The frontiers of corporate governance were recently pushed further a field when individuals who had made indelible marks in corporate activities dug deep into their wealth of experience and shared same at a seminar for that purpose.
The seminar organised by the Society for Corporate Governance in Nigeria in conjunction with the International Finance Corporation, an affiliate of the World Bank Group, had as title “Leading an effective board”.
The major objective of the one day seminar, which held at the prestigious Civic Centre, Ozumba Mbadiwe Road, Victoria Island, Lagos, was to enable participants have a good grasp and understanding of their leadership traits; be in a position to lead the board along the line of best practices and appreciate the role of the board in strategy development.
And it was specially designed for chairmen of boards, would-be chairmen and other non-executive directors of both public and private companies. In all, it was meant to enable the participants acquire valuable strategies for strengthening board performances, and gain specific ideas for improving their personal contribution to their various boards.
Some of the high profile facilitators included: Dr. Christopher Kolade, a former Chairman of Cadbury Nigeria Plc and ex—Nigerian High Commissioner to the United Kingdom; Chief Olusegun Osunkeye, Chairman of Nestle Nigeria Plc and chairman of the Board of Lafarge Cement Wapco Plc since October 1, 2009, among other corporate positions and then Fabian Ajogwu (SAN), who is a fellow of the Chartered Institute of Arbitrators Nigeria and Fellow of the Society for Corporate Governance in Nigeria. He has authored several books, including Corporate Governance in Nigeria: Law and Practice and Commercial Arbitration: law and Practice and co-author of
legal and Regulatory Aspect of Commerce.
In his paper titled, ‘Leading an effective board: The role of the chairman’, Dr. Kolade highlighted the functions of an effective board to include reviewing and approving corporate strategies and approving budgets.
According to Kolade, some of the functions of a board chairman would include a responsibility to lead the board for effective performance by ensuring the right balance in board membership; ensuring a clear articulation of strategies, policies etc. and ensuring that the board relates positively to the company’s stakeholders and making sure that the board regularly reviews its own performance.
Osunkeye, apart from stating what the role of a typical board should be, also listed the features of a good, well run and a poorly run board. In his paper, ‘The 21
st
century board of directors’, Osunkeye submitted that the success of any business ultimately depends upon the capacity of its directors to provide the vision, and direction needed not only to survive, but to develop and prosper. Quoting conspicuously from time tested managerial maxims, Osunkeye declared that “Boards differ considerably in the way they do their work, but not in the work that has to be done”.
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When Kolade, Nike Akande, other corporate icons gathered to brainstorm