Corporations have been advised to appoint Boards of Directors based on skills and their capabilities to enable sustainable business management.
Speaking ahead of the Annual LEAD Convention 2024 slated for 25th /July organised by the League of East African Directors (LEAD), Pheona Nabasa Wall, the Executive Director says that sometimes Boards of Directors are appointed based on their prominence or popularity which has led to the decline of the majority of businesses across the country
She explained that governance issues including misappropriation and corruption are sometimes not because of intention to commit an offense, but out of the lack of skill or preparation for a task.
Nabasa states that the convention aims at giving the general public, the private and public leaders in particular, tips on how to ensure good governance, detect and determine shortcomings, and also demand accountability.
She adds that this year it will run under the theme, "Boards of the Future: Fostering Resilience in an Uncertain World”. ” The theme was chosen because there have been changes in the interests of regulators and the public as well as other stakeholders like capital providers, and some of these became even more necessary after the COVID-19 pandemic” Nabasa says.
She notes that there are numerous challenges affecting organisations including the evolving technology and its relevance, issues of ESG (Environment, Social and Governance), the reporting standards, among other regulations.
“Now, LEAD is leading the effort to ensure there is a large pool of skilled personnel who can take on the role of a perfect Board Member in today’s and the future environment”, Nabasa says.
