Digital natives, a shorthand for young technical savvy persons, a term used by the CEO of the Moti Group and chairperson of various business organisations Dondo Mogajane, are crucial cogs in the business world, particularly in the changing and more technical environment such as faced by South Africa.
Mogajane says the success of boards is dependent on young people’s objectivity, impartiality and the ability to think critically.
“As such, it is critical to break older generation’s monopoly, allowing younger people to cut their teeth at the boardroom table and lend their contributions while learning from the experience of older generations.
“Boards are entrusted with vital duties and responsibilities such as evaluating financial performance and signing off on financial reports, safeguarding the interests of all shareholders and investors, monitoring compliance with all relevant laws and regulations, guiding strategic decision-making, assisting in policy-making and holding management accountable,” he told Sunday World this week.
“As digital natives, the inputs of younger generations are essential as we grapple with the practical and ethical implications of technologies such as AI or risks such as cybercrime,” said Mogajane, who has also served as a public servant as director-general of Treasury.
“The younger generation can lend new energy and passion to discussions surrounding environmental, social and governance concerns… helping to place these issues at the forefront of strategies.
“The defining characteristic of today’s business landscape is changing, as organisations grapple with technological change, climate change, and changes in the composition and needs of modern workforces and markets,” Mogajane said.
“Against this backdrop, organisations must embrace change at a leadership level by encouraging more young people to take their seat at the table in boardrooms and help steer organisations in new directions.”
Mogajane said throughout his career he has had the privilege of serving on several boards, including the World Bank, where he participated in governance, administration and budget committees.
“I’ve also served on the board of the New Development Bank and am currently involved with the Government Employees Pension Fund,” he said.
Mogajane says a deeper understanding of international markets and global economic dynamics was necessary, adding that during his time at the World Bank, he represented the interests of 22 African companies.
“One notable example was my involvement with Eskom, where I was involved in securing $3.75-billion in funding from the World Bank in 2008.”
Mogajane said for young -people to thrive in a business environment the acquirement of skills and knowledge is important but it was experience that counted more.
He emphasised that as important as academic qualifications were necessary, they all by themselves did not qualify a person for board membership, although it was true that qualifications may provide good grounding in areas of vital technical expertise.
He warns there is no short cut to success. “Build a solid professional foundation and don’t become impatient.
“Becoming a board member is not about what you know or who you know; it’s about both. To build your reputation, actively seek opportunities within -organisational committees, or volunteer to serve on the board of non-profit companies.
He urged board members and business leaders to mentor young people. “We need to develop the leaders of tomorrow as we shape the organisations of tomorrow. It is time for young people to raise their hands and demonstrate their interest in taking up the mantle,” he said.
