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I&M Burbidge Capital, in collaboration with I&M Bank Uganda, International Finance Corporation (IFC), PKF East Africa and S&L Advocates, organised a groundbreaking symposium aimed at highlighting the importance of robust corporate governance policies and effective succession planning strategies for businesses.
The event which was held at Golden Tulip Hotel, featured compelling case studies from I&M Group Plc, illustrating their experiences in developing corporate governance frameworks and implementing successful succession plans. At the symposium, different speakers emphasized how businesses can benefit immensely, from comprehensive governance policies and well-designed succession plans.
By providing a comprehensive initiation guide, I&M Burbidge Capital aims to assist companies in enhancing their corporate governance practices and exploring effective succession planning strategies.
Succession planning was the other key focus of the symposium. This refers to the strategic business approach employed by companies to ensure seamless leadership transitions when key individuals depart due to career advancements, retirement, or unfortunate circumstances.
By implementing succession plans, businesses can mitigate disruptions and ensure smooth operations in the face of leadership changes.
Corporate governance, on the other hand, encompasses the framework that governs the behaviour of individuals within an organization and steers its overall direction.
Speakers highlighted the need to establish good corporate governance practices, as a way to equip organisations with enhanced operational efficiency, improved access to capital, risk mitigation measures, and safeguards against mismanagement. In addition, corporate governance fosters accountability and transparency, bolstering investor confidence and empowering organisations to address stakeholder concerns effectively.
Paul Mbuga, a speaker from S&L Advocates, expounded on the corporate governance weaknesses in family businesses and the basic fundamentals needed to boost corporate governance and promote business sustainability whilst enlightening the attendees on the legal aspects of good governance. While discussing succession issues with a focus on tax planning, Salim Alibhai of PKF Kenya noted that only 40% of the businesses globally have a succession plan, adding that when it comes to family businesses, some people think that it is their birthright to be part of that business.
Anita Mwandha from IFC gave a case study of the Enron company bankruptcy scandal, which saw the company collapse while highlighting that good Corporate Governance is essential for all businesses. Edward Burbidge, the CEO of I&M Burbidge Capital, tipped the attendees on the Corporate Governance Methodology as a comprehensive resource tailored for different types of companies, including; listed entities, family-owned or founder-owned businesses, financial institutions, state-owned enterprises, funds, and small and medium-sized enterprises.
“As businesses in East Africa confront the urgent imperative to tackle governance and succession challenges, we firmly believe that this timely symposium will serve as an all-encompassing guide for companies aiming to elevate their corporate governance practices and implement successful succession planning. Our sincere hope is that attendees will be enlightened by invaluable insights gained, fostering the growth and prosperity of their respective companies,” he said.
The success stories shared by I&M Group Plc served as shining examples of how companies can flourish by prioritizing corporate governance and implementing robust succession plans.
Sam Ntulume, the Acting Managing Director, of I&M Bank Uganda shed light on I&M Group’s success story.
“I&M Group, which started with just 40 employees and a single branch in Kenya in 1996, has witnessed remarkable growth, expanding to over 2,500 employees and a network of 83 bank branches across five countries. Today, the company boasts a consolidated balance sheet (Total Assets) exceeding USD 3.7 billion, Shareholders’ Funds of nearly USD 600 million, and a rapidly expanding customer base of over 350,000 throughout the region,” said Ntulume.
As a leading institution in the financial industry, I&M Burbidge Capital remains committed to promoting best practices in corporate governance and succession planning. Through such initiatives, they aim to empower businesses, enabling them to thrive, adapt, and secure long-term success.