What values should Rwandan firms stand for beyond profits? Should they pursue ambitions beyond profits? These were some of the conversations at a recent business leaders gathering, Rwanda CEO summit, which attracted over 100 business leaders involved in different sectors of the economy. Rwanda’s economy expected grow further and there has been interest by stakeholders on what should be expectations of local and international firms operating in Rwanda beyond meeting tax obligations and paying employees and shareholders. Cherno Gaye, Chief Executive of Cogebanque, said that values of firms are often tested in ways such as their approach in how they create value for not only their shareholders but also players in their value chains such as suppliers and employees. For instance, he said that decisions by firms when they face financial difficulties often say a lot about their value. While most would rush to lay off employees, firms that seek to create value are likely to seek ways to recover before laying off employees. Other aspects that speak of the values of the firms is the standards they set in aspects such as environmental protection, maintaining fair competition, meeting tax obligations, staying off trends such as tax avoidance (which is legal), among others. “There is nothing wrong with pursuing profits and growing value for your shareholders, but at the same time, it’s important to treat the stakeholders right,” he said. He said that, going forward, society is not short of vices to make interventions ranging from gender equality, income inequality, and to poverty among others. He challenged business leaders to not only view their roles as an achievement but as a responsibility. In August this year, close to over 200 head of global corporations issued a statement that redefined the purpose of corporation as beyond shareholder value and profits to investing in employees, delivering value to customers, dealing ethically with suppliers and supporting outside communities. The summit was convened by Karisimbi Business Partners with conversations themed around optimising decision-making capacity.
