The Nigerian Code of Corporate Governance, 2018 outlines 28 principles intended to foster an improved corporate governance regime in Nigeria. Principle Six of the Code deals with Non-Executive Directors: “Non-Executive Directors bring to bear their knowledge, expertise and independent judgment on issues of strategy and performance on the Board.” A Non-Executive Director (NED) is described […]
‘Executive Directors support the Managing Director/Chief Executive Officer in the operations and management of the Company’.-Principle 5 of the Nigerian Code of Corporate Governance 2018 Executive Directors (EDs) are employees holding senior managerial positions in the Company. They have a dual relationship with the Company as Directors (accountable to shareholders) and as employees – members […]
The Chairman of the Board is Primus Inter Pares (the first among equals or first among peers) on the Board of Directors and typically elected by the Board of Directors who also determine the period for which he/she is to hold office. The Nigerian Code of Corporate Governance, 2018, launched in January 2019 as a […]
A while back, putting together a Board of Directors was a lot like decorating a Christmas tree – the CEO would pick out a nice selection of glittering ornaments, then top off the tree with a flashy star (David A, Nadler, Beverly A. Brian- Building Better Boards: A Blueprint for Effective Governance 27”). This analogy […]
“The Code has been long awaited and it is my hope that it will play a unique role in enthroning higher standards of corporate governance and ethical practices in our business environment, helping to rebuild public trust and investor confidence in the Nigerian economy. The implementation of the Nigerian Code of Corporate Governance 2018 is […]
Sound corporate governance practices are essential for efficient, viable and sustainable growth of companies and institutions, including governments. An interesting definition of corporate governance is that which defines it as “a system of law and sound approaches by which corporations are directed and controlled, focusing on the internal and external corporate structures with the intention […]
“A leader’s job is to look into the future and see the organization not as it is but as it should be” Jack Welch There is an overwhelming consensus that 2019 promises to be an eventful year for Nigeria. Being an election year, the horse trading, forging of alliances and switching of political affiliation that […]
“Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organisation accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.”– Institute of Internal Auditors Internal Audit has evolved significantly from […]
Executives inevitably see themselves as responsible for the success of their organizations – and perhaps blame the microeconomic environment and other factors when they fail. This sense of accomplishment oftentimes comes with a surreal feeling of invincibility and executives sometimes have a sense that with all the responsibility on their shoulders, Non-Executive Directors should not […]
The Financial Reporting Council (‘FRC’) in purported exercise of its powers under Section 50 of the Financial Reporting Council of Nigeria Act, 2011, had on the 17th of October 2016 issued the now suspended National Code of Corporate Governance which took effect on the same date. The much touted ‘Super Code’ which aimed to address […]