The Institute of Directors Ghana (IoD-Gh) has asked State Enterprises to have board charters to “guide the behaviour and regulate” activities of board of directors.
The Institute said whiles SOEs monitored and evaluated key performance indicators on annual performance contract for specified entities and brought innovation and creativity in business strategy, it was important that they were guided by charters.
This was contained in a communique issued by the Institute at the end of it’s Directors’ Conference on the theme: “Good Corporate Governance and Effective Stakeholder Engagement: Critical Ingredients for sustainable growth”.
According to the Institute, board composition and culture should be a strategy to enhance sustainable performance.
That way, it stressed that management’s commitment to the strategic direction of the board would result in the development of appropriate policies aimed at rebranding the corporate image for better visibility, staff motivation, and operational efficiency.
“There is a need to build stronger institutions of good governance in Ghana and develop the appropriate performance architecture to enhance performance,” the communique added.
It encouraged board members, including politically connected directors to obtain Board of Directors’ Certification for “relevant” mandatory Continuous Professional Development.
IoD-Gh held the maiden Directors’ Week Celebration in 2018 as an annual event to bring directors and members of the Institute together to build capacity, network and share ideas on how to promote good governance and professionalism in their various spheres of influence in Ghana.