Good corporate governance practices are essential for efficient, viable and sustainable growth of companies and institutions, including governments. The contemporary view of business is that the Board of Directors and Management are responsible to not only shareholders, but to stakeholders. There are generally two main stakeholders to be considered- external and internal stakeholders. While external […]
Nigeria is a Sub-Saharan country with a population of over 200 million and a labour force of over 62 million people. With a Labour force the size of the United Kingdom, Nigeria provides several investment opportunities to investors as the largest economy in Africa. The Federal Government has continued to maintain a welcoming disposition towards […]
As this crisis has unfolded, many companies have put the health and safety of their employees, customers, and communities first. Unfortunately, due to the unforeseen magnitude of the pandemic, essential employees were often put in the position of working without the appropriate personal protective equipment (PPE) and without adequate prevention standards in place. There is […]
With the ease of lockdown in most countries across the world, many businesses are having to consider re-opening for business. For countries like Nigeria that are still dealing with containing the virus, the decision to re-open has to be balanced against the need to protect health and safety of employees, clients and customers. The economic […]
A crisis is a major catastrophic event, or a series of escalating events, that threaten an organization’s strategic objectives, reputation, or viability. Crises can be classified into two – routine and novel. Routine events are the known risks for which organizations can plan and develop procedures – including taking out insurance, emplacing robust enterprise risk […]
Directors owe their fiduciary duties to the Company as a whole and are expected to act in the best interest of the Company and not in the narrow interest of the stakeholders (typically shareholders) they represent. An independent mindset will enable the Director take a stand, when he/she is of the view that the company’s […]
“Communicating and interacting with stakeholders keeps them conversant with the activities of the Company and assists them in making informed decision” In today’s socio-political climate, cultivating the trust of stakeholders is critical to corporate success. Public and media scrutiny of what organisations say and do is immediate, relentless and unforgiving (where these are perceived as […]
In recent times, the media has become saturated with grim headlines on the impact of Covid-19 reverberating across the world and for the first time in modern history, the world is focused on one problem. As governments all around the world implement and extend lockdown in a bid to get their countries through what is […]
There are arguments in favor of term limits for Directors. By establishing Director tenure limits, organizations make room for rejuvenation and the onboarding of Directors with new skillset and relevant experience. Boards also set tenure limits to allow for membership to be refreshed periodically. As businesses evolve, the skillsets required for Board effectiveness change. Tenure […]
There are some common misconceptions about the role of the Board of Directors. Some people think the Board is a mysterious group of people who waltz into head office and shut themselves in the Boardroom every quarter with stern faces, attending long and boring meetings where they criticize and lambast Management. Another group believes the […]