Introduce legislation to address corporate governance gap – IoD

Council members of the Institution of Directors (IoD)

In addressing the corporate governance gap that currently hunts the country at both the public and private sector, the Institution of Directors (IoD) has indicated the need for a legislation that would ensure the training and certification of director.

The legislation also intends to introduce a licensing regime for the all directors for the public and private sector institutions.

In an address at the media launch of the Directors Week on Wednesday in Accra, dubbed; ‘Stimulating the Culture of Good Corporate Governance and Leadership,’ the President of the IoD, Rockson Dogbegah noted that process to get this legislation is on-going, as the IoD has already had some engagements with the Registrar Generals Department, critical stakeholder legislation for directors training and certification.

Projects

The IoD would develop a corporate governance index, to measure the strength of corporate governance practices in Ghana periodically for purposes of corporate governance monitoring and the necessary interventions.

Dogbegah noted that the IoD would institutionalize an IoD Ghana annual award scheme to promote recognized and celebrate good corporate governance and leadership.

Further to this, the IoD would develop a strong relationship with tertiary educational institutions in the country, to promote research courses and programme in corporate governance and leadership.

This would ensure have student corporate governance clubs developed, and the third is to have student level corporate governance awards scheme developed.

The mission of the Institute is to promote good corporate governance through: developing national institutional capacity, enforcement of the Institute’s Code of Ethics, providing education and professional development.

IoD’s vision is to become a global professional body that trains directors to become efficient and effective.

The Institute organises the following programmes: Professional Course in Corporate Governance. Successful completion leads to the award of a Professional Certificate and admission to membership of the Institute; Advanced Professional Course in Corporate Governance. Upon completion, the member is awarded a Certificate. Customised Programmes. These are organised for organisations that request for them. They include topics such as Financial Reporting, Strategy, Risk Management, Procurement, Marketing etc.

Benefits for being a member of the Institute include; improved competence; social networking with other members (who are mainly directors and managers); overseas and local training; enhanced confidence; receipt of newsletters on current trends in corporate governance; ability to add value to corporate activity etc.

By Joshua W. Amlanu