Kolade charges directors on ethics, accountability to restore stakeholders’ confidence

A former High Commissioner of Nigeria to the United Kingdom, Dr Christopher Kolade, has charged directors of institutions to ensure they practice proper ethics, coupled with elements of trust and accountability to meet stakeholders’ expectations.He said if directors practiced the aforementioned, there is a building of mutual confidence between them and the stakeholders who look up to them for greater expectations.
 
He gave the advice virtually during the formal launch of Code of Ethics 2020 by the Institute of Directors Nigeria (IoD), where he spoke on the theme: “Doing Good is Good Business, the Ethics Dimension.”
 
Kolade, who is also the Chancellor of McPherson University, in Ogun State, noted that the code specifies standards, values and disciplines expected of those accountable to each other, especially directors of the enterprise they represent.He opined that accountability based on proper ethics and integrity that builds mutual confidence should be their major focus, adding that “Directors of institutions are very conscious of the fact that they are stewards of other people’s resources. The owners of the business have invested in the business, others have invested their energy and services, and directors have been tasked with the responsibility from the owners to manage the investments to produce the expected results.

He added that the Institute can play a major role in MSMEs, by providing adherence to quality and standards, use of technology in organisational design, and use of financing options that would help them mature and become true drivers and beneficiaries of economic growth.
 
Earlier, President and Chairman of Governing Council, IoD Nigeria, Chris Okunowo, said the code, among other things, addresses and guides a number of issues for members, such as whistleblowing framework, a conflict of interest policy, and a gift and hospitality policy. He said current challenges and realities faced by directors in their roles informed the need for a review of the provisions of the codes.