In brief: The board of directors a team of people appointed to provide leadership of the company and is led by a Chairman. A statutory board is an entity formed by an act of parliament to provide a specific function. For example, the National Health Services of the United Kingdom could as well be referred to as a Statutory Board — for health services. In detail: As the name suggests, a statutory board is one that is formed by an act of Parliament of any given country with a clearly defined mandate or purpose, powers, rights, and obligations. Such boards…
The changing role of a Chief Finance Officer
If Legal is a key pillar of corporate governance in any institution, Finance is the Ring Beam that holds the entire structure together. Yet, many finance officers continue to occupy the seats at the edges of the high table, instead of centre stage. This has not only alienated the finance function as a support role, instead of a mission-critical one that is given all the resources -in terms of skills and tools – it requires to transform the business or enterprise. In this era of VUCAP – volatile, uncertain, complex, ambiguous, and pandemic, the role of the finance department under…
Here is how to transform your internal audit department
Are you adding value as an internal auditor or you are just ticking and bashing and getting lost in the paperwork? In these pandemic times, you must claim your place at the highest table of decision making by providing consulting and advisory insights that transform your audit clients. To read the complete presentation we made to the Government of Uganda Internal auditors, under the auspices of the Internal Auditor General, Internal auditors have a place at the highest level of decision making – the audit committee of the board as they report directly to the board (functionally – internal audit…
Why do board meetings fail? Here are the top 10 reasons, part 2
You have probably attended a board meeting where decisions reached are not properly summarized for effective follow-up and accountability. And accordingly, no progress is visible. There are boards where the same issues keep coming up for discussion again and again. Sometimes it is a lack of resources allocated to dispose-off the issue. At other times, it is a lack of proper responsibility specified to champion the decision. Download the Free Template Here The 9th reason why board meetings fail is the inability to summarize action points or matters arising from the board meeting. The result is a lack of understanding…
Why do board meetings fail? Here are the top 10 reasons, part 1
When you are not a board member, you ogle at board members as they visit once in a while attend a board meeting with admiration. What you don’t know is that some have not taken deliberate effort to invest in improving their skills and experience to add value to the boards they serve. A board meeting is the number one forum that brings members together to discuss and make decisions, directives, or instructions to guide the business in terms of strategy and risk management. It is where decisions are taken and put on record. However, not all board…
The two governance insights you need to know as board members
A lot has been written about corporate governance and the role of the board. In these tough times, the board must rise to the occasion to steer the ship to safety and navigate the pandemic. Here are the two insights to keep in mind: 1. Strong together. The board is strong if members work together and as a team. An individual non-executive board member has limited influence over the executive in terms of holding the executive team accountable. The easiest way to influence and manage the board by the executive is using the divide and rule strategy. Many times, a…
