SEC to partner Pearl Awards on corporate governance

The Securities and Exchange Commission (SEC) has advised the board of governors of the Performance, Earnings And Returns Leadership (Pearl) Awards Nigeria to include good corporate governance in its criteria to reward quoted companies in Nigeria. The commission also assured of its readiness to collaborate with the Pearl Awards in encouraging companies for high performance.

The acting Director-General of SEC, Mounir Gwarzo stated this when he received members of the governing board of Pearl Awards, Nigeria in his office in Abuja, Tuesday.

He said it was in a bid to ensure that companies operating in Nigeria’s capital market do well, that SEC is set to launch its corporate governance scorecard.

Gwarzo explained that the scorecard will ensure compliance of these companies with the tenets of corporate governance which will in turn translate into better returns and better service delivery among others.

“One issue that is very critical in this market is the issue of Corporate Governance. I appeal that in you selection process, emphasis be given to companies that are complying. SEC is the only regulator that has developed its corporate governance scorecard which has been approved by the board and we will lunch it very soon” Gwarzo declared.

The Ag. DG also enjoined the Pearl Awards team to look at issues of Corporate Social Responsibility (CSR) by quoted companies which he said is very important so that communities will see companies giving back to them.

Speaking earlier, President of Pearl awards, Tayo Orekoya commended the management of the SEC on its efforts to return the market to the path of sustainable growth and development adding that the giant strides and remarkable achievements of the new management within short period of time cannot be over emphasized.

Orekoya said that “there is no doubt that expectations are high, with investors earnestly looking forward to continuous pragmatic positive changes in the stock market under your able leadership. We are convinced that with your experience and exposure both as operator and regulator, the Nigerian Capital Market would be steadily stabilized and witness remarkable growth”.

He explained that the Pearl Awards basically identifies and rewards actual performance of companies quoted on the stock exchange saying that the awards process was based on verifiable facts and figures assessed utilizing credible and globally acceptable parameters for data evaluation.

The President disclosed that since inception, over 75 quoted companies have been rewarded in various categories of the awards.