The President of the Chartered Insurance Institute of Nigeria, Yetunde Ilori, has charged the board members of insurance companies to take bold steps to entrench corporate governance in their respective organisations.

Ilori made this call at the recently held Year 2024 Insurance Directors’ Conference, organised by the College of Insurance and Financial Management in Lagos.

The meeting focused on governance, risk, and compliance as a cornerstone for revolutionising corporate governance and achieving long-term sustainability in the industry.

At the event, Ilori urged board members to take bold steps to redefine the industry’s narrative, saying, “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.”

He encouraged directors to engage in self-reflection, posing the question, “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 encouraged boards to demand accountability from management, prioritise transparency, and remain steadfast in building an industry that serves as the backbone of the nation’s economy.

Also speaking at the event, the Dean of Lagos Business School, Prof. Chris Ogbechie, delivered a paper titled ‘Board Strategic Leadership & Principles for Performance,’ urging directors to shift their focus from the rearview mirror to the road ahead, advocating for forward-thinking strategies that anticipate and shape the future of their organisations.

“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 remarked.

He challenged directors to encourage innovation, monitor market trends, and embrace bold, long-term investments. Ogbechie also stressed the importance of robust performance management systems, emphasising that clear key performance indices and metrics are essential for evaluating progress and achieving flawless execution.