The various Codes of Corporate Governance provide that Boards should undertake an annual appraisal of the performance of the Board, Board Committees and of individual Directors. The Report of this assessment is in some cases required to be sent to the industry regulator and presented to the shareholders at a general meeting. Many Boards have […]
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. She is therefore expected to devote such time and attention as is necessary for the proper performance of her duties as a Director. Attendance and effective […]
The SEC Code of Corporate Governance provides that the Board may in addition to the Audit Committee required by the Companies and Allied Matters Act, establish a Governance & Remuneration Committee as well as a Risk Management Committee, as the Board may deem appropriate depending on the needs and industry requirements of the Company. The […]
With the dip in the price of crude oil, Nigeria has experienced decline in its foreign revenue, and this has affected the Naira adversely. The Naira suffered a devaluation in 2014 and again recently as a result of market activities propelled by CBN foreign exchange policies. These developments have seen many companies scale down activities […]
According to Section 279 of the Companies and Allied Matters Act (CAMA), as fiduciaries, Directors are expected to act in good faith at all times – a duty primarily owed to all stakeholders in the Company; exercise power only for proper purpose – if not, they may be liable to the Company for losses incurred; […]
The first reference to the concept of the Senior Independent Director was made as part of the recommendations by the Higgs Report published in the United Kingdom in 2003. No concise definition has been proffered for the Senior Independent Director (SID) over the years but a SID may simply be described as an Independent Director […]