The President of the Chartered Insurance Institute of Nigeria,Yetunde Ilori, recently urged board members of insurance companies to take decisive actions in embedding corporate governance practices within their organizations.
This call came during the 2024 Insurance Directors’ Conference, organized by the College of Insurance and Financial Management in Lagos.
The conference, which centered on governance, risk, and compliance, emphasized their importance as foundational elements for transforming corporate governance and ensuring long-term sustainability in the industry.
During her address, Ilori challenged board members to step up and reshape the industry’s narrative.
“Our governance, risk assessment, and compliance practices must go beyond ticking boxes—they must be rooted in our values and our vision. Public trust is our currency, and as Board Members, we hold the responsibility of ensuring that trust is unwavering,” she stated.
Ilori also urged the directors to engage in self-reflection, asking, “What kind of industry are we building? Are our governance practices where they need to be? Professionalism is non-negotiable, and the tone for excellence starts with us.”
She emphasized the need for accountability from management, transparency, and the creation of a robust industry that supports the nation’s economy.
The Dean of Lagos Business School, Prof. Chris Ogbechie, also shared his insights, presenting a paper titled ‘Board Strategic Leadership & Principles for Performance.’
He encouraged directors to focus on future-oriented strategies rather than dwelling on past performance, stating, “Boards must lead with vision. Spend less time on routine tasks like quarterly reports and budgets, and more on defining the strategic direction that will ensure long-term growth and resilience.”
Ogbechie further urged directors to foster innovation, keep an eye on market trends, and make bold, long-term investments.
He also highlighted the need for comprehensive performance management systems, noting that key performance indicators and metrics are crucial for tracking progress and achieving successful outcomes.
