“A good reputation is more valuable than costly perfume” Ecclesiastes 7:1 (The Holy Bible) A few years ago, when CEOs had to answer the question “What are the major risks facing your organization?” many of them were quick to list political (environmental), operational, regulatory and human capital as the top four. Rarely did they consider […]
Licensed under the Investments and Securities Act to provide listing, trading and licensing services as well as market data solutions among others, and in recognition of the importance of corporate governance as an essential tool for long-term growth, sustainability and value creation, The Nigerian Stock Exchange (NSE) encourages listed companies and dealing member firms to […]
Auditors are required to be independent in the performance of audit activities such that their professional judgement is unbiased and in such manner that will give the assurance of independence and objectivity to a third party having knowledge of all relevant information. Auditor Independence refers to “the independence of the Internal Auditor or of the […]
“Fundamentally, governance is governance. There is no substantive difference in good governance between public companies and not-for-profit organizations; in fact, many NPOs have governance practices that equal the best practices of many public companies” – Deloitte Center for Corporate Governance. According to the exposure draft of the Financial Reporting Council (FRC) National Code of Corporate […]
“Ethics or simple honesty is the building block upon which our whole society is based, and business is a part of our society, and it is integral to the practice of being able to conduct business, that you have a set of honest standards”. – Kerry Stokes Corporate governance is an encompassing concept that defines […]
“The battle for financial statement integrity and reliability depends on balancing the pressures of multiple stakeholders, including management, regulators, investors and the public interest” American Institute of CPAs. The Audit Committee is widely recognized as an important mechanism required to ensure good corporate governance.Section 359 (3) & (4) of the Companies and Allied Matters Act […]
“Good corporate governance is about ‘intellectual honesty’ and not just sticking to rules and regulations, capital flowed towards companies that practiced this type of good governance.“ – Mervyn King (Chairman: King Report) A lot has been said about the desirability of institutionalizing a mandatory regime of Corporate Governance as the optimal panacea for corporate failure. […]
Much has been said about making compliance with corporate governance compulsory. The various Codes of Corporate Governance oscillate between compulsory adherence, “comply or explain” and more or less voluntary compliance. In truth, many companies take the trouble to comply for varying reasons. For companies operating in closely regulated sectors particularly the financial services, compliance is […]
Corporate Governance probably has a zillion definitions. According to Wikipedia an important theme of corporate governance is the nature and extent of accountability of particular individuals in the organization, and mechanisms that try to reduce or eliminate the principal-agent problem. An interesting definition is one that defines Corporate Governance as “aimed at reducing conflicts of […]
“The greater a man is in power above others, the more he ought to excel them in virtue. None ought to govern who is not better than the governed” Publilius Syrus At the Annual Conference of the Society for Corporate Governance with the theme “Leadership and Governance in the Public Sector”, Governor Bababtunde Fashola and […]