Top company leaders in the positions of directors have been tipped on adhering to master the art of best practices in corporate governance so as to withstand risks and uncertainties.
Running from 25th to 27th, the annual Institute of Certified Public Accountants Seminar happening at Imperial Resort Hotel in Entebbe aims at equipping leaders in both the private sector and public offices with knowledge to best handle and surpass hard times when hit by a crisis.
Speaking at the event, CPA Amos Bagumire, Director at ABS Consulting group said that for a company to be able to handle such crisis like the Covid-19 pandemic, there ought to be strong and active board heads.
“There is need for companies or entities to build boards that can weather crisis like the COVID-19 pandemic and that requires them to embrace the best practices in Corporate Governance. But in Most cases, the board is asleep at the wheel,” he said.
Bagumire highlighted that some of the failure boards are created by Rubber Stamping Fiduciary failure, lack of questioning High risk accounting and inappropriate conflict of interest among others.
“Boards can achieve their roles when they; look forward by designing the future, look back- being accountable for performance, look out- acting on behalf of stakeholders and look in- being a good employer among others,” Bagumire said.
CPA Fabian Kasi, CEO Centenary bank revealed some of the challenges leaders will continue to face especially when the novel Coronavirus continues to hit the world hard including ensuring all employees are well versed with all SOPs and Flexi working hours, differentiating the needs of multiple sites, updating appropriate documents to align with changes, juggling multiple simultaneous changes, reversing a problematic or ineffective change and quickly gaining appropriate approvals among others.
On Change Management and Transformation, Kazi highlighted the need for companies to; understand the need for change.
“Planning for change? Beware of planning challenges, the internal focus is akin to blindness, enlist change agents, develop strategy and vision (tangible, desirable, feasible, flexible, focused, simple), motivate and create a sense of urgency, communicate 6 times using all modes of communication among other measures,” Kazi said.
Asked about the kind of leadership required in hard times, Kazi said that it applies to those leaders who see possibilities where others see limitations, take risks, achieve results, leaders who transform need for scenario thinking and planning amid uncertainties among others.
“Every cloud has a silver lining, the opportunities to take account of include; rethinking business models to attain efficiency, financial inclusion, reduction in use of cash, financial literacy, increase in savings.”
Some of the topics tackled during the ceremony opening included, corporate governance, oil and gas, management and transformation among others.
The 3-day annual event is running under the theme: “Creation of sustainability during and beyond the Covid-19 pandemic.”
The seminar usually happens in September but the organisers, ICPAU say preparations for the event were highly affected by the Covid-19 outbreak hence the postponement to November.