The Chartered Institute of Directors (CIoD) Nigeria has emphasised the need for organisations to leverage technology to avoid corporate governance failures.

The institute urged that directors could leverage technology to coordinate, communicate, and collaborate.

Managing Director of Remita Payment Services Limited, DeRemi Atanda, said this at the institute’s yearly fellows investiture, where he spoke on ‘Leveraging Technology for Improved Governance in the 21st Century.’

He highlighted some causes of corporate governance, which he said were based on unethical leadership, corruption, unqualified board members, fraud and inefficient internal audits.

He said corporate governance was important as it protects stakeholders, ensures sustainability and boosts investors’ confidence.

Citing some institutions that went under due to corporate governance failures, Atanda, said to remain relevant, directors must ensure transparency to stakeholders, embrace technology for effective governance, as well as establish sustainability in structure and operations.

According to him, directors need to play a more frontline role in communicating the value of businesses in a digitally connected world.

The Remita chief listed some levers for improved governance, such as awareness, empowerment, compliance and support.

Emphasising some corporate governance trends in 2023 and beyond, he said there would be a need for greater focus on environment, social and governance; board diversity, equity and inclusion; increased stakeholder engagement as well as demand for board effectiveness.

President and Chairman of Council, IoD Nigeria, Tijjani Borodo, noted the fact that the corporate space was becoming more difficult to navigate due to current peculiarities and challenges.

He said as organisations grapple with the current era of connectivity, advanced analytics, automation and advanced manufacturing technology that has been transforming global business in the 4th Industrial Revolution (IR), the fifth IR beckons on organisations with the concept of sustainability.

It also beckons with the concept of sustainability concern for the environment in addition to the transformation of the industrial structure through the utilisation of artificial intelligence, Internet of Things and big data for purpose-driven innovation and inclusivity.

All these, he said have shaped the world and how organisations do business.

Noting that technology has indeed revolutionised the way people live and do business, the IoD chief said the transformative power of technology in governance was no exception.

According to him, the power of technology if harnessed can enhance governance and improve transparency, accountability, stakeholder engagement, administrative efficiency and automate processes.

He stressed how the institute has demonstrated greater concern and commitment towards working with all stakeholders to create a business-friendly environment for robust economic growth.

As part of its ongoing efforts to promote good corporate governance for both the public and private sectors of the country, he stated that the institute was committed to working with all business and thought leaders.