Corporate governance law violators must be brought to book – DG, IoD

27/06/2022 9:33:00 PM

The most widely read newspaper in Nigeria

Corporate Governance Code, Iod

Corporate governance law violators must be brought to book – DG, IoD

The most widely read newspaper in Nigeria

This question is quite similar to the one earlier asked and I reiterate that the regulations and laws will not completely eradicate criminal acts.It is, however, important that such infractions must be quickly discovered and perpetrators must face the consequences of their actions. That will serve as a deterrent to others.

As an organisation that advocates good corporate governance and represents directors in their individual capacities, we do have a role to play to ensure the entrenchment of good corporate governance in the private and public sectors of the Nigerian economy.

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Jidenma pledges to expand IoD frontiers This question is quite similar to the one earlier asked and I reiterate that the regulations and laws will not completely eradicate criminal acts.Ekiti sanitation offenders “Those apprehended today will be sanctioned according to the law, and it will serve as a learning point.elections.Sanwo-Olu urges Lagosians to preserve environment The survey was conducted in Lagos between January 19 to 21, 2022.

It is, however, important that such infractions must be quickly discovered and perpetrators must face the consequences of their actions. That will serve as a deterrent to others.’’ On his part, the commissioner lauded the efforts of the state governor, AbdulRahman AbdulRazaq, in making the state a haven for all. As an organisation that advocates good corporate governance and represents directors in their individual capacities, we do have a role to play to ensure the entrenchment of good corporate governance in the private and public sectors of the Nigerian economy. Yunus Aknitunde and other personalities. Our role starts with capacity development involves continuous education and goes into areas of advocacy, where we identify and provide viable policy options to government and regulators. Tags: Sanitation offenders Kindly share this story: All rights reserved. Of course, we provide services like board orientation, board evaluation, among others, to help boards remain efficient and effective. According to the survey, about 40 per cent of respondents believe that Lagos State Government needs to improve its performance in critical sectors.

Can you highlight the importance of having a good corporate governance in business? Corporate governance refers to a system of policies and processes that a firm is governed or controlled with. Contact: join the conversation FOREX, BITCOIN AND BINARY TRADING: We help you professionally trade your forex, bitcoin and binary accounts for minimum 20% weekly profit. He said that the PVC is the only power Nigerians have to change the country for good. A good corporate governance means that firm is adhering strictly to a set of principles, rules and practices that are of good standards. So, if a firm does that, what it means for the organisation is that it provides it with an efficient process and ensures a lot of consistencies in the act of repeatedly doing the right thing because you have a set of rules and principles that guide everybody in the organisation, from the subordinate to the board of directors. It helps them to ensure a level of efficiency in the process. He said, “We are here today as we can see that Nigerians are preparing for 2023 elections. Because these processes are properly outlined and enumerated, it also allows an organisation to quickly detect problems or errors. The participants highlighted priority areas where Lagosians expect improvements, especially in the areas of employment, road network, education, health and security.

Corporate governance helps operations to run better. People know what to do because their roles are outlined in terms of best practices. “We are technocrats and professionals. That will result in having a good reputation. It also aids clarity with the system. There are checks and balances, so fraud can be spotted easily. “This is the time to till the land, this is the time to sow the seeds.

This will ensure sustainability and longevity in the business. Despite the number of interventions provided by the Federal Government and the Central Bank of Nigeria for business owners and small enterprises, Nigeria still has a high unemployment rate. How do you think the situation can be changed? There is a need to improve productivity in Nigeria and because of the kind of population we have, when you compare that to our GDP, it is very low. If we want good governance, this is the time to sow the seeds. When we have countries with only 10 per cent of our population having the same GDP as ours, you know something is wrong somewhere. What it literally means is that we are not producing enough.

Indirectly, when you are not productive, issues of unemployment will arise. For there to be hitch free elections, ASUU strike should be addressed now. Employment in Nigeria today relies more on the public sector. Government creating employment is a false thing because the government cannot create employment. What government can do is to create an enabling environment that would ensure that there is improvement in productivity. Democracy is a game of number. When there are improvements in productivity, employment will increase.

When the environment is conducive, you will have people investing more in the economy and, of course, when people invest in the economy, there will be an expansion in our production base, which will bring more employment for people. When there is an improvement in the environment, take the issue of power in Nigeria as an example, things will change. Let’s assume we solve the issue of power and put the amount of money that is spent by organisations on providing alternative power for themselves in production, you will imagine the quantum leap that will happen in that production system. People will create jobs on their own. In any economy, it is organisations that provide the largest jobs.

Until we do something to increase productivity in Nigeria, there will be much margin between our massive population and our GDP. Nigeria’s GDP should be more than any country in Africa because of the size of our economy and population. Until we do that, we will continue to cry of unemployment in Nigeria. How does your institute influence public policy in favour of businesses in Nigeria? The Institute of Directors has devised a way for advocacy. We call it ‘collaborative advocacy’, which is why you hardly see us in public criticising the government.

We point out areas where things are wrong and relate directly with the government. We also let the government know what is wrong and what our own alternative positions about those situations are. We engage with public sector and policy organisations to address issues we feel strongly about, especially as it concerns corporate governance and leadership, and we try to advise what we believe the government should do. Our interest tends to work from the angle of collaboration. Before policies come out, we work with the government on what and how things should be done for directors that will help the Nigerian economy.

We work with the public sector to ensure that the right atmosphere is put in place to make directors able to deliver on the mandate that were given by stakeholders. What are the obligations of your members to your institute? The obligations are quite clear. The first is that as a member of the institute, we expect you to contribute to its growth in terms of numbers and sustainability. We expect our members to pay our dues as at when due, but most importantly, we expect our members to be shining examples of good corporate governance in Nigeria across private and public sectors. What type of business services do you provide for your members? The first thing will be advocacy.

What we do is to provide the kind of advocacy that will ensure a good and conducive environment for our members. This is critical for the success of any business. We basically represent and cater for the interest of directors in their individual capacities across the various sectors of the economy. We provide capacity development services. We scan the environment and do a thorough survey and research and look at areas where we think there are weaknesses, especially within Nigeria’s corporate environment.

We provide capacity development programmes that will help directors to up their games and deliver better on the mandate given by their shareholders. We also provide support services in the area of board evaluations because it is now part of the law or what I will call regulations. There must be evaluation of the board to assess individual members of the board, to evaluate the board as a body. We also provide independent directors. The Nigerian corporate governance code prescribes that a particular percentage of a board of a corporate entity, especially quoted companies, must be independent directors.

They are directors that have no ties to the organisation in terms of ownership and also in terms of financial gains. These are people that the government believes will provide independent opinions when issues are being discussed by the board. Nigeria has registered independent directors where members can come. Tags: IoD Kindly share this story: All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.

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