The Institute of Directors Ghana (IoD-GH) has stepped up efforts to promote good corporate governance practices among public and private institutions by leading an advocacy to legislatively train and license all directors in the country.
The move, the institute said, followed the rising poor corporate governance practices in both private and public institutions which have accounted for the high corruption in most sectors of the economy.
“We are leading an advocacy to legislatively require prior continuing education, training, certification, and licensing of directors of both public and private institutions,” the President of the institute, Mr Rockson Dogbegah, said at the launch of the 2018 director’s week celebration on November 15, in Accra.
According to him, the agenda to get legislation for director certification and training as a prerequisite for board membership is key on the table of the institute.
Subsequently, he said the institute was engaging with other stakeholders such as the Registrar General Department to facilitate the development of a law which would regulate the activities of directors in the country.
“We have not made enough progress on that agenda but ultimately, we want to believe that it is something that everyone must show interest and support,” he added.
Mr Dogbegah stated that the institute also planned to establish a corporate governance barometer to measure the extent and quality of corporate governance practices in the country.
“We wish to institutionalise an IoD-GH annual award scheme to promote, recognise and celebrate good corporate governance and leadership,” he said.
The institute, according him, will develop a strong collaboration with tertiary educational institutions to promote research courses with students, and organisations in corporate governance and leadership.
“We want to enhance business development through continuous training and development of directors and leaders of corporate entities in Ghana.
“We will again establish a private-public sector dialogue forum. We will also encourage active collaboration with donor and development partners of the country,” he said.
These initiatives, Mr Dogbegah added, was part of a new and far-reaching strategic measures to improve on the corporate governance and leadership environment in Ghana.
Role of media
A fellow of the institute, Professor John B. K. Aheto, asked the media to support the IoD-GH to encourage good corporate governance practices in both private and public institutions.
He said the media was one of the most important player that promoted proper corporate governance practices among leaders of institutions in the country.
“We are pleading with the media to be active partners in our efforts to promote good corporate governance practices by demanding accountability,” he added.
Maiden directors’ week
The institute, however, outlined a number of activities for its maiden Directors Week Celebration which was on the theme ‘Stimulating the culture of good Corporate Governance and Leadership’ and slated between 14 and 22 November 2018.
Some of the activities tabled for the directors’ week celebration consist of engagement with academia by leadership of the institute, establishment of corporate governance clubs, and corporate governance awards.