Date Published: 05/28/10

Dr Kolade wants financial Regulators, Bankers to keep high standards

THE need for financial regulators, bankers and business leaders to apply the right standards in corporate performance, re-establish high standards in business, governance, social behaviour and a system for ensuring consistently good performance of responsibility has been emphasised.
Nigeria’s former High Commissioner to United Kingdom and Pro-Chancellor, Pan African University, Dr. Christopher Kolade, who said this at the 2010 Chartered Institute of Bankers of Nigeria (CIBN) Fellowship Investiture, explained that, leaders must respond to the perceived needs of today while developing the capacity to manage the changes that will be required for sustainable success in the future.
“Many decisions have been taken without adequate transparency.  Regulators and analysts have failed to apply the right standards in rating corporate performance. Boards of directors have misread signs of imminent crises.  To deliver desired results in the volume and quality that fully meet the expectations of the recipients of product(s),” Kolade said.
He added that: “The moral courage to do that which we know to be right, consistently, whatever the situation; willingness to stand by what we believe, even if it means that we stand-alone; willingness to pay ‘the price’ when it is the cost of showing integrity; ability to ‘stay the course’ (stamina) and fulfilling the responsibility” would also ensure leaders' success in the future.
He advised that, periodic review of the enterprise to ensure that the effort is always well directed while value-adding leadership, faithful practice of professional values, standards and discipline within organisations as well as clear and frequent communication of the ethics of business to all stakeholders would ensure corporate governance is duly applied.  
“A determined refusal to compromise those ethics in each transaction; combining energies and efforts with other professionals for synergistic effect; developing human resource capacity with an emphasis on good and ethical leadership,” Kolade added, are things leaders must know.
He further added that, organised study-cum-apprenticeship to acquire knowledge, skill and competence, a focus on principles, values and standards, best practice encouraged through constant updating, active peer benchmarking and the application of sanctions for off-beam conduct, pursuit of sustainable success through the consistent practice of good discipline and identifying contemporary issues would assist business leaders perform well.  
Kolade stated that, recent developments indicate significant failures in the practice of corporate governance, explaining that, consistent register of performance that is exemplary in terms of quality, timeliness and cost-effectiveness, the changing enterprise success induces growth and encourages ambition in business.