The five governance pillars are:

1. Purpose (P)

   • The organisation should have a clearly defined purpose that shapes its values, culture, strategy, and practices.
   • The organisational purpose should encompass financial and environmental sustainability, embracing concepts such as ‘double/dual materiality’, UN SDGs, Global Reporting Initiative, Integrated Reporting, Triple Bottom Line Reporting, and International Sustainability Standards Board’s Standards.
   • It should promote the creation of long-term value for owners, stakeholders, and the wider Ghanaian society.
   • Example: BOGML has defined its purpose clearly, reflecting sustainability issues in its vision and mission, with a strategy to diversify into solar business and charging stations for electric vehicles.

2. Leadership (L)

   • The organisation should have a governing body that operates with integrity and works selflessly towards achieving the organisational purpose.
   • It should provide effective and ethical leadership while ensuring accountability and fairness.
   • Proper governance includes adequate checks and balances to prevent concentration of power.
   • Example: BOGML should improve governance by allowing an independent Non-Executive Director (NED) to replace the board chairman to ensure accountability.

3. Controls (C)

   • Organisations must have robust systems to manage risks, enforce sound internal controls, safeguard assets, and ensure compliance with laws, regulations, and policies.
   • They should have mechanisms for detecting non-compliance.
   • Example: BOGML should establish independent Internal Audit and Risk Units to enhance risk management and enforcement of internal controls.

4. Genuine Disclosures (G)

   • Organisations should operate transparently, implementing a ‘genuine disclosure’ framework to hold executives accountable.
   • Information should not be withheld unless there are clear and lawful reasons.
   • A disclosure framework should ensure complete, reliable, and understandable information for stakeholders.

5. Stakeholder Engagement (S)

   • Organisations should engage with stakeholders through structured processes to understand their needs and expectations.
   • Governance practices should align with stakeholder interests to create value and sustain business growth.
   • Example: BOGML should strengthen its engagement strategies to involve key stakeholders in decision-making processes.