In its quest to bridge the link between academia and industry, the Institute of Distance Learning(IDL) of the Kwame Nkrumah University of Science and Technology(KNUST) has held its maiden Practitioners Forum for Postgraduate Students on the theme: “Corporate Governance and Ethics in Business”.
The event which is the first of a series of seminars is targeted at students offering accounting and finance, business consulting and enterprise risk management, industrial finance, investment, strategic management and leadership, among others.
The Practitioners Forum is a platform where astute and well experienced practicing professionals are invited to speak to students, administrators and people in leadership positions on relevant leadership and business-related topics, to enhance professional, academic practices and development, According to Dr. Ahmed Agyapong, Deputy Director of the Institute.
Dr. Ahmed Agyapong stated that the event also seeks to project the image of the KNUST-IDL as a hub where people in leadership positions, administrators and students are groomed, challenged and motivated to give off their best to the growth and development of their institutions.
The Registrar of KNUST, Mr. Andrews Kwasi Boateng, stated that the Sustainable Development Goal Four (SDG 4) focuses more on ensuring opportunities for lifelong learning for all. He continued that essentially the goal includes equitable and increased access to quality tertiary education, particularly at the University level. The SDG 4 ensures there are opportunities for flexible learning pathways as well as recognition, validation and accreditation for knowledge, skills and competencies acquired by individuals in informal, non-formal and formal settings, he added.
Mr. Boateng said KNUST under the IDL has come out with innovative, technologically driven, sustainable and flexible learning pathways in order to provide opportunities for adults, workers and busy professionals to have access to quality tertiary education.
Mr. Boateng observed that with frequent media reports on massive corruption and corporate failures in the financial and banking sector in particular, it becomes clear that they were as a result of lack of adherence to corporate governance principles.
He therefore commended the IDL for instituting the Forum and hoped such interactions between industry and academia can augment curriculum to bring about massive transformation in students.
Dr. Williams Abaawien Atulik, Provost and Director of the Centre for Entrepreneurship, Philanthropy and Ethics of the Heritage Christian College, Speaker for the Forum, said there is the need for a good corporate governance structure for all institutions to ensure order, good direction and to support the entire organisation, as well as to put in structures that will demand accountability from all sections.
Dr. Atuilik said a good corporate governance structure would ensure a good Board, that will bring into reality the vision of the business. The Board should have policies cutting across all sections to ensure that they are well executed by providing oversight for the organisation. However, he was quick to add that the Board is not a replacement for management, and it should be noted that most failures happen as a result of failures of Boards.
He therefore called on committees that nominate Boards or Council members to ensure that they are legitimate members with a duty.
Dr. Atulik lamented that most board members are not committed and are there for allowances and privileges that come with such positions. He continued that some of such members bring politics into the affairs of businesses and pursue their parochial interests.
He mentioned confidentiality as a major challenge to most Boards of businesses in the country and called for steps to address this challenge.
In his presentation, he further called for a look into the attributes or qualities of members of the Boards. He said members of Boards should have knowledge about the industry they are leading, should have balanced skills and personality types who are highly ethical.
Dr. Atuilik also called for checks and the necessary strategies to ensure compliance to good corporate governance principles. He advocated for vibrant sub committees and audit committees to reflect the business in much detail and to produce reports to shape discussions, for the progress of the business.
In Dr. Abayaawien Atuilik concluded by calling on institutions to ensure that their Boards set and focus on strategic priorities and do not micromanage. In addition, they should appoint Board members with integrity, diligence, a sense of honour, ethical, experience and moral courage.
The event also saw discussions on some of the corporate governance failures and successes of some businesses in Ghana.
