SIC appointments must go through Public Services Commission – Manteaw

Dr. Steve Manteaw’s criticism of political interference in appointments at SIC Insurance PLC sheds light on how political influence has often undermined the proper governance of listed companies. He pointed out that appointments to such institutions should be made by the board on behalf of shareholders, not through political channels.

According to Manteaw, this practice, where politicians make appointments and later have them ratified by the Public Services Commission (PSC), has resulted in appointees' tenures being closely linked to political administrations.

He also mentioned that SIC, being a listed company, is governed by rules that the government must adhere to, and any actions that violate these rules can be challenged in court.

In a separate post, Manteaw addressed the claims that SIC and other similar institutions like GCB and GOIL are not performing well. He argued that these companies, which were once on the brink of collapse, have been revitalized due to their listing, allowing them to operate independently of the government budget and avoid posting losses.

Meanwhile, the leadership dispute at SIC continues as the outgoing Managing Director, Hollistar Duah-Yentumi, has locked the office and withheld the keys from her successor, James Agyenim-Boateng.

Agyenim-Boateng reported that Duah-Yentumi declined to attend meetings and failed to provide handover notes, causing operational disruptions. The situation has escalated, with Duah-Yentumi filing an injunction at the High Court to prevent Agyenim-Boateng from assuming the role of Managing Director.