The Institute of Directors Ghana (IoD-Gh) on Thursday, 2nd June 2022 paid a courtesy call on Zenith Bank’s Managing Director/Chief Executive Officer (MD/CEO) Mr. Henry Onwuzurigbo. The Team from IoD-Gh comprised its President, Mr. Rockson Kwame Dogbegah(FIoD), the Chief Executive Officer, Mr. Fred Aryeetey(FIoD) and the Project Manager for the development of the National Corporate Governance Code, Dr. Rejoice Foli (MIoD).
Present with the MD/CEO of Zenith Bank Ghana Ltd were Mr. Clifford Mensah, Executive Director and Mr. Daniel Agamah, the Divisional Head of Business Support/Company Secretary.
The visit was to welcome Zenith Bank’s MD/CEO who has recently assumed office and to discuss strategic matters of mutual interest regarding the practice of good corporate governance and professional directorship. Zenith Bank Ghana Ltd emerged winner in the Universal Banking Category as the Best Corporate Governance Compliant Organisation during the Fourth (4th) IoD-Gh Corporate Governance Excellence Awards in November 2021.
The MD/CEO of Zenith Bank welcomed the delegation from IoD-Gh with pleasure and gave assurance that Zenith Bank would continue to uphold the tenets of good corporate governance. As the MD/CEO he would continue in the steps of his predecessors and continue to foster a cordial rapport with IoD-Gh, he said. Mr. Onwuzurigbo also commended the Institute of Directors-Ghana for the exceptional leadership shown in promoting good corporate governance and director professionalism.
In his remarks, the President of IoD-Gh who is also the Chairman of the African Corporate Governance Network (ACGN) pointed out some notable inroads the Institute has made in promoting the practice of Corporate in Ghana. As a member of the African Corporate Governance Network (ACGN), the Institute has over the past two decades engaged in training, advocacy and publications geared towards national adherence to good corporate governance.
To further strengthen professional directorship in Ghana, Mr. Dogbegah gave an update on the status of a draft Directors’ Charter Bill which has been sent to the Minister of Education for due process. The Directors’ Charter Bill when passed, would establish the IoD-Gh as a statutory body to set standards for the practice of corporate governance in Ghana and to provide for related matters.
Also, he provided an update on the key stakeholder engagement which took place in November 2021 and led to the unanimous agreement on the need to develop a National Corporate Governance Code (NCGC).
Mr. Dogbegah explained that NCGC project seeks to harmonize the different industry and sector specific governance codes as currently exists into a national code that will provide ease of compliance and reference, to promote the culture of good corporate governance for public and private organizations. When completed, the NCGC would not only serve as a unified national corporate governance reference for good corporate governance for all stakeholders in the country, but would also seek to enhance Ghana’s global appeal as an investment destination, provide clarity, inclusiveness, harmony and synergy, and boost investor interest and confidence as the harmonized code is expected to be in conformity with international best practices.
Mr. Dogbegah noted that, Dr. Rejoice Foli and the team have made significant progress on the development of the National Corporate Governance Code.
Mr. Dogbegah also called on Zenith Bank and Corporate Ghana to support the Institute’s two major projects, the National Corporate Governance Code and the Director’s Charter Bill. He then invited the Zenith Bank to join the Institute as a Corporate member.
Mr. Fred Aryeetey, CEO of IoD-Gh in his remarks among others, re-emphasized some of the products and services the Institute provides. These include; training for Directors and Managers on Corporate Governance, Leadership and Management; advising on appropriate Corporate Governance practices; carrying out orientation for new Boards; carrying out Board Effectiveness Assessments and Reviews; preparing manuals for organizations (including Board Manuals); register of Directors to recommend to stakeholders to serve on public and private sector boards; publishing books on Corporate Governance; and providing Policy and Advocacy on Corporate Governance.
