Leadership about skills not gender— Funmi Ekundayo

The Chief Executive Officer of STL Trustees Limited and the first female president of the Institute of Chartered Secretaries and Administrators of Nigeria, Funmi Ekundayo, speaks to OGHENOVO EGODO-MICHAEL about her career and other issues

What has been the highlight of your time as the president of ICSAN?

The highlight of my time has been the proper projection of the ICSAN brand so that the world can see the richness of our profession, our history and pedigree as a foremost and leading professional governance institute, as well as our international affiliations and legacy, all of which make the brand a very strong and iconic one, unlike what had been the perception in the past.

We have also pursued inclusion and deeper engagement of our members with a view to engendering a sense of belonging by everyone. Earlier this year, we held the first ever ICSAN presidential town hall meeting. The forum served as a veritable platform to receive very useful and helpful feedback from our members on how we can collectively continue to take our great institute to loftier heights.

We can definitely achieve more together. We have also held several successful educational webinars, conferences and roundtables, which have been beneficial to all our members and non-members alike.

Deeper engagement of other key external stakeholders has also been a major highlight of this administration. My fellow executives and I have practically been living out of our suitcases in this past one year because we are constantly on the move for one official engagement or the other on behalf of the institute, and I must say that the positive outcomes from those advocacy/collaborative discussions have been gratifying.

Indeed, we have also been able to record several specific modest achievements within this one year which we are very proud about, including the historic groundbreaking for our new national secretariat.

What inspired you to pursue a career in corporate governance?

What inspired me to pursue a career in corporate governance is my desire to see things done right. As a governance professional, you get to play a critical role in ensuring that corporate entities operate ethically, transparently, and in the overall best interests of all stakeholders. Corporate governance is a specialised field with a growing demand for skilled professionals hence, as a governance professional, my fellow governance professionals and I are part of ensuring that corporate entities act responsibly as they undertake their corporate tasks.

Governance professionals are also multi-skilled and specialised experts who are well trained and thoroughly baked in overseeing and ensuring the effective management and oversight of organisations’ compliance with laws, regulations and best practices. In a nutshell, the unique skills and qualities that governance professionals possess enable them to play a vital role in ensuring organisational success and sustainability. These reasons and many more, for me, made pursuing a professional qualification in corporate governance fulfilling and rewarding.

You spent quite a number of years practising law. What do you enjoy most about being a lawyer?

They include the opportunity and empowerment to correct any wrong; knowledge about rights, and the fact that those rights can be enforced. Being a lawyer offers one a fulfilling and dynamic career, with opportunities to make a real difference in people’s lives and in society. Being a lawyer also helps me with a problem-solving mindset; because as a lawyer, you are constantly required to analyse complex legal issues, find creative solutions and overcome challenges. I also like how being a lawyer makes me versatile to a very large extent, though my professional qualification as a chartered secretary and administrator took that versatility to a whole new level.

How do you balance your professional responsibilities with your personal life?

I simply try my best to ensure that none interferes with the other. Achieving a balance between my professional responsibilities and personal life is a continuous process that requires effort, commitment and flexibility; hence, I continue to put in my utmost best to keep holding everything together. I must however add very quickly that I have been blessed with a very strong support system, including my wonderful family, friends and colleagues, and this support network helps me in no small measure to achieve a remarkable work-life balance.

What are some of the challenges you have faced as the first female president of ICSAN, and how did you overcome them?

Thankfully, I have not faced any peculiar challenge as a female president outside the normal challenge of committing quality time and energy into the assignment along with the existing commitment to job and family, which is faced by both males and females. It takes conscious effort, flexibility and a strong support system to continue to maintain that fine balance.

How do you approach building professional relationships?

It is not just about building professional relationships, it is about building enduring professional relationships, and this requires effort, dedication and a genuine interest in others. My approach to building long-lasting professional relationships essentially include being authentic, honest, sincere and transparent in my professional interactions. It is also about being consistent in delivering high quality work, while also demonstrating reliability and dependability; being supportive of others by offering help, guidance and resources in their growth and success; respecting diversity, inclusivity and differing opinions; having the mindset to add value to the other person while being open to also receive value; and also by expressing appreciation and recognition for the support and value others bring into my professional life.

What skills do you believe are essential for success in corporate governance?

Some of the invaluable skills that are essential for success in corporate governance include the ability to encourage diverse perspectives and ideas in the corporate decision-making process, ability to carry out tasks in a timely and environmentally-friendly manner, ability to display transparency and accountability at all times, high level of integrity and trustworthiness, ability to act ethically and fairly in all dealings, ability to pay attention to details, ability to keep accurate records, ability to organise properly, ability to respond promptly and proactively to any seeming crisis and controversies while encouraging/stimulating discussions and debates to reach a consensus; and the ability to plan strategically and create an actionable plan.

What are your thoughts on the future of corporate governance in Nigeria?

No doubt, there is increased awareness and cooperation among key stakeholders as far as corporate governance in Nigeria is concerned. This consciousness and dedication should be encouraged with consistency, not only among the bigger corporations but also among others. This is to ensure that the benefit of corporate governance is felt across every strata of the economy. Strategy should also be devised to encourage genuine commitment and application of corporate governance in the public sector.

Nigeria has made notable progress in corporate governance practices, including the creation of the Nigeria Code of Corporate Governance, as well as the recently exposed drafts by the Financial Reporting Council for the Nigeria Not-For-Profit Governance Code, and the Nigeria Public Sector Governance Code. While these regulatory initiatives by the Financial Reporting Council are highly commendable, for the future of corporate governance to be further enhanced in Nigeria, there is need for stronger enforcement by regulators to prevent corporate governance failures, which are often caused by numerous factors.

Also, there should also be an unwavering political will to enforce governance laws.

Corporate governance is fast permeating the fabrics of the Nigerian society with the realisation that doing things rightly and in accordance with the principles of transparency, accountability, responsibility and fairness are issues that speak to national character, credibility of our reporting standards and indeed, global perception of our country within the dashboard of good governance generally.

What advice do you have for women aspiring to leadership positions in the corporate world?

First, let’s be very clear about one fact— leadership is not about gender. It is about skills, capacity, competence, responsibility, passion and dedication, among others.

Having established that fact, it is important for women aspiring to leadership positions in the corporate world or anywhere else for that matter to put in diligent effort to build the right capacity, acquire appropriate qualifications and certifications, establish a track record of good performance, do everything with a sense of utmost integrity, accountability and professionalism, develop a growth mindset, develop leadership skills by taking capacity-enhancing courses, and seeking feedback to improve your leadership abilities. You should also be self-confident and believe in yourself, be resilient by facing obstacles with determination and perseverance. It is also importance to seek out opportunities, rather than wait for opportunities to come to you.

Finally, avoid every semblance of tokenism or quota system.

What are your thoughts on the role of technology in shaping the future of corporate governance?

Technology, as we are already witnessing, will continue to enhance efficiency and speed in the delivery of strategic and operational goals of organisations, which is a focal aim of corporate governance, so I believe more areas of corporate governance will be impacted by technology, and every forward looking governance practitioner should therefore embrace technology.

For instance, artificial intelligence and automation can assist in decision-making, predicting outcomes and identifying potential risks. Enhanced data analytics can also improve decision-making and risk management, while digital platforms can facilitate easier and more seamless communication and collaboration among board members, as well as increased transparency, because technology can provide real-time monitoring and tracking of corporate governance practices.

What are some of the initiatives you have implemented at ICSAN to promote sustainability and social responsibility?

We have embedded sustainability and social responsibility into our corporate culture as an institute. For instance, we have embraced the paperless culture to a very large extent. Our council meeting packs are electronic. We have also introduced the QR code for most of our events and programmes, as against the usual printing of hard copies. Our annual reports and accounts are also circulated electronically as against the usual hard copies produced in the past. In the same vein, we are collaborating with stakeholders to drive positive change, supporting social programmes that benefit the community and promote diversity and inclusion, while encouraging ethical business practices across different sectors.

What are some misconceptions about secretaries that you would like to address?

The first is the wrong notion that secretaries, in the context of our profession, are stenographers. I will say we have done a lot about this and we can see that the perception is changing fast, but we will continue to do more.

Second is the notion that as company secretaries, we are just minute takers. Nothing could be farther from the truth as our roles and practice areas have evolved and extended beyond that to areas such as risk management, compliance, strategy and governance advisory, among others. We are also doing a lot to correct this notion.

As a matter of fact, the professional difference and uniqueness, as well as intrinsic value that ICSAN members bring to bear on the corporate space, and indeed in both the private and public sectors, are becoming increasingly clearer to the discerning.

Indeed, chartered secretaries and administrators all over the world, including in Nigeria, are widely known and recognised as governance professionals. Hence, we are presently embarking on necessary legislative steps to entrench this truism, which we believe will go a long way to situate our profession as governance professionals within its right context.

Who are your mentors?

I have two mentors who have impacted me greatly in the course of my career, and they both happen to be my former bosses. I am incredibly grateful to both of them for their mentorship, coaching and guidance.

What advice do you have for young professionals looking to make advancement in their careers?

I advise young professionals to open their hearts to constant learning, stay focused on achieving their goals no matter the obstacles, and remain sincere and professional at all times.

Also, they should never rest on their current levels of achievement, but keep aiming to be an improved version of themselves. They should always remember a quote from the visionary business leader, Richard Branson, which says, “Success is a journey, not a destination”.

What does success mean to you?

It means achieving set goals, continuously learning and developing new skills, constantly improving myself, making meaningful impact in the lives of others through work, relationships or contributions to society; as well as breaking new grounds, overcoming obstacles and embracing challenges as opportunities for growth. These and more are what success means to me. Success is indeed not the final destination, but the stepping stone for the next level.

What legacy do you hope to leave behind through your works?

I want to leave a legacy of the highest standards of good corporate governance and commitment to achieving set goals with every sense of focus, integrity and professionalism. However, because legacy is also about the positive impact one has on the world, I hope to leave the legacy of inspiring and mentoring others to become leaders and making a positive difference. Essentially, leaving the world a better place is the greatest legacy I would love to leave behind.

How do you effectively manage your responsibilities across the different boards you sit on?

I do that by practising proper time management and prioritisation, staying up to date on industry developments and best practices relevant to each board, and leveraging technology for more effectiveness. These are skills one acquires and develops as a chartered secretary and administrator.

What can you tell us about your background?

I come from a family with notable pedigree in academics. My father, the late Funso Adaramola (OON) was a renowned professor of International Law and Jurisprudence, while my mum was also an educationist. Hence, I come from a family where getting good education was a priority. The mandate that continually resonated with me and my siblings back then was that we had to go out there and make the family proud, both in character and learning. My dad was a disciplinarian to the core who would do the needful if anyone went out of line. I remain eternally grateful to my parents for not only bequeathing me with good education but also instilling in me the right doses of the life-long values of hard work, discipline, resilience, integrity, contentment, kindness, respect for others and above all, the fear of God. These values have continued to shape my life up till today, and I am equally teaching my own children these values and virtues as the way to go and grow in life.

How do you spend time with family?

I maximise spending quality time with my family at every opportunity.

How do you unwind?

I love to unwind by spending quality time with my family, exploring new places, and reading good books.

How would you describe your personality?

I would describe my personality as friendly and approachable, yet professional. I am empathetic yet firm; confident. I love to exude and receive positive energy. Permit me to add that I am also a very simple human being with an understated elegance, even if I say so myself.