Only six banks have submitted applications for the ICGU CG awards, is this good for the economy?

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 who […] Read more

ICGU Corporate Governance Awards 2018

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 value […] Read more

The board’s role in corporate governance

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 (MNOs) to […] Read more

Governance and profitability: is there a dilemma?

Governance and profitability: is there a dilemma?

The reason for good governance is to earn as much profits as you can in a sustainable way. In non-government organizations and public sectors, the reason for good governance is to deliver stakeholder value.

There is no dilemma whatsoever unless there is conflict of interest, corruption and fraud. These are tell-tale signs of bad governance. In my position as the Secretary of the Institute of Corporate Governance of Uganda, we are creating environment of best practices to make sure that people understand how to run their businesses profitably and sustainably. When this is achieved, economies prosper, and people succeed.

You don’t want […] Read more

World Bank Uganda Office: why not partner and engage with the private sector in furthering good governance?

World Bank Uganda Office: why not partner and engage with the private sector in furthering good governance?

What are the motives of World Bank local country offices? Why is World Bank adamant when it comes to partnering and engaging with the private sector especially in issues of furthering the enterprise governance discussion?

The Association of Certified Fraud Examiners, Uganda Chapter is organizing the 2nd annual anti-fraud and good governance conference with a theme: Winning Partnerships against the Fraud Risk in the Public Sector.

Aware that nothing eats shareholder value like fraud, on 8th September 2016, we sent a partnership and attendance invitation letter. It is unfortunate that World Bank Uganda office turned down the invitation!

How does World Bank promise […] Read more

The role of the Board of Directors

The role of the Board of Directors

The board of directors is the topmost decision making body, appointed by the shareholders (for a listed company or public entity) or owner of the business (in case of a private or family owned business). Public companies for example those listed on the Uganda Stock Exchange (USE) and those owned by Government of Uganda, must have a board of directors by law. The objective is to protect the interests of the general public and shareholders.

Good boards are composed of people with diverse skills, experience and exposure to provide effective oversight for the long term success and growth.

Instead of asking how […] Read more