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ICSAN urges adherence to corporate governance

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Recession

The Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) has urged members to adhere strictly to corporate governance even as the economy is passing through recession.

The call was made during the 2017 Business Meeting of the Lagos chapter of the institute, with the theme, “Upholding ethical board practices and achieving corporate objectives in a recessed economy,” in Lagos.

The guest speakers, Mrs Funmi Ekundayo and Mr Omogbemi Adelagun, stressed the importance of avoiding cutting corners, cooking books and other unethical practices, warning that the cost of such practices outweighs the supposed gains of running in breach of extant laws and doing things right.

According to Ekundayo, who is also the Managing Director/Chief Executive Officer of STL Trustees Limited, involving in sharp practices in the era of biting economic depression was not salutary and helpful to business growth, noting that the board must be independent and alive to its responsibility of formulating policies that cater for the growth of the establishment and instil confidence in shareholders.

To Adelagun, the Group Counsel and Company Secretary, AOS Oil Group, trust is key in all engagements. He noted that trust is central to profitability, insisting that a business devoid of trust was dead.

He painted the impression that in decision-making process, there was always the dilemma of either to take short cuts or observe ethics. “The solution to this tension is to advise the businessman to look at he business side of ethics,” Adelagun advised.

The speakers, both fellows of the Institute, agreed that it was worth doing the right thing in the face of economic challenge than resorting to shady activities which have lasting adverse effects on operations.

The chapter chairman of the institute, Mrs. Abiola Laseinde, in her welcome address, thanked all for gracing the event, lauding their unalloyed support.



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