Deputy Minister for Energy and Minerals, Mr Charles Kitwanga (left) presents a trophy to the winner of the inaugural Best Board Leadership Awards (BBLA) 2014 in the Banking Sector, the CRDB Bank Acting Chairman of the Board, Mr Martin Mmari. CRDB Bank emerged the winner in the banking sector, while Heritage Insurance became victor in the insurance sector at a colourful ceremony at Serena Hotel in Dar es Salaam over the weekend.
CRDB Bank edged out Exim Bank which finished second and Tanzania Postal Bank (TPB) which settled for the third slot to claim the coveted prize in the banking sector.
The colourful occasion was graced by Deputy Minister for Energy and Minerals, Mr Charles Kitwanga, who urged for more institutions in the financial sector to take part in future.
There are more than 50 commercial banks and 30 insurance companies currently operating in the country. ?I want to congratulate the coordinators of these awards for coming up with this productive idea.
Next time it will be more productive if the awards will also involve our social security funds,? he suggested. Heritage made it in the insurance sector after outsmarting Alliance Insurance Corporation, Alliance Life Assurance and Strategis Insurance Limited, respectively.
The competition which saw the participants undergoing vigorous evaluation process was manned by a four-member panel led by Mr Leonard Mususa, retired PricewaterhouseCoopers (PwC) Country Senior Partner.
Other panelists were Mr Ludovick Utouh (retired Controller and Auditor General), Mr Mworemi Marwa (Dar es Salaam Stock Exchange (DSE) CEO and Mr Yona Killaghane (retired Director General of the Tanzania Petroleum Development Corporation (TPDC).
Speaking on the evaluation process, Mr Mususa said in order to assess board leadership performance his panel used a questionnaire, which was aimed at assessing board performance on seven broad areas which included strategy and planning of the respective board.
?Other areas of assessment were risk management, external Communication with stakeholders, measuring and monitoring performance, tone at the top especially in establishing desired value-based culture and ethical behaviour throughout the organisation,? he said.
Further, the panelists assessed board dynamics especially on how a board should function and management evaluation, compensation and succession planning, according to Mr Mususa.
Chairman of the Tanzania Private Sector Foundation (TPSF) and IPP Chairman, Dr Reginald Mengi, said the awards came at the right time when the Insurance and Banking sectors in the country are realising drastic development changes.
BBLA Coordinator, Ms Neema Gelard said they will give insight as to how a great board can help an organisation flourish and achieve the best performance in its area of specialisation.
She extended a warm appreciation to the sponsors of the Awards which included Capital Plus International (CPI), IPP Media, Real PR Solutions Limited, Afrimax Strategic Partnerships Limited, Serena Hotel, Fix Agency Ltd, Lilacnshades and Excel Management and Outsourcing.
Source Tanzania Daily News