Principle 16 of the Nigerian Code of Corporate Governance 2018 (NCCG) deals with Remuneration Governance and provides that “The Board ensures that the Company remunerates fairly, responsibly and transparently so as to promote the achievement of strategic objectives and positive outcomes in the short, medium and long term.” Remuneration Governance is one of the most […]
“Institutionalizing a system for evaluating the Company’s corporate governance practices ensures that its governance standards, practices and processes are adequate and effective.” In addition to the performance evaluation of the Board, the Nigerian Code of Corporate Governance, 2018 recommends an annual corporate governance evaluation. Essentially an audit of the Company’s governance standards, practices and processes […]
“Annual Board evaluation assesses how each Director, the Committees of the Board and the Board are committed to their roles, work together and continue to contribute effectively to the achievement of the Company’s objectives.” Principle 14, Nigerian Code of Corporate Governance, 2018 (NCCG). An effective Board of Directors is a critical factor in ensuring a […]
A robust onboarding programme for new Directors is imperative for a smooth integration to the Board and an understanding of the business of the Company. Principle 13 of the Nigerian Code of Corporate Governance 2018 (“the Code”, “NCCG Code”) provides that “A formal induction programme on joining the Board as well as regular training assists […]
“A written, clearly defined, rigorous, formal and transparent procedure serves as a guide for the selection of Directors to ensure the appointment of high-quality individuals to the Board.” Principle 12, Nigerian Code of Corporate Governance, 2018 (NCCG). The fate of an enterprise, shareholders, customers and other stakeholders is to a large extent dependent on the […]
An effective Board is the hallmark of good Corporate governance. Board Committees enables the Board achieve greater efficiency in the performance of its oversight functions and strengthening the governance structure. Principle 11 of the Nigerian Code of Corporate Governance 2018 provides that “to ensure efficiency and effectiveness, the Board delegates some of its functions, duties […]
“Meetings are the linchpin of everything. If someone says you have an hour to investigate a company, I wouldn’t look at the balance sheet. I’d watch the executive team in a meeting for an hour. If they are clear and focused and have the board on the edge of their seats, I’d say this is […]
The ninth Principle of the Nigerian Code of Corporate Governance, 2018 provides that “Directors are sometimes required to make decisions of a technical and complex nature that may require independent external expertise.” Given the increasingly complex nature of the transactions that Directors are required to consider and approve, it is imperative that the Board has […]
“The company secretary is a strategic position of considerable influence at the heart of governance operations within an organisation. Governance describes the way that an organisation is directed and controlled, which includes a company’s strategy and decision making, how it achieves its aims, and ensuring that all activities undertaken comply with legal, ethical and regulatory […]
“Independent Non-Executive Directors bring a high degree of objectivity to the Board for sustaining stakeholder trust and confidence” -Principle 7 of the Nigerian Code of Corporate Governance 2018(NCCG, 2018) According to the NCCG 2018 an Independent Non-Executive Director (INED) should represent a strong independent voice on the Board, independent in character and judgment and accordingly […]