\n
Professor Douglas Boateng<\/strong><\/p>\n\u00a0<\/p>\n
Chair of the Minerals Income Investment Fund (MIIF), Professor Douglas Boateng, has called for the immediate overhaul of boardroom compensation indicating that the current state of board compensation in state-owned enterprises (SOEs) is unsustainable.<\/p>\n
Speaking on the sidelines of the recent Boardroom Summit, Professor Boateng highlighted the dangers of inadequate boardroom compensation, warning that it threatens the future of these vital institutions.<\/p>\n
\u201cWe can no longer pretend everything is fine,\u201d he stated. \u201cHow can we expect board members, overseeing organisations with assets exceeding $400 million, to fully commit to their duties when they are paid less than $380 per meeting or $1520 per annum? This level of compensation is far too low for the responsibilities involved.\u201d<\/p>\n
Professor Boateng emphasised that board members face increasingly serious risks in today\u2019s corporate landscape. \u201cIn these days, not only can one\u2019s hard-earned reputation be destroyed, but you can go to jail if things go seriously wrong. Board members must take their roles seriously, and for that, they must be properly compensated,\u201d he cautioned.<\/p>\n
He also stressed the need for board members to add value through a deep understanding of the companies and industries they oversee. \u201cProtecting shareholder interests and driving value requires directors to constantly seek information, ask tough questions, and stay informed. This demands time, effort, and fair compensation,\u201d he said.<\/p>\n
While recognising the honor of public service, Professor Boateng insisted that fairness in remuneration is essential.<\/p>\n
\u201cServing as a non-executive director in SOEs is a national duty, but the serious responsibilities involved require fair compensation. This call is not for higher pay for current directors and chairpersons, but to ensure that future leaders are properly incentivised to meet modern board room governance demands,\u201d he said<\/p>\n
Professor Boateng\u2019s remarks reignited debate on the future of SOE leadership, making clear that without reform, these enterprises will continue to struggle in attracting and retaining the talent they need to thrive.<\/p>\n
\u201cOutdated practices must change. SOEs are critical to national development and meeting global objectives like the UN SDGs and Africa\u2019s Agenda 2063. Board compensation must reflect the importance of these roles, not just to attract talent but to safeguard the integrity and effectiveness of these institutions,\u201d he added.<\/p>\n
Professor Boateng called for a shift from politically motivated appointments toward merit-based leadership.<\/p>\n
\u201cSOE board roles require specialised expertise, strategic thinking, and accountability. Compensation should reflect the demands of the role. If we fail to act, we risk jeopardising the future of these institutions,\u201d he warned.<\/p>\n
Professor Boateng urged swift reform saying, \u201cThe time for change is now. Governments must reassess how SOE boards are compensated, not just for fairness, but to ensure that our SOEs are led by the best talent equipped to navigate today\u2019s complex global challenges.\u201d<\/p>\n
\u00a0<\/p>\n
\n\t<\/div>\n","protected":false},"excerpt":{"rendered":"
Professor Douglas Boateng \u00a0 Chair of the Minerals Income Investment Fund (MIIF), Professor Douglas Boateng, has called for the immediate overhaul of boardroom compensation indicating that the current state of board compensation in state-owned enterprises (SOEs) is unsustainable. Speaking on the sidelines of the recent Boardroom Summit, Professor Boateng highlighted the dangers of inadequate boardroom […]<\/p>\n","protected":false},"author":1,"featured_media":238999,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-238998","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"\n
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