The board is responsible for oversight. This includes risk management and compliance. Regardless of the type of the company, failure to comply with the laws and regulations of the land presents serious risks to the business. The board executes their role by effective application of the ‘tools of the board.’ The first tool of the board is a risk policy. The board’s risk policy provides for the formulation of the enterprise risk framework or strategy which also articulates the risk appetite and the risk management process, including providing for risk register. In Uganda, MTN spent the bigger part of March…
The board’s role in corporate governance
The board is the top most decision-making body. It is accountable to the shareholders or the owners of the business. Its primary roles are two-fold; provide effective oversight and going concern. The oversight role entails effective enterprise-wide risk management and compliance. The board must ensure the organization is sustainable for the long term. Any anticipated events or risks which could take place and stand in the way of the organisation growth must be proactively identified and taken care of. Take the case of MTN Nigeria scandal. In 2010, Nigeria Federal Government through their communications commission required all Mobile Network Operators…
