By Emmanuel Nyatsikor
Ho, June 9, GNA – The General Assembly Executive Council of the Evangelical Presbyterian Church Ghana (EPCG) has been called upon to consider initiating a process to formalize the ownership structure of the Prime Natural Mineral Drinking Water Limited of the Church.
The ownership structure should include all future Church-owned enterprises.
Mr Ernest Gbesemete Esq, a Presbyter of the Church Sunday made the call in a press release copied to the Ghana News Agency in Ho.
The release was titled “My analysis of the official response on the Prime Natural Mineral Drinking Water Limited governance and Stewardship review.”
It was a response to the raging individual ownership dispute surrounding the project; conflict of interest and double salary allegations leveled against some top officers of the Church.
The officers include Right Rev Dr Lt Col Bliss Divine Kofi Agbeko, Moderator of the General Assembly of the Church, Mr. Dick Anyadi, a non-clergy Trustee, Rev. Daniel Torvinyo, Director of Finance and Ms. Eyram Wordekpor, Acting Executive Director of the Development and Relief Agency of the Church.
Mr Gbesemete stated that the ownership structure should include a comprehensive legal and governance review of the company’s shareholding structure, the execution of declarations of Trust, where share was held by individuals on behalf of the Church and the adoption of shareholder agreements that expressly recognize the Church as the beneficial owner.
The others he said were the establishment of clear succession arrangements to ensure that ownership rights were not affected by retirement, transfer, resignation, incapacity or death of office holders and the eventual creation of an EPCG Investment Holding Company to serve as the legal shareholder of all Church-owned commercial ventures.
The Presbyter noted that under such a structure, the Church would become the unmistakeable beneficial owner of its investments, while individual officers would serve only as Trustees, Directors or representatives in accordance with approved governance policies.
He said this approach would protect the church from future ownership disputes and protect Church officers from allegations of personal ownership.
He noted that the response of the leadership of the Church rightly pointed out that the allegations of personal enrichment should be supported by evidence.
Mr Gbesemete intimated that whilst the response addressed the concerns raised, it also highlighted a bigger issue that deserved collective attention.
He said the question now was, did the Church have sufficient Institutional safeguards to protect its assets adding “good governance is not built on personalities but systems.
Mr Gbesemete stated that the greatest legacies the current generation of the Church’s leaders could leave behind was not merely successful businesses but governance structures that ensured that those businesses remained unquestionably and permanently the property of the Church.
He suggested that the Church established a specialized Investment Board, independent boards for each business, professional management teams, audit and risk committees to ensure accountability and transparency and governance ethics committee to manage conflicts of interest and ensure compliance.
The Presbyter said the present discussions surrounding the company should not be seen as a crisis but an opportunity to strengthen governance, clarify ownership, improve accountability and build structures that would serve the Church.
GNA
Edited by Maxwell Awumah /Kenneth Odeng Adade