The Institute of Corporate Governance of Uganda (ICGU) in partnership with Grant Thornton, Uganda (GT) has organised the 2nd ICGU Corporate Governance Awards 2022, scheduled for Wednesday, 28 September, 2022.
This year’s event will be held under the theme “Corporate Governance: Recognizing Adherence to Best Practices”.
The awards will cater for categories of Public Sector, NGOs, SMES Large Private Sector, Banks and Insurance ICGU.
During COVID-19, a number of organizational practices changed, new management discoveries like virtual operations, Environmental, Social and Governance aspects became more pronounced, new investment opportunities emerged as well as new risks.
According to Geoffrey Kihuguru, Chairman, Awards and Recognisation Committee, the government is calling for 70% of the National Budget to be funded locally.
“This means we need to have a more sustainable and responsive private sector. This can’t be achieved without the tenets of Corporate Governance.”
He says that the Corporate Governance Awards present an opportunity for different organizations to be assessed on their Corporate Governance practices.
“Corporate Governance assessments are simply hygiene check on operations; i.e. Accountability, Transparency, Integrity, Responsibility, Compliance. Excellence and on Governance i.e. Board processes, Board Contributions, Board Independence. Board Diversity, ESG strategy and the Board Oversight role.”
Ugandan enterprises urged to explore regional oil and gas opportunitiesAnil Patel, Managing Partner – Grant Thornton said, “for the several decades, we have identified that where there is a presence of good governance practices, the organizations are sustainably growing over the years and where we have seen the absence of good principles, corporate governance principles, we have seen that there are problems.”
“That’s where we have seen the opportunity that if we have to be relevant in this market, and if we want to do as Grant Thornton a good job for the country, in the interest of the country, they must support the good governance in the country,” he added.
Anil says the government and private sector everywhere across the globe should try to promote the good governance principles, whether in private sector or in the public bodies.
Lorraine Tukahirwa, Marketing Manager at Vision Group said that they came on board as a major sponsor to spread the message of sustainability.
“What we’re trying to spread is the message…. if businesses adhere to the corporate governance, if they adhere to the different principles, like fairness, accountability, transparency, they can still survive.”
Micheal Bulyerali – Digital Communication Manager at Centenary Bank noted that they are committed to adhering to the principles of open governance.
This year’s awards event is sponsored by Grant Thornton – Uganda, Kansai Plascon, New Vision, Diamond Trust Bank, NSSF, Bank of Uganda, Centenary Bank, Insurance Regulatory Authority, and Uganda Development Bank.
