DIRECTORS' HUMAN CAPITAL DEVELOPMENT: ROLE OF COMPANY SECRETARIES

DIRECTORS' HUMAN CAPITAL DEVELOPMENT: ROLE OF COMPANY SECRETARIES

Author by Dr. Veronica Ekundayo

Language: English

Abstract

Human capital is the most important asset in any company. It is the productive capacity that is embedded in people. Human capital is one of the most important contributors to the growth of any organization. Hence, for competitive advantage, companies seek to optimize their workforce through comprehensive human capital development (HCD) programs. Considering the importance of HCD, should it be restricted to the workforce alone? Certainly not. The on going trend is to ensure that directors of companies are skillful, well informed and are continuously trained in order to steer the ship of the company safely. It is for the ultimate good of the company to invest in the training or HCD of directors. Moreover, with sudden collapse of companies ( for example Enron) the risks borne by the directors have multiplied; their roles and responsibilities have also come under increased pressure. There is therefore the need for directors’ continuous training and development in order to meet up with challenges associated with their role as directors. As a result of the foregoing, the responsibility of company secretaries in HCD of directors has come under the search light. To properly research this topic, the paper is therefore divided into four parts. The first part briefly examines the general concept of HCD. The second part discusses the changing role of company secretaries (CS) in today’s business world; the third considers the training and development of directors. The final part of the paper is centered on benefits of HCD.


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