- The various categories include public sector, NGO’s, SME’s , Large private sector , Banks and Insurance.
- Organisations were assessed on their corporate governance policies and assessments are simply a hygiene check.
- The corporate governance awards present an opportunity for companies to be more sustainable and responsive.
The Institute of Corporate Governance of Uganda ( ICGU)in partnership with Grant Thornton (GT) has organised the 2nd ICGU Corporate Governance Awards today at Mestil Hotel, Nsambya.
This is under the theme, “corporate governance; recognizing adherence to best practices”.
During COVID -19 a number of organisational practices changed, new management discoveries like virtual operations, environmental, Social and Governance aspects became more pronounced, new investment opportunities emerged as well as new risks
While speaking ahead of the awards ceremony, Geoffrey Kihuguru, chairman, Awards and Recognition Committee, noted that the corporate governance awards present an opportunity for companies to be more sustainable and responsive.
“Government is calling for 70% of the National Budget to be funded locally, this means we need to have more sustainable and responsive private sector and this cannot be achieved without the tenets of corporate governance.”
He added,” different organisations were assessed on their corporate governance policies and assessments are simply a hygiene check on operations that is to say, accountability, transparency, integrity, responsibility, compliance, excellence and governance. This implies board processes, board contributions, board independence, board diversity, environmental social and governmental strategy and the board oversite role.”
According to the Chief Executive Officer, Dison Bosco Okumu, 60 % to 70%of companies registered do not live beyond their 2nd birthday and many NGO’s close because they fail to follow corporate governance principals and therefore their work is to raise awareness in regard to adopting corporate governance.
“we see banks closing because somewhere they did not follow corporate governance principles even supermarkets like Uchumi, Shoprite and Nakumatt came and collapsed because they lacked somewhere in terms of corporate governance practices”,Okumu remarked.
The scores in the various assessments will inform the winners of awards in the various categories including public sector, NGO’s, SME’s , large private sector , banks and insurance.
The Managing Partner Grant Thornton, Anil Patel noted “ we as an accounting firm who are in the provision of auditing and advisory of businesses and investment in Uganda, we have the knowledge of the state of affairs of the most organisations or businesses and its environment in Uganda.
“For several decades we have identified that where there is a presence of good governance practices, those organizations are growing sustainably growing and where there is absence we have seen problems including collapsing and that’s where have seen the opportunity that if we have to be relevant in this market, we must support good governance in the country whether in public or private sector,” Patel emphasized.
Sponsors of the awards ceremony include,Grant Thornton , Centenary Bank,Diamond Trust Bank,Vision Group,Kansai Plascon,Bank Of Uganda,Insurance Regulatory Authority,Uganda Development Bank.