Following the passage of the new Companies’ Act 2019 by Parliament early this month, the Institute of Directors (IoD) Ghana has initiated pragmatic measures to ensure compliance by duly registered companies with the training and certification requirements inserted into the revised Act.
Effective May 29th 2019, the Institute is embarking on a national tour to deliver free training in corporate governance practices in all regional capitals. This is expected to enhance business development and ensure acceptable corporate governance practices in both the public and private sectors of the economy.
The exercise – instituted to promote and maintain good corporate governance practices – forms part of the Institute’s activities marking the 20th Anniversary since its inception in 1998 as well as activities being executed under the Institute’s Corporate Social Responsibility initiatives.
Strong corporate governance practices play an important role in upholding the reputation of the business community. Training and certifying individuals in this crucial area builds their capacity pivotally in better managing their respective institutions.
“The Institute over the years, has played its role in the socio-economic development of Ghana, particularly in the area of capacity building and providing institutional support in corporate governance” a statement released by President of the Institute, Rockson Dogbegah said.
The effort at ensuring mandatory training and certification for Directors in all private and public institutions intensified following revelations of some serious infractions in Ghana’s financial intermediation industry with regards to corporate governance principles and its undesirable negative effects on the socio-economic dynamics of the sector.
This has been propagated by the IoD in its continuous interactions with representatives of the Registrar General’s Department.
In promoting ethical culture, the Institute has already initiated some strategic initiatives including establishing a corporate governance index to measure the strength of corporate governance practices in various institutions as well as implementing an annual award scheme to honour distinguished personalities who have distinguished themselves in promoting good corporate governance practices.
The exercise will kick start in the Eastern Region from 29th May, Kumasi on 6th June, Sunyani on 7th June and Cape Coast on 12th June. It will also continue in Takoradi on 13th June, Wa will have its turn on 9th July, followed by Tamale on July 10th before running it up at Bolgtatanga in the Upper East Region on 11th July.
The newly created regions will also be covered before the end of the year.
By Dundas Whigham