CIMA Global President advances corporate governance debate

Friday, 22 April 2011 00:50 - - {{hitsCtrl.values.hits}}

Speaking to a selection of Sri Lanka’s most powerful business leaders, George Glass, President of the Chartered Institute of Management Accountants (CIMA), framed the issue of corporate governance in terms of its impact on entrepreneurship. The audience, which included the directors and senior management of prestigious publicly-quoted companies, as well as the owners of numerous prominent privately-held enterprises, actively participated in the discussion, complementing CIMA’s cutting-edge research with a wealth of real-life business knowledge.

This combination of multidisciplinary academic insight and business leadership is typical of the CIMA experience and was exemplified by Glass himself. With a diverse background as a mechanical engineer, a Chartered Management Accountant, an IT professional, and a financial director at one of Britain’s most innovative timber firms, Glass drew on his wide-ranging experiences to illuminate a new global business landscape that is more closely integrated with concepts of sustainability and corporate responsibility.

The breakfast forum, organised jointly by the Sri Lanka Institute of Directors (SLID) and CIMA, highlighted the challenges and opportunities arising from adherence to principles of corporate governance. Pointing out the need for heightened reporting requirements in the wake of global financial failures, Glass acknowledged that new technologies, updated performance metrics, faster pace, and a greater degree of complexity have increased the burden on businesses that align themselves with these new reporting standards. However, he stressed that businesses also have much to gain by doing so, underlining how the increased trust generated by new reporting practices can lead to increases in investment and share value.

The topic of leveraging corporate governance practices to drive investment was also broached by the esteemed panelists, who included Asoka Hettigoda, Managing Director of the Hettigoda Group and Prakash Schaffter, Managing Director of Janashakthi Insurance, as well as by audience members such as Deshamanya Deva Rodrigo, Independent Director at John Keells Holdings. The panel, moderated by MAS Investments CEO - Chandan de Silva, explored the ramifications of corporate governance and increased reporting requirements on entrepreneurial adaptability, decision-making, and success.

Outlining the importance of incorporating stakeholder perspectives into the management process, Glass inspired a lively debate on the need for a business to balance its ability to navigate a rapidly changing environment with new reporting standards that can add a layer of complexity to management processes. The practical knowledge required to successfully negotiate this process is an integral part of CIMA’s future-ready curriculum, which emphasises a pragmatic approach to developing financially-qualified business leaders. As the world’s largest professional body of management accountants, CIMA is committed to preparing its members to not only take the reins at some of the world’s most successful companies but also to align their businesses with the paradigm shifts that are changing the world.