Mr. Mathew Kasonta (second left), a representative from Capital Plus International (CPI) who are among the sponsors of the Best Board Leadership Award (BBLA) speaks with the press (not in the picture) during a press conference to announce the inaugural Best Board Leadership Award (BBLA), an initiative which aims to spotlight and recognize outstanding leadership of Boards of Directors in the banking and insurance sectors which is set to be held in Dar es Salaam on January 30, 2015. He is flanked by Laurence Mwangoka (first right), Serena Hotel’s Sales Manager one of the award sponsors, BBLA Coordinator, Ms. Neema Gerald (second right), and a representative from CPI, Mr. Kassim Malela (first left).
The BBLA planned for January 30, 2015 and to be held for the first time in Tanzania, are organized under the auspices of the Tanzania Bankers Association (TBA) and Association of Tanzania Insurers (ATI).
Speaking during a press conference in Dar es Salaam yesterday, BBLA Coordinator, Ms Neema Gerald said the awards will give an insight of how a best board can help an organization to flourish and achieve best performance in the area of its specialization.
Sponsors of the coveted event include Capital-Plus International Limited, Real PR Solutions Limited, Afrimax Strategic Partnerships Limited, Serena Hotel, and IPP Media, as more sponsors are being urged to step-forward and support the awards.
“We have seen a need to identify and appreciate valuable inputs board members give to their organizations. We believe that behind every success of a financial organization, there is a very strong and active board of directors. Now, these values that most of board members have should be recognized and appreciated,” she said.
Ms Neema said the tradition has it that only Chief Executive Officers and Managing Directors are valued by employees or even the general public.
“It’s the right time now for the best performing boards to be recognized and awarded handsomely for their efforts”, she said.
She disclosed that the study, evaluation and final ranking will be done by highly ranked panel of judges whose records are outstanding.
The evaluation will focus on the effectiveness of the Board of Directors in terms of corporate governance, financial management and ability to spearhead overall organization’s vision.
Other areas are boards’ attention on transparency, accountability, performance orientation, good process and practices.
She named other areas where the board would be evaluated as provision of multidimensional view of boards’ effectiveness to underscore the importance of human capital practices at the board level and to ratchet up benchmarks by bringing the best out of board practices,” he said.
She added that the organizers have introduced the awards at the right time in Tanzania when the Insurance and Banking sector are realizing drastic changes with many insurance companies booming and the market opening up to cover many clients from all walks of life.
“With the changes being realized at the moment, especially in the financial sector whereby a sizable number of insurance companies and banks have opened up business in Tanzania, clients need to be sure that their premiums are safe and they are covered at all times”, she said, adding:
“This will be practical if that particular insurance company or a bank continues to operate by performing well. In this case, the board of directors will play an important role in ensuring the company doesn’t collapse,” she said.
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