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KWAME 7 years ago
FBNBANK GHANA HAS ETHICAL PROBLEM
On the structure of the company, it is the board of directors who occupy the apex and the law recognizes them as those supposed to manage the company. They have been appointed by the owners ... read full comment
FBNBANK GHANA HAS ETHICAL PROBLEM
On the structure of the company, it is the board of directors who occupy the apex and the law recognizes them as those supposed to manage the company. They have been appointed by the owners and are as such accountable to them during the Annual General Meetings. The authority of Management has been derivedfrom the board for that matter they cannot do anything contrary to the directives of the board. It is therefore appropriate for any person aggrieved by the decision of Management to petition the board of directors. And it is in line with Good Corporate Governance standards for the board to consider the matter placed before them by the aggrieved party to receive hearing.
One has realized that some of our boards tend to support the actions of management when it is beneficial to the company irrespective whether it is ethical or not for those actions to be taken. It is unfortunate FBNBank Ghana has been guilty of this ethical consideration when the whole exercise to disengage some staffs is considered comprehensively. Before Management undertook the exercise the board’s approval was sought covering some management and unionized employees but the approval was not passed to the unionized employees. Management then says that the primary target of the exercise was management employees. Why was the board’s approval not sought for only the management employees because their condition of service was different?
In the case of the unionized employees the Human Resource Manager admitted he did not inform the employees of such a board approval so they heard it through the grape vine. It is most likely those who heard it were those who were targeted so the bank managed in a way to get through to these people. The whole exercise was shrouded in secrecy and to conform to an agenda set up by management. There was no transparency in the implementation of the Scheme as the bank refers to it.
It was no secret knowledge that the working environment at the time was unfriendly and many employees would have opted for the package no matter how inadequate it was because the CEO and Chief Risk Officer (all Nigerians) were autocratic, inhuman and constantly infringing on the human rights of the employees. There were employees who heard about the package and applied but were denied the opportunity and this was singularly hatched by the HRM. But should one see him in camera and do whatever negotiation there was, he will initiate the approval.
A reading of the board extract provides the reason for the exercise which was that it was not prudent in the view of Management to keep rewarding the affected people because they were unproductive. The Labour Act makes provision for this sort of situation and it has to be proved according to the Act. Management was clear in their minds it was something they cannot prove so they went to the board through this means which was unfortunately approved for them too. This also amplify the fact that the board was oblivious of this provision in the Act and there is supposed to be a legislator on the board of this bank. Is it not unfortunate?
Management claimed the package was meant as a reward to employees who otherwise would have stayed on but were discriminating in its application and approval. The employees were at liberty by law to decide what they find well for them but here again the bank was denying them of this right prescribed by the 1992 Constitution. It was really confusing to determine the motive of management for refusing to grant those who wanted to access the package.
The strange development in all these was that the First Bank of Nigeria, the majority shareholder of the Ghanaian subsidiary has in a few months earlier offered a similar package to its staff in Nigeria and many people have taken it and left.There was no restriction and discrimination in the dispensation of that package. But when it came to Ghana, it was fraught with ethical and legal issues. Sadly there are Ghanaians on the board who looked on indifferently for their people to be mishandled in a manner the Nigerians did not do to their people.
michael.agyekum60@gmail.com.
You CAN'T finish this resource from page A-Z and not become an established standard tech-support guru!
Service based tech support business remains the easiest, most lucrative venture for an economy in recession! Your CAPITA ...
read full comment
FBNBANK GHANA HAS ETHICAL PROBLEM
On the structure of the company, it is the board of directors who occupy the apex and the law recognizes them as those supposed to manage the company. They have been appointed by the owners ...
read full comment