Accra, July 9, GNA – The Institute of Directors – Ghana (IoD-Gh) has launched the 4th IoD-Gh Corporate Governance Excellence Awards to celebrate the achievements of outstanding industry personalities and corporate institutions who have made significant contributions to their organisations and the country.
It was on the theme: “Good Corporate Governance and Ethical Leadership: An Essential Requirement for Organizational Turnaround”.
Mr Rockson Dogbegah, President of IoD-Gh, at the launch, said the awards aimed to champion directorial professionalism and development towards excellence and best practices in good corporate governance for the benefit of organisations and stakeholders.
“The focus of the IoD-Gh award scheme is developed as an educational framework which is an outcome-based assessment on the code of best practice of corporate governance …,” he said.
Mr Dogbegah said directors provided leadership to ensure sustainable good corporate governance culture to advance responsible economic growth and innovation.
He said they continued to make significant inroads into both public and private sectors of the country’s economy through training, advocacy, and strategic engagements with stakeholders.
Mr Dogbegah, therefore, called on the leadership of organisations in both public and private sectors to enhance their capacity in systems strengthening towards their sound governance.
He called for a separation of the roles between chairpersons and chief executive officers in organisations.
“The chairman is boss of the board, while the chief executive officer is the boss of day-to-day operations. The responsibilities of the two positions must be documented. No one should have unfettered power or authority on the board,” he added.
The IoD-President said the appointment to the board of companies should be done transparently and, saying, character and competence must be of priority in the selection.
He said the size of the board should be appropriate, especially taking into consideration the regulations of the company to meet its needs.
The awards event is slated for November 2021 as part of IoD-Ghana’s activities for the Directors’ week celebration.
Mrs. Elsie Addo Awadzi, Second Deputy Governor, Bank of Ghana, at the launch said, ‘’the IoD-Gh has left no one in doubt of its commitment to its mandate to promote the highest standards in good corporate governance in Ghana.’’
She said the theme was a call for action for a national dialogue on the role of good corporate governance in getting the economy back fully on its feet after the ravaging effects of the pandemic.
The Second Deputy Governor said, the quality of leadership and governance was key to shaping new visions and ways of doing business that would stand the test of time in the challenging and uncertain times.
She said the importance of good governance in building strong institutions, communities and economies, and helping to avoid the collapse of businesses could not be overemphasized and that corporate failures led to poor corporate governance, causing the collapse of some financial institutions during the global financial crisis in the year 2007/2008.
Mrs. Awadzi said, evidently, the effects of poor corporate governance tended to be widespread with several stakeholder groups feeling the brunt of the actions or inactions of a few.
“I, therefore, have no doubt at all that, this Awards scheme will help to entrench good corporate governance and good leadership in our society for the benefit of all and for generations to come,” she said.