CALBank educates businesses on corporate governance

Calbank Plc has held a seminar for stakeholders in the business sector to enhance their capabilities in good corporate governance.

The seminar sought to expose participants to ways to mitigate risk in organisations to ensure sustainability, accountability, efficiency and profitability.

The programme also updated participants on the status of good corporate governance reforms in public institutions and provided an open platform for them to share feedback and their expectations of the government.

Test of time

The Managing Director of CalBank, Phillip Owiredu, said in his opening remarks that good corporate governance was the key to the growth and sustainability of every institution.

Owiredu said corporate governance in its totality was the core and strategies of how businesses were managed to withstand the test of time through the actions and inaction of managers and staff of that institution.

He stressed that institutions and businesses that had corporate governance as their topmost agenda were likely to have better growth and sustainability.

Read also: BoG urges FIs to uphold corporate governance practices

The MD said gone were the days when corporate governance was practised by only huge financial and telecommunication institutions, adding that current trends demanded that family businesses employed corporate governance strategies to ensure growth and sustainability.

Job market

The Chief Risk Officer of CalBank, Barbara Banson, who spoke on compliance and risk in corporate governance, urged board members of institutions to ensure that compliance laws were enforced to the letter if businesses and organisations were to meet their mission and vision targets.

Banson said compliance was the key requirement every institution must be keen on when selecting board members to manage businesses and that whoever was found not be abiding by this principle must be cautioned or relieved of the post.

The Executive Director of the UK-Ghana Chamber of Commerce (UKGCC), Adjoba Kyiamah, indicated that her outfit goal was to create the necessary environment for smaller institutions and organisations to grow and be sustainable in their operations.

Kyiamah said businesses must always consider putting up strong structures and be compliant to all laws governing the sector to enable the businesses to flourish on the market.

Other speakers also spoke on topics such as board composition, influence, independence and efficiency of processes under corporate governance and sustainability.