FITC Forum: Experts Examine the Value of Innovation and Financial Literacy for Boards

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Wednesday, August 04, 2021 / 6:32 PM / Ayomide Oguntoye for WebTV / Header Image Credit: Ecographics


Experts at the FITC virtual leadership forum which discussed "Developing Board Competencies for Effective Board Performance and Organizational Growth", dwelt on the culture of innovation and the need for financial literacy.

 

Mr. Olufemi Awoyemi, Founder and Chairman, Proshare Nigeria Limited, spoke on the "Culture of Innovation and Resilience as a Tool to Driving Organizational Growth", noted that the governance of a board should be largely reliant on the culture of the organization.

 

He explained that in most cases, the culture of the board is rigid and as such does not allow for change and innovation. He said "As of today, the thoughts around change have become inverted; while managements stretch towards change through innovation, boards tend to strain towards resilience through the status-quo".


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At the heart of the culture that drives organizational growth, Awoyemi observed that strategy-led organization is directed by a thought-driven CEO who considers knowledge as an utmost priority for the board of any organization. Speaking on strategy, he described it as an approach pegged on the approval of plans and supported by a monitoring mechanism that is keyed into the everchanging requirements of a fast-paced business world is increasingly dependent on budding technology.

 

Reviewing the dynamics of boards, Awoyemi observed that there was a need to rethink the role of the board beyond fiduciary and statutory obligations, as he emphasized the importance of exploring new drivers for the growth of the organization.

 

According to him the key to boardroom intelligence is balance, agreeing that much of the board meetings should not be based on reviewing past performance, measuring metrics and discussing risk and compliance; but the proper approach should be performance reviews and focusing on strategy which involve growing the business, anticipating and working with disruptive technology.

 

Awoyemi counselled that "Understanding the competitive landscape and identifying contacts to form strategic alliances or expand into emerging markets should be at the core of strategy for boards".

 

Speaking further on organizational growth, the governance buff mentioned that organizational growth was often a function of industry trends, business lifecycles and the owners' desire for equity value creation, while innovation was about what is new and what is next.

 

Providing further thoughts on the matter, he observed that a growth-focused culture was about safeguarding the competitive status of the business i.e., building resilience through innovation across strategy, processes and people in the organization.

 

Mr. Kolapo Lawson, Chairman, LandAfrique Holdings, speaking on the role of the company in improving boardroom financial literacy, noted that the board of companies have the duty to ensure that the financial information they produce is clear and concise.

 

He stressed the fact that board members should avoid uncategorized raw data. The business maven mentioned that companies should be encouraged to produce understandable corporate dashboards that present statistics and performance indicators in easily digestible formats.

 

In addition, he highlighted key areas that are also important for boards to consider, which include;

  • Understanding the importance of liquidity
  • The need to align with generally accepted accounting standards (GAAP)
  • Giving top priority to financial mentoring
  • Adopting effective budgeting measures and procedures 



 Proshare Nigeria Pvt. Ltd.

 


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 Proshare Nigeria Pvt. Ltd.

 

 Proshare Nigeria Pvt. Ltd.  

 

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