Women Directors urged to lead in age of AI, DEI, ESG for sustainable business growth
By Esther Agbo
At the 2024 Women Directors’ Conference held at the Ecobank Pan African Centre in Victoria Island, Lagos, on the 5th of September, 2024, the President of the Chartered Institute of Directors (CIoD) Nigeria, Alhaji Tijjani M. Borodo, called on women directors to take the lead in steering their organisations through an era of rapid technological advancements and evolving social and environmental expectations.
Speaking on the theme, “Leading in a Disruptive Age: Opportunities in Emerging Technologies, DEI & ESG,” Borodo highlighted the critical role of women in shaping corporate governance amidst disruptive trends.
“As Boards grapple with the implications of these disruptions, the role of women directors has never been more critical.
“The leadership, vision, and expertise that can be provided by the female genders in the Boardroom are indispensable in navigating the complexities of this disruptive age and seizing the opportunities that emerge,” Borodo emphasised. He pointed out the vast potential that emerging technologies like artificial intelligence (AI), blockchain, and the Internet of Things (IoT) hold for transforming industries. However, he cautioned that without proper governance, these same technologies could pose significant risks to companies.
Borodo also underscored the importance of Diversity, Equity, and Inclusion (DEI) in driving innovation and resilience within organisations. He noted that companies with diverse leadership teams consistently outperform their less diverse counterparts, making the case for women directors to continue championing DEI initiatives.
“By fostering a culture of DEI, organisations can create a more innovative, creative, and resilient environment. DEI is not merely about representation; it is about creating a workplace where everyone feels valued, respected, and empowered to contribute their best. By championing DEI initiatives, women directors can help to break down barriers, create opportunities for under-represented groups, and foster a more inclusive and equitable society,” he said, calling for policies that promote gender equality and inclusive work cultures.
Furthermore, Environmental, Social, and Governance (ESG) factors were also a key focus of Borodo’s address, as he urged women leaders to advocate for responsible corporate behaviour and environmental sustainability. With global challenges like climate change and social inequality at the forefront of business concerns, he stressed the importance of integrating ESG into corporate strategies to build long-term value and reputation.
The conference however featured a panel session on the role of AI in governance, risk, and compliance (GRC). Panellists highlighted the transformative power of AI, while also addressing its risks, including algorithmic bias, data privacy concerns, and the opacity of AI decision-making processes. The panel emphasised the need for robust AI governance policies to mitigate these risks and called for the inclusion of roles like AI ethics officers on corporate boards.
The panel therefore concluded with a rallying call for women directors to embrace AI and other emerging technologies.
“AI is a tool that can enhance our contributions as leaders, and women must educate themselves to leverage its potential,” a panellist advised. The discussions also explored how AI is reshaping corporate governance, with new roles and responsibilities emerging in the boardroom.
The conference, which was chaired by Chairman of the Women Directors Development Committee (WDDC), CloD Nigeria, Otunba Mrs. ‘Debola Osibogun, F.CIoD, provided a platform for women directors to discuss strategies for leading in a rapidly evolving business landscape. Osibogun in her welcome address commended the commitment of participants to advancing leadership practices in their respective fields, noting that women directors have a crucial role to play in shaping the future of governance in Nigeria and beyond.
She said, “Women leaders have consistently demonstrated their ability to champion sustainability, promote diversity, and foster inclusive growth.
“We find ourselves at a crossroads where our nation has witnessed the rapid advancement of technology and the increasing focus on sustainability and inclusivity. At the centre of all these in significant numbers are the amazons; shaping the cause of innovations in technologies, DEI, and ESG in Nigeria and beyond; leading with zest and purpose.”
In conclusion, participants were encouraged to embrace innovation, foster inclusive leadership, and take bold steps toward driving sustainable, responsible, and tech-driven businesses.
