The President of the Institute of Directors (IoD) Ghana, Mr Rockson Dogbegah has admonished directors of both public and private institutions to adhere to the five key principles of good corporate governance.
According to him adhering to the five key principles of good corporate governance is the surest way for the country’s economic growth and development.
Mr Dogbegah gave the admonishing when addressing a virtual induction ceremony for some 42 new members into the IoD-Ghana after successfully going through effective mentoring and training in good corporate governance.
“As directors of your various organization, you should always adhere to the five key elements of good corporate governance which are: Integrity, Competency, Transparency, Accountability and Responsibility” he reiterated.
The President of IoD Ghana again entreated members of the Institute to be abreast with some of the key highlights of the New Companies Act.
He hinted that the 42 new inductees have increased the total number of members of IoD Ghana to 1,192.
According to him, the institute do not only exist to increase it membership but more importantly to nurturing more professionals to play important roles in the boardrooms and in management positions.
“The world is getting sophisticated and high-quality human resource is becoming the number one tool to turnaround companies and countries” . He observed.
Mr Dogbegah however, lamented that Corporate Governance is unfortunately rear in this part of the world saying, ‘both companies and governments only pay lips service to this all important enabler. This he added can only bring retrogresion.
The need to place emphasis on getting quality people to be in charge of affairs for good corporate governance he noted is critical.
The Institute, Mr Dogbegah said will continue to push for Good Corporate Governance and we will also continue to aggressively grow its membership to change the conduct of business in Ghana for the better.
“We also remain committed to our strategy and will position the Institute as the foremost when it comes to corporate governance” he added.
The President of IoD Ghana charged the inductees and old members who witnessed the online induction meeting to consider themselves as not just advocates but crusaders of Good Corporate Governance.
“You must be shining examples and also seek to convert as many people as possible to be advocates and practitioners of Good Corporate Governance.
He admonished the inductees to always be abreast with new reforms.
“As Directors its important to be aware of some of the key highlights of the New Companies Act that you must comply with” he emphasized.
Amongst some of the reforms he noted are demands on directors to receive approval for major transactions from share holders and the need for Board Meetings to be held at least once in every six months.
The act he said also ensures that Directors keep an interest register and reports teps taken by the board to build capacity of directors in the discharge of their duties.
It is for this reason Mr Dogbegah called on directors on boards to acquire more knowledge and be much equipped in the corporate governance of their various institutions
“Those of us who are on boards only at the Registrar General’s Department records, with absolutely no idea what the firm or company is engaged in, may soon find ourselves on the wrong side of the law.
The lnstitute provides corporate governance services in the areas of training for new and old board members, and help organizations to perform board performance appraisals. It also provide suitable directors to serve on both public and private sector boards and advocate for good corporate governance through policy interventions and reforms.