CEOs urged to foster innovation and agility in the face of evolving technologies

In the face of evolving technologies such as Artificial Intelligence, chief executive officers and boards have been urged to foster a culture of innovation and ensure agility, emphasising the need for organisations to adapt to market changes.

This call to action was made during the C-Suite Forum organized by the Institute of Certified Public Accountants of Uganda (ICAPU), which brought together CEOs, board members, chairs, and chief financial officers from prominent brands and organizations in the country.

The theme of this year's forum was "The Collaborative Role of the Board, CEO, and CFO in Fostering Organizational Performance."

During the forum, Proscovia Nabbanja, the Chief Executive Officer of the Uganda National Oil Company(UNOC), emphasised the importance of CEOs recruiting, developing, and retaining high-performing executive teams, fostering a positive organizational culture, and efficiently overseeing day-to-day operations.

Nabbanja highlighted the pivotal role of collaboration between the boards, CEOs, and chief financial officers in ensuring organizational success.

Nabbanja stressed the need for the board to engage shareholders consistently, going beyond annual meetings and fostering a culture of communication and transparency.

"Continuous engagement with shareholders is crucial for the board, promoting effective communication and transparency," Nabbanja emphasised.

Furthermore, Nabbanja underscored the responsibility of CEOs to lead by example by engaging with employees at all levels, ensuring alignment with the organization's vision and mission.

"As a CEO, it is essential to cascade the strategic vision to every member of the organization, promoting inclusivity and shared responsibility," she stated.

Nabbanja also highlighted the CEO's responsibilities in operational management, emphasizing the efficient allocation of resources and proactive monitoring of key performance indicators.

"CEOs play a critical role in overseeing day-to-day operations and ensuring the efficient use of resources to achieve company goals," she remarked, underlining the importance of continuous performance assessment and risk management.

Derrick Nkajja, the Chief Executive Officer of ICPAU, emphasized the collaborative role of the board, CEOs, and chief financial officers in driving organizational success.

"We stress the significance of strategic alignment and mutual support among these key roles in fostering growth and success. Let's explore best practices and innovative approaches to strengthen this vital synergy," he said.

Regarding risk management, Joshua Karamagi, the Managing Director of the Uganda Electricity Transmission Company Limited, noted that board members oversee risk management processes, ensuring effective identification and mitigation of potential risks.

"The board should monitor the overall performance of the organization and hold management accountable for achieving strategic objectives," he said.

Karamagi also emphasized the importance of organizing and training leadership on the board to equip them with the necessary skills for seamless communication between the CEO and the board.

Ronald Mutumba, Vice President of the ICPAU Council, described the C-Suite Forum as a platform for senior executives to discuss pertinent issues, exchange innovative ideas, and explore strategies to enhance organizational performance and governance.

"It provides an opportunity to engage with thought leaders and peers dedicated to advancing leadership and management standards."

"We stress the significance of strategic alignment and mutual support among these key roles in fostering growth and success. Let's explore best practices and innovative approaches to strengthen this vital synergy," said Mutumba.