IoD seeks media support for National Corporate Governance Code
A delegation from the Institute of Directors, Ghana (IoD, Ghana) has paid a courtesy call on the Editor, Graphic, Theophilus Yartey, to solicit support for its objective of promoting professionalism and development through good corporate governance.
The delegation, made up of the President of the institute, Reverend Angela Carmen Appiah, and its Chief Executive Officer (CEO), Clement Wiredu, visited with the aim to explore available opportunities to promote good corporate governance in the country.
This follows the implementation of the phase two of the National Corporate Governance Code (NCGC).
The code, to be launched in September this year, is aimed at providing guidelines for corporate entities in the country, both private and public, to govern and operate based on ethical principles.
As part of plans to ensure a successful implementation, the institute is currently engaging relevant stakeholders to help promote the implementation of the code.
Mrs Appiah explained that the Daily Graphic was a major stakeholder known for its credible content for more than seven decades, hence the need to get its leadership on board to help drive the implementation of the code.
She stated that over time, corruption and bad practices had taken over the needed principles of most organisations, which had led to a direct impact on the government purse, a situation she stressed needed to be curbed.
She explained that one of the effective ways of instilling discipline was the implementation of the corporate code which would serve as a reference tool for corporate ethics and thus give much attention to its stakeholder agencies.
Theophilus Yartey (right) in a discussion with Rev. Angela Carmen Appiah
“So even though it is not a mandatory document with legal punitive measures, it is a conglomerate of all codes which would serve as a reference for best practices and principles in the corporate space,” she explained.
Rev. Appiah said Phase One of the NCGC which was launched in November 2022 after several stakeholder engagements, set the tone for Ghanaian organisations and businesses to engage in responsible business practices that create long-term value for all stakeholders, including investors and the wider society.
Also, it was launched to align with national, continental and global aspirations and priorities by drawing from relevant local, regional and global goals and standards
The National Code, she stressed, had been underpinned by three core values - patriotism, accountability and responsibility - and consists of five pillars, namely purpose, leadership, controls, disclosures and engagements.
She stated that just as it was done for the launch of the phase one, there would be a another stakeholder engagement which would bring together critical players both in the private and public sectors to come together to dialogue towards the implementation of the code.
Mr Wiredu said it would not be enough to have the code without its strict implementation, stressing that it was for that reason that the media’s collaboration was needed for successful action.
“It is not enough to have the code.
We need the collaboration of the media to bring to the fore the issues and need to have the best practices to curb if not eradicate corruption and bad principles in the corporate space,” the IoD’s CEO stated.
The Editor, Graphic, Theophilus Yartey, led Graphic’s team that also included the Editor, Graphic Business, Boahen Asamoah, to receive the guests.
Mr Yartey expressed appreciation to the delegation for the visit and said it was important for the deepening of collaboration between the two parties to ensure that good corporate governance was promoted in the country.
For Daily Graphic as a stakeholder, Mr Yartey explained, considered corporate governance as an essential tool for transparency and combating corruption.
Notwithstanding its history and business trajectory, he said the Graphic Communications Group Limited (GCGL) as a company, had over the years built on its corporate governance skills through continuous education and learning which had moved the company to become the most credible newspaper in the country for 73 years.
“So by way of trying to be professional and objective in what we do as an institution, the only currency we have is credibility”, he said.
He gave an assurance of his support for the initiative, emphasising that “corporate governance remained the heart of everything in the corporate space.”
Mr Asamoah also reiterated the need to support the implementation of the code, saying “ in the world of business and administration, good governance remained the key foundation.”
The IoD delegation, after the discussions, presented some books by the institute titled “Best Practices” to both Editors.
Why the National Corporate Governance Code for Ghana
• To set a national standard of best corporate governance principles and practices
• To promote Ghana as a place where democracy, good governance, social justice and human rights & dignity thrive
•To promote enterprise and entrepreneurship by signalling Ghana as being ready for business; and
• To promote Ghanaian values, including shared prosperity and wealth, among others.