Experts Advocate Diversity, Inclusion at Leadership Cadre of Companies

By Aduragbemi Omiyale

Companies have been advised to ensure that those in their leadership cadre are diverse, as this would lead to better decision-making for the firm’s growth.

This was the submission of speakers at the first edition of the Annual Corporate Governance Colloquium organised by the Nigerian Exchange (NGX) Limited, the Nigerian Bar Association Section on Business Law (NBA-SBL) and the Institute of Directors (IoD).

The colloquium held recently was themed Diversity and Inclusion: Adopting A Multi-Stakeholder Approach in the Promotion of Good Governance.

The chief executive of the bourse, Mr Temi Popoola, represented by the Divisional Head of Business Support Services and General Counsel, Mrs Irene Robinson-Ayanwale, stated that the exchange would continue to advance practical initiatives that will enhance diversity and inclusion in the private sector, leveraging partnerships like the Corporate Governance Triangle and the Nigeria2Equal Project with IFC.

“We recognise that compliance to corporate governance standards helps to increase investors’ confidence in issuers and improve their access to a broader pool of domestic, regional, and international investors,” he said.

On her part, the President of IoD, Mrs Ije Jidenma, represented by the First Vice-President of IoD, Mr Tijani Borodo, said, “World organisations need to scale up the culture of composing well diverse boards, which is best practices in corporate governance.”

“Findings have shown that diverse and inclusive boards stand a better chance of reaping from the rich and innovative ideas of members, making more effective decisions and providing better guidance and direction that guarantees financial prosperity,” she added.

Also, the Chairman of the Council of NBA-SBL, Mr Adeoye Adefulu, noted that companies benefit from the diversity of ideas and opinions expressed when men and women both occupy positions on the boards and management of companies.

In her presentation, the Chairman of Ecobank and Chairman of the Board of Trustees of the Lagos State Employment Trust Fund (LSETF), Ms Bola Adesola, said, “With diversity on boards in age, background, experience, organisations can bring a broader range of perspectives to decision-making processes. Diverse boards are more likely to challenge groupthink, consider different viewpoints and make better-informed decisions.”