Corporate governance: pre-condition for sustainable development
Corporate governance is a pre-condition for sustainable development as underlined in high-level statements of Harambee Prosperity Plan and reinforced in African Union Development Agenda 2063, member of Namibia Institute of Corporate Governance (NICG), Emma Kantema-Gaomas has said.
NICG exist to champion best business practices and effective corporate governance positioning Namibia as a regional, continental and global leader through training and certification programs.
“Good corporate governance plays a pivotal role in enabling Africa to achieve its aspirations and the developmental goals of Agenda 2063. Aspiration no 3, an Africa of good governance, democracy, respect for human rights, justice and the rule of law. As we continue to promote effective governance we are also keen to foster meaningful debates that enrich and capacitate directors,” she said.
She added that it is vital to have a clear understanding of the responsibilities as well as the actions that fall within a director’s role of oversight and focus on long-term and sustainable value.
Kantema-Gaomas also said that the role of a board of directors is to ask a director questions regarding governance, risk and ethics.
“The board is the focal point of corporate governance. As you are aware whether in a listed or unlisted company, the role of a director is always evolving the broad scope of legal requirements imposed on directors, together with increased personal liability, make the role evermore challenging hence the importance to reinforce what takes to be a director,” she said.
She added that for a director to assess how corporate governance is approached in a company, he or she needs to start with the question of how do things get done.