Harnessing the untapped potential of corporate governance to create sustainable and future-proof organisations

A few weeks ago, I led the Stanbic Kenya team in hosting the Africa Group Governance Conference.? We spent two days delving into the complexities of delivering sustainable governance in an evolving environment that presents different challenges every day.? Our keynote speaker Susan Koech, PhD , Deputy Governor the Central Bank of Kenya shared her valuable insights on how the financial services sector can drive sustainable governance in the markets we operate.

To frame our conversations, we explored the profound connections between athletics and the intricate world of Corporate Governance in 2024, the year of the Pari Olympics. The athletics world is grappling with similar issues to what we are facing in ?the financial services sector.? They too are constantly debating how to truly embrace different shades of diversity; how to ensure that everyone follows the rules and how to deal with the ever-present, ever menacing challenge of Climate Change.

Allow me to share some of our key discussion points: -

a)??? We must get better through innovation, technology, and AI: - today, coaches such as Patrick Sang (coach to Eliud Kipchoge and Faith Kipyegon) no longer rely on purely human led training programs. They now incorporate machine learning algorithms, biostatistics, and improved footwear to optimise performance and shave off milliseconds and seconds. ?At Stanbic, the deployment of these new advances becomes more than a technological strategy; it transforms into a means to amplify our capabilities and efficiency. We must integrate AI into governance in a way that upholds the very soul and heart of our organisation. We acknowledge that some of these innovations have some inherent risks, and we might not have all the answers today – but just like athletes we must choose progress over perfection.

b)??? Diversity as Stanbic's Unique Melody: - our presence across diverse markets in Africa is a vibrant melody that defines Stanbic. Embracing diversity is not merely an ethical commitment; it is the strategic foundation of our resilience and adaptability. Much like how Eliud Kipchoge chooses his team of pacesetters, leveraging on their different attributes, we too must weave together the diverse talents within our organisation. Sustainable governance demands a “pacesetters mindset” where we learn when, how, and for how long to deploy our teams, our leadership team, and our regulators.

c)???? Navigating the sprints of Climate Change: Africa's challenges in the face of climate change, are intertwined with Stanbic's responsibilities as a financial institution much in the same way today’s athlete must invest in leaving a better world for tomorrow’s athletes. ??Our decisions reverberate not only within boardrooms but across the communities we serve. We challenge ourselves with these questions - as we navigate the evolving world of climate-conscious finance, how can our governance practices steer Stanbic towards sustainability? How do we keep our compass true amid diverse voices and competing agendas, ensuring that our commitment to transparency and integrity remains unwavering?

We closed the session energised that we have laid the tracks of the sustainable governance race where innovation, diversity, and sustainability converge to create a world of sustainable governance that will be passed over to the next generation. We will follow Eliud’s tag line ‘No Human is Limited’ in our commitment to innovation, diversity, and sustainability