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…
The rise and fall of Support Organisation for Micro-cent Development (SOMEDI) microfinance
My Dad’s best friend, Mr. Joseph Businge, used to own three shops and a restaurant in Masindi town. His wife, Beatrice, was an employee at Support Organisation for Micro-cent Development (SOMEDI) head offices in Masindi. They had five children in school who were very promising. Joseph was a successful man providing employment opportunities to other ten Ugandans working in his small businesses. He owed his success to SOMEDI Microfinance which gave him a small loan, through a group of five friends. In 2008, SOMEDI Microfinance once one of the top Microfinance institutions in Uganda with operations in over eight districts,…
The sophisticated “Christian”
This case study explores the role of forensic accounting in fraud detection and the need for internal auditors to adopt a forensic investigation approach. Learn the importance of standing on your foot as an accountant by insisting that your superiors put all their requests or instructions for money in writing. The golden rule is simple — don’t give away cash unless it is receipted or signed for. NB: All names and dates are not real for client confidentiality. When I was in prison, visiting, an inmate came right after my presentation and said: “Sir, I really appreciate your talk on…
Only six banks have submitted applications for the ICGU CG awards, is this good for the economy?
When the Institute is celebrating corporate governance, it is something everyone should be involved in. It is their opportunity to shine. We know that Financial Institutions mainly banks, and insurance companies are one of the most highly regulated entities. If they are regulated entities, when it comes to any award that is awarding compliance, these institutions should be at the fore front. There is a Financial Institutions Act which provides minimum benchmarks for anyone to run a bank. It also provides for the appointment of the board, and how it should run the business. The Central Bank vets board members…
ICGU Corporate Governance Awards 2018
The Institute of Corporate Governance of Uganda (ICGU) has organised the first Corporate Governance awards that will take place on 17th May 2018 at Kampala Serena Hotel. This is one of the key milestones happening in the country. We will be celebrating the best corporate governance practitioners. As the secretary of ICGU, corporate governance is key to a company’s success. Any organisation in Uganda must participate because it is an opportunity to put your corporate governance practices to the test. There are so many organizations that have put boards in place but are doing things which do not necessarily add…
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…