Firms urged to appreciate non-executive directors

BY SYLIVIA KATUSHABE        

The Chief Executive Officer of the League of East African Directors (LEADs), Ms Pheona Nabasa Wall, has urged companies to appreciate the work of non-executive directors, saying that they do a lot of work.
Ms Wall explained that governance is very important in the running of a company or organisation and should not be taken for granted.

A non-executive director is a member of a company’s board of directors who act as independent advisors and are not responsible for the daily operations of the company.
This year, LEADs is holding the third edition of the Non-Executive Directors (NED) Awards, which are sponsored by Nation Media Group (NMG), Uganda Breweries Ltd and NCBA Bank, among other corporate companies.
 The event will take place on November 23 under the theme, ‘Excellence in stewardship.’

Addressing journalists in Kampala on Wednesday, Ms Wall explained that the awards are aimed at celebrating and appreciating the work of non-executive directors that have exhibited excellence.
“We realise that we need to reward the non-executive directors who don’t have a stake in the company, who are rarely compensated for the kind of experience, expertise or even the brand muscle that they bring in the brands they represent,” she said.
She added: “They are rarely thanked and yet they are faced with many hard decisions; when things go wrong, they are blamed, the standards have gone high and without recognising them, we will not inspire other young people.”

The participants in the awards include public, private sector, non-governmental organisations and small and medium-size enterprises.
Ms Elizabeth Namaganda, the head of marketing at NMG-U, said the event will serve as a platform uniting board members of different corporate entities.
“With board members from diverse sectors, it is an opportunity for us to tap into the rich tables of expertise, experience and vision. That is why as NMG, we have continued to be with this team since its reception,” she said.

Ms Eunice Waweru, the head of marketing at UBL, said it is great to recognise, honour and celebrate all the great minds that have been instrumental on setting up businesses.

He explained that this is to ensure that there is the right governance and accountability, and that businesses operate in a sustainable way.
“It gives me great pleasure to be part of celebrating these people with all the work, sacrifice that they give on a day-to-day basis to ensure that we are running ethical businesses,” Ms Waweru said.