Ashigbey and Up and Coming Director of the year went to MD of Eusbet Hotel, Robert Mensah.

In the Corporate category, Stanbic Bank Ghana limited the overall best, after lifting the Universal Bank category.

Wilmar Africa was adjudged the best in Corporate Governance compliance, B5 Plus Limited the best in the Fabrication and Metal Industry,  Busac Fund took the best in development partners and Non-governmental organisation category, the best in Electronic and Electrical Equipment went to JMGL Limited, UPSA took the best in education and Avnash Industries Ghana Limited won the best in Agro-based Industry.

By Kingsley Asare

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