Passing the baton of leadership or picking the right replacement for a departing CEO is a critical challenge for the Board of Directors. It is oftentimes a complex decision given the interplay of corporate politics and personal emotion. As the CEO’s performance and that of the Company are so intertwined, CEO succession is a key […]
The frequency of Board meetings with the onset of the Covid-19 Pandemic has witnessed a spike, fueled by the ease of convening virtual Board meetings, our new normal. We should not however lose sight of the requirement to give notice ahead of such meetings. Statutorily, Directors are entitled to receive fourteen days’ notice (except otherwise […]
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 […]
“Paying adequate attention to sustainability issues including environment, social, occupational and community health and safety ensures successful long-term business performance and projects the company as a responsible corporate citizen contributing to economic development.” Corporate Governance has long advanced beyond compliance and governance matters to include sustainability issues and other non-financial performance indices. According to the […]
“The establishment of policies and mechanisms for monitoring insider trading, related party transactions, conflict of interest and other corrupt activities, mitigates the adverse effects of these abuses on the Company and promotes good ethical conduct and investor confidence” Corporate leaders have to embrace, with significant commitment, the importance of ethical culture. At the forefront of […]
“The establishment of professional business and ethical standards underscores the values for the protection and enhancement of the reputation of the Company while promoting good conduct and investor confidence.” Corporate governance is an encompassing concept that defines the way a Company or organization is managed and controlled. It prescribes a set of rules which help […]
A Director stands in a fiduciary relationship towards the company and shall observe the utmost good faith towards the company in any transaction with it or on its behalf. He/she is therefore expected to devote such time and attention as is necessary for the proper performance of his/her duties as a Director. Attendance and effective […]
Principle 20 of the Nigerian Code of Corporate Governance 2018 (NCCG) provides that “An external auditor is appointed to provide an independent opinion on the true and fair view of the financial statements of the Company to give assurance to stakeholders on the reliability of the financial statements.” The External Auditor is widely regarded as […]
In recent years, cases of corporate failure have highlighted the need to look beyond the assurance provided by external audit and the oversight role of the Statutory Audit Committee with respect to the Board’s responsibility for risk management, control, and the entire governance framework. Attention has been focused on strengthening internal governance infrastructure that will […]
Risk is an underlying factor in every business and can be defined as the probability or threat of damage, injury, liability, loss, or any other negative occurrence that is caused by external or internal vulnerabilities. ISO Guide 73 defines risk as the effect of uncertainty on objectives which may be positive, negative or a deviation […]