NBM commits to inclusive corporate governance

The National Bank of Malawi plc (NBM) has stressed its commitment in fostering an inclusive corporate governance structure by increasing the representation of women on its board.

This move aligns with the Environmental, Social, and Governance (ESG) performance reporting requirements mandated by the Malawi Stock Exchange (MSE).

At present, women constitute 30% of NBM’s board, but the bank aims to enhance this figure.

NBM chairman Jimmy Lipunga emphasized the importance of diversity in leadership, stating, “We are dedicated to ensuring that women are adequately represented on our board. Diverse perspectives are crucial for innovation and the sustained growth of our bank.”

Lipunga added: “A diverse board moves us away from a homogenous leadership structure which in turn drives innovation and strengthens our bank’s growth.

“By incorporating more women into our leadership, we are not only adhering to ESG standards but also investing in the future success of our organization.”

The MSE has mandated that all listed companies publish their ESG reports starting December 31, 2024.

This requirement is part of a broader effort to promote transparency and accountability in corporate governance.

MSE’s chief operations officer Kelline Kanyangala highlighted that: “ESG reporting is vital for enhancing business performance. It ensures that companies have robust governance systems with the necessary expertise from their boards of directors.”

“Well-structured governance systems that include diverse perspectives from the board level are essential. They contribute significantly to the strategic decision-making processes that underpin business success.”