The Institute of Directors-Ghana (IoD-Gh) Thursday launched the implementation phase of the National Corporate Governance Code. The Code seeks to harmonise all existing governance codes for the public and private sectors, and to ensure ease of use, provide for sectors with no governance codes, and promote investor confidence in Ghanaian businesses and enterprises. The launch, which took place during a Stakeholders’ Engagement, brought together various institutions and partners to deliberate on how the Code could be implemented successfully. Mr Alban Kingsford Sumana Bagbin, Speaker of Parliament, in a message delivered on his behalf, said Parliament was ready to support the IoD-Gh to promote effective corporate governance in the country. He said there was the need for more efforts to ensure the development and enhancement of corporate governance to promote the growth of industry and the corporate world. ‘The launch of the implementation phase of the Corporate Governance Code Project is, therefore, an honourable achievement of the Institute that needs support of all well-meaning Ghanaians,’ he said. Professor Collins Ntim, Chairperson of the Technical Committee for the National Corporate Governance Code, said purpose, leadership, controls, genuine disclosures, and humane engagement formed the key pillars of the Code. He said the Code would promote patriotism, accountability, and responsibility. ‘Having a National Corporate Governance Code to guide corporations can help minimise the ‘evils’ of business and make corporations a vehicle for economic growth and national development,’ he said. He indicated that the implementation strategy of the Code comprised stakeholder engagements, work with relevant academic and professional institutions, capacity building and training, as well as monitoring, evaluations and awards for excellence. Dr Olu Ajayi, Chief Executive Officer, Maddison Pine, said good corporate governance must reflect in the social wellbeing of citizens. She added that successful implementation of the Code required collaborative efforts from all stakeholders. Mr Eric Opoku, Head of Governance, Risk and Compliance Division at State Interests and Governance Authority (SIGA), said there should be sanctions in the Code to ensure compliance. ‘Those who misconduct themselves need to be punished while rewarding those who uphold the Code, to serve as encouragement to others,’ he said. Rev (Mrs) Angela Carmen Appiah, President, IoD-Gh, charged members of the Institute not to only be aware of their responsibilities, but to also conduct themselves ethically, adding that, professionals ought to be deliberate and intentional in their professional conduct. The Stakeholders’ Engagement also saw the inauguration of the Implementation Committee to spearhead the implementation of the Code. The Institute also launched the 6th IoD-Gh Director’s Conference and Corporate Governance Excellence Awards, with the theme: ‘Enviromental, Social, and Governance (ESG) Reporting: Essential Layers of Good Corporate Governance and Sustainable Growth’. New candidates were inducted into IoD-Gh whilst EQUIP Ghana, a John Maxwell Transformational Leadership Movement, signed a Memorandum of Understanding with the Institute.

Source: Ghana News Agency