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Firms warned against hiring corrupt board chairpersons
What you need to know:
- Among the 2023 award winners were Mr Robby Muhumuza, a board member at Monitor Publications Ltd, who was recognised in the mass communication sector; Mr Martin Kasekende (Health Sector Award), Mr Hannington Karuhanga (Listed Company); and Mr Elly Karuhanga (Lifetime Achiever Award).
Employers and business owners have been advised to avoid recruiting greedy and unethical people into their management committees and governing boards.
Speaking during the Non-Executive Directors Awards ceremony hosted by the League of East African Directors (LEAD) last week, Mr Elly Karuhanga, the chairperson of Uganda Chamber of Mines and Petroleum, said the companies must weed out such people because of their tendency to kill businesses.
“My experience as board chair and board member in one of the companies, we were making incredible profits and I found out as chair that the profits were abnormal because the external auditor was collaborating with the managing director of my company,” Mr Karuhanga, who is also the chairman Kampala Associated Advocates, said.
“They were doing unethical things while we were happy with the profits little did we know that these profits were on the back of unethical material,” he added.
He explained that he had to sack the duo and the company took the right direction.
Mr Karuhanga said the non-executive directors who were recognised for their immense contributions to the companies are the type needed to nurture successful companies in the country.
Last week, the League of East African Directors (LEAD) held the third Non-Executive Directors Awards at the Kampala Serena Hotel.
Ms Phiona Wall Nabasa, the chief executive officer of LEAD, said the awards are meant to recognise the contribution of non-executive directors to organisations.
She added that they have created two programmes beginning January 2024 to groom people who want to join boards so as to grow the quality of non-executive directors.
Award winners
Among the 2023 award winners were Mr Robby Muhumuza, a board member at Monitor Publications Ltd, who was recognised in the mass communication sector; Mr Martin Kasekende (Health Sector Award), Mr Hannington Karuhanga (Listed Company); and Mr Elly Karuhanga (Lifetime Achiever Award).
Others are; Prof Rhoda Wanyenze (Not for Profit Award), Dr Winnie Tarinyeba (Financial Sector Award); Mr Juma Kisaame (Public Sector Award) and Joseph Baliddawa (Manufacturing Sector).
