Ednah Ninsiima
Remember your primary school days? When did you realize that kids were doing coaching while you were busy playing football after class? For Mr. David F.K. Mpanga it was P.6. Prospective directors are doing “coaching” at #JTB2025, while others are out in FOMO, chasing the latest post-work “vibe parres.”
“People who know what they are talking about do not need power points.” Steve Jobs. But lawyers and bringing levels! Anyway, we delve into the class.
You’ve heard the African proverb, “It takes a village to raise a child.” Well, this rings equally true in the world of business. Mr. Mpanga likens a company to a child. Once incorporated, it needs not just parents (shareholders) but Directors (village). The board and other stakeholders are the community who support the growth of the company.
Why is it necessary to have a board? Simple – oversight. The board provides the guidance and strategic direction a company needs. What guides the board in performing its duties? The law clearly outlines the minimum fiduciary duties of a director. These legal frameworks set the standard for what is expected in terms of conduct and decision-making.
Who should be appointed as a director (appoitnments)? The critical aspect here is the value they bring to the company. Does the prospective director have the necessary skills and experience to move the business forward? Do they bring a unique perspective? Do they understand the complex web of societal, economic, and market dynamics?
The board should be composed of individuals who represent the intelligence of the company. As a director, you must be knowledgeable across a variety of business domains i.e finance, governance, strategy, industry-specific expertise among others. It’s critical to have a comprehensive skillset. Further, your value as a director is multiplied exponentially if you are financially literate.
However, directors need to assess the company they’re being invited to join as well. A director must be discerning in choosing the right companies to be a part of. Not every company is worth associating with. There are businesses that, for reasons of competence or ethical standing, may tarnish a director’s reputation.
Once appointed, you neneed immerse yourself in the company’s operations. This isn’t just about reading reports or attending meetings. What areas need improvement,and how can you, as a director, help facilitate that growth?
Mr. Mpanga likens the board to a football team—a team of diverse skill sets, not a collection of just left wingers. Just like a football team, where you need goalkeepers, defenders, midfielders, and forwards to play well, your board should have a diverse set of skills and perspectives to lead effectively.
#EffectiveBoardLeadership
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