Be crusaders of good corporate governance, IoD-Gh inductees charged

The Institute of Directors-Ghana (IoD-Gh), has inducted 42 new members who have completed their training and orientation programmes.

President of IoD-Gh, Mr. Rockson Kwesi Dogbegah congratulated the new members on behalf of the governing council and management for successfully satisfying the key requirement in becoming bona fide members of the Institute.

“It’s always a great joy for me and members of the Institute anytime we have the opportunity to induct new directors,” he said on Wednesday during the virtual induction ceremony, adding “As you get inducted today, I want to leave you with two admonitions - firstly, to be crusaders of good corporate governance wherever you find yourselves and secondly, to know that the world is seeking more accountability from you and you can no longer be a passive board member or director.”

According to Mr. Dogbegah, the institute with current membership of 1,192, aims at nurturing more professionals to play important roles in the boardrooms and in management positions.

This objective, he said, arises from the need for high-quality human resource which is becoming the number one tool to turnaround companies and countries.

“Companies and countries who have no place for such high-quality human resource in charge of affairs, continue to retrogress. So, if companies in Ghana and Ghana itself, will develop, then we need to place emphasis on getting quality people to be in charge of affairs, otherwise we are going nowhere,” he added.

For him, good corporate governance is “unfortunately rare in our part of the world,” hence the need to induct directors who will “create an environment which gives employees and managers the encouragement to fly.”

He further added that the institute will continue to push for good corporate governance and will also continue to “aggressively grow our membership, because we need that critical mass, to change the conduct of business in this country for the better.”

Mr. Rockson Kwesi Dogbegah also used the opportunity to advice the new inductees on some responsibilities expected of them in their line of duty.

The obligations for the IoD-Gh members he listed to include:

1. Directors must receive approval for major transactions from shareholders
2. Board Meetings should be held at least once in every six months
3. Directors should ensure that an interest register is kept
4. Directors’ report must include steps taken by the board to build the capacity of directors in the discharge of their duties
5. Directors must appoint qualified persons as secretaries of the company
6. Directors must ratify pre-incorporation contracts within 18 months after incorporation
7. Directors are to ensure that Auditors do not hold office for a term of more than six years

Mr. Dogbegah wished the institute and its new members well in their new and privileged positions, and prayed also that they will be light and salt to corporate governance.