INSTITUTE OF CORPORATE GOVERNANCE OF UGANDA

ICGU President’s Speech At The 3rd Corporate Governance Awards On 18th October 2024 Held At Sheraton Kampala Hotel

“Recognizing Resilience and Sustainable Impact”

The Inspector General of Government, Hon. Betty Kamya

The Keynote Speaker tonight, Ms. Patricia Ojangole

Council members of ICGU

Our distinguished panel of judges

Our esteemed sponsors for this event

Ladies and Gentlemen,

Good governance is not just a set of rules, it’s the invisible hand that shapes the future of any thriving organization. As the world around us changes – faster than ever before – it is those who embrace governance with integrity, transparency and foresight who will navigate the tides of transformation successfully.

Allow me on behalf of the Governing Council to welcome our Guest of Honor, and all the distinguished guests present, to the 3rd Corporate Governance Awards. We appreciate the presence of Hon. Betty Kamya and intend to make the most of her presence here, knowing full well the busy schedule she has in controlling and bringing to light what isn’t right in our public space.

The Corporate Governance Awards were first held in 2018. The Awards were formulated not only to popularize Corporate Governance but also to highlight and showcase those participating organizations who had made Corporate Governance central in their operations. The Institute felt that this would not only, through the exercise of assessment, improve the operations and health of these organizations, but also galvanize non participating organizations to look inward and strive to adopt these practices. We are glad to report that the number of organizations participating has increased, as too the diversity in representation from different economic groupings. We have received extremely encouraging feedback from the organizations that have previously participated, of increases in productivity, profit and better working environments. We commend the organizations that have participated in this edition, and state here that by participating, you are all winners.

The role of Corporate Governance in building resilient organizations, cannot be over emphasized. The world as we know it today, is dynamic, fast moving and shrinking due to digitization. What works in our neighbouring countries and beyond, inevitably impacts on what we do here in the Ugandan boardroom, and vice versa. The global economy imparts on all of us the need to have in place structures that are understood and appreciated across oceans. Corporate Governance is but one of those necessities, and for the robust health of any organization, small or big, following the principles and practices of good Corporate Governance is a must. 

Corporate Governance has evolved over the years, all over the world, and we have now come to the phenomenon that is ESG, or Environmental Sustainability, Social Responsibility and Ethical Governance. While the thrust of ESG is not new when looked at from the Corporate Governance framework as we know it, ESG now focuses not only on an enterprise and it’s bottom line, with allegiance being purely to the shareholder, it now expands its area of focus to the broader society, which impacts or is impacted by an organization. Global trends now call for companies to be more transparent in matters ESG, which result in more robust structures.

We would like to encourage and galvanize captains of industry, to rise to the challenge of inculcating ESG in their operations. It is of paramount importance that innovation and adaptability in addressing ESG challenges, such as climate change, diversity in the workplace and in the boardroom, and stakeholder engagement, are taken as a clarion call for all of us, in the private and public sectors. The Institute of Corporate Governance is poised to assist in this journey of guiding companies in aligning governance structures with ESG principles.

We would like to acknowledge the role of government through its many entities, for creating a conducive environment for good governance and sustainable business practices. The Inspectorate of Government has done a tremendous job in calling out many lapses in Corporate Governance in the public space, and we would like to see more done, to which efforts we pledge, where we can, our support. 

Our Chief Guest, it might sometimes look like we have a steep hill to climb, but I can assure you that the future of corporate governance in Uganda, is bright, particularly with the growing importance of ESG and the enthusiasm of companies to embrace it. There are other organizations that complement what the Institute of Corporate Governance of Uganda is doing, and together, this message will resonate far and wide.

Allow me to thank, once again, our sponsors for this Event, with a special mention to Grant Thornton, who have formulated, grown and supported these Awards, from their very inception.

Please give a round of applause to our Key Note Speaker, Ms. Patricia Ojangole, and the Panelists who did justice to the presentation.

I would like to thank our panel of judges, who are solely responsible for the classification of these Awards. They were assisted by the technical assessment rendered by PriceWaterhouseCoopers, and we thank you all.

The Awards & Recognition Committee of the Institute, chaired by our Vice President, Mr, Donald Waigumbulizi, has done a tremendous job, together with the Secretariat of the Institute, of doing the thankless backroom work. Thank you.

And last but not least, the participants in this edition of the Awards, who are the reason we are here. Your deciding to participate was a resounding vote for good governance. The Awards celebrate not just compliance, but also a commitment to excellence and ethical leadership. We honor and respect each and every organization represented. Through you, it is our hope that many others will be galvanized to participate and showcase to the world the strides made in being model organizations.

Let us leave here tonight not just as witnesses to the accomplishments of the few, but as champions of governance that builds legacies. Together, we hold the pen that writes the next chapter of Uganda’s corporate future.

Thank you.

Geoffrey T. Kihuguru, President ICGU