The League of East African Directors (LEAD) Convention 2023 played host to the Bank of Uganda (BOU)’s enlightening discourse, offering attendees a wealth of expert advice on cultivating organizational resilience in an ever-evolving business world.
The convention for this year, which was organized under the theme “Governance & Business Resilience in a Dynamic Regulatory Landscape” took place on July 27th at Serena Hotel Kampala.
It was aimed at providing a favourable platform through which serving and aspiring non executive directors, board appointing authorities, key leaders and partners from different backgrounds, meet and discuss concepts that influence different business aspects.
During the event, Michael Atingi-Ego, the BOU Deputy Governor emphasized the importance of business organizations having appropriate structures and processes to anticipate, respond to, and adapt to disruptions, in order to be resilient.
Atingi-Ego, represented by Philip Andrew Wabulya, Executive Director of Petroleum Investment Fund at BOU, highlighted the crucial role of governance in building resilience in a constantly changing world.
He stressed that the regulator, the BOU, is deeply invested in monitoring governance practices of financial institutions, even during times of crisis, to foster organizational resilience.
He also noted that internal challenges like governance weaknesses and corporate failures can pose significant obstacles for businesses, and directors should possess the capacity to navigate through complex economic and geopolitical situations.
“Organizations should have a good mix of directors in terms of demographics, experience, and professional background. Increasingly, directors must have a sound knowledge of information technology and cybersecurity,” Atingi-Ego said.
Gertrude Wamala Karugaba, Chairperson of LEAD Board of Directors, emphasized that the Convention symbolized their united dedication to turning their vision into reality.
“In today’s fast-changing world, with its dynamic regulatory landscape, the role of directors and leaders has become more crucial than ever. Our ability to adapt, evolve, and embrace these changes will define the success of organizations and their collective effort in driving growth and prosperity,” said Ms. Karugaba.
She stressed that as experts in business management, they would engage in insightful discussions, gain valuable insights from industry experts, and foster collaborations to equip themselves to face tomorrow’s challenges and opportunities.
Ms. Karugaba also emphasized the importance of exploring governance best practices, where transparency, accountability, and ethical conduct will remain the cornerstones of their decision-making processes.
Pheona Wall Nabasa, the CEO of LEAD, emphasized the importance of collaboration among directors to explore innovative approaches for coping with the ever-changing regulatory environment.
“During this event, we will engage with brilliant minds, visionary speakers, and industry experts who will share their valuable insights and experiences,” she stated.
“Their knowledge and expertise will undoubtedly enrich our understanding of effective governance, enabling us to strengthen and fortify our businesses,” she added.
Ms. Nabasa recommended that board leaders should adopt a clear vision and lead with wisdom to navigate the dynamic regulatory challenges ahead.
“As a united community of directors, let’s learn from each other, support one another, and flourish in this dynamic business landscape,” she emphasized.
On his part, Sam Ntulume the Chairperson of the Organizing Committee, called upon his contemporaries to steer their organizations confidently, in the face of changing regulatory landscapes, disruptive technologies, increased risks, and the need to adhere to environmental, social, and governance guidelines.
The event served as a catalyst for empowering businesses to embrace challenges and adapt to a rapidly changing world, fostering a future of growth and success.
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