The first Institute of Directors set to work on the development of effective board leadership, organising certification and training programs giving consultancy and advisory services along with research advocacy and publication, was launched with the Addis Abeba Chamber of Commerce & Sectoral Associations (AACCSA) last week. Mesenbet Shenkute, president of AACCSA, emphasised the importance of developing competent board directors for overall company profitability. A week-long knowledge and experience-sharing program preceded the launch event held at the Hilton Hotel on Menelik Avenue last week. Longer-tenured members of the Kenyan Institute of Directors (IoD Kenya)offered their reflections. They indicated that proper usage of resources would be attained in perfecting governance and value proposition. "As Ethiopia is the new kid in the town, Kenya will be happy to continue assisting," said Nelson Kuria (PhD), chairman of IoD Kenya. The first country in the continent to have an institute of directors was South Africa in 1960. The Vice Governor of the National Bank of Ethiopia (NBE), Solomon Desta expressed the value of having a competent board to attain shareholder objectives. A panel discussion unfolded during the event with Brook Taye (PhD) from the Ethiopian Capital Markets Authority and Hikmet Abdella from Accounting & Auditing Boards of Ethiopia, Meshack Joram from IoD Kenya as participants. Brook indicated that the IoD will help in fulfilling the Authority's investor protection mandate.
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