Directors tasked on sustainable business decisions for corporate growth
Notwithstanding the many challenges that confront directors and business leaders that require them to make numerous decisions necessitated by an ever-dynamic business environment, they have been urged to update their knowledge, get accurate information, and have detailed evaluation of alternative courses of action.
These, experts say, are what will help directors to properly deliver on their mandate, and perform their expected roles as pathfinders for management and sustainable business decisions.
They argued that effective strategy formulation, a major function of directors, and the continued survival of organisations, be it a public establishment or a private entity, largely depends on the dexterity of its Board and the ability to proffer strategies that help it wade through the murky waters of the business environment.
President and Chairman, Governing Council of the Institute of Directors (IoD) Nigeria, Chris Okunowo, noted that directors have assumed an increasing critical position, which impact directly on the fortunes or misfortune of organisations, as their responsibilities have now assumed different dimensions.He spoke at the November 2019 new members’ induction, themed, “Directorship: A Life Long Learning Journey of Balancing for Optimal Performance.”
According to him, the responsibility of a director is not an easy one, which goes beyond the literally use of the word “Directorship”. “Boards now have to be more accountable to their companies’ owners, and many other stakeholders, more than ever before. This requires availability, commitment, knowledge and competence.” Okunowo further said the theme was apt, as it borders on corporate growth as it affects directors, their obligations and roles in the organisations they manage.
The Guest Speaker, a Certified Performance Technologist and CG Practice Advisor, Dr Lucy Surhyel Newman, focused on behaviours of directors that can impede the process of governance.She hinged expectations from directors on strategy, structure, policies, platform, people and culture, saying they need to balance performance on financial and sustainability performance, oversight and decision.
In terms of leadership for sustainable impact, she said directors are expected to add value for organisational growth, must be a team player, forget dictatorship, must be transparent, and must be an advocate of what he stands for.She added that trust “is your greatest asset as a director and a leader, especially when it comes to board evaluation.”