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FRC tasks administrators on corporate governance, ethical practice

By Gloria Nwafor
16 August 2022   |   4:04 am
Governance professionals have been urged to entrench values and ethics for national growth and development.

Governance professionals have been urged to entrench values and ethics for national growth and development.
 
The assurance for its effectiveness and efficiency has been said to be achievable, when it is institutionalised by organisations and governance professionals.
 
Executive Secretary, Financial Reporting Council (FRC), Shuaibu Ahmed, said this during this year’s induction of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN).
 
He urged the newly inducted to strive to adopt, implement and comply with best practice corporate governance and ethical values.
 


He assured the members of the council’s support as governance professionals, even as they function as professionals engaged in the financial reporting process.
 
According to him, by practicing laudable and best practice ethical values, governance professionals will rebuild public trust and confidence in the Nigerian economy, thus facilitating increased trade and investments.
 
“Good ethical values ensure companies adhere to legal requirements and stakeholder expectations, including that of the government. Therefore, policies of the government tend to work better where companies practice good corporate governance. Government becomes more effective and efficient as corporations serve as ready tools to achieve results.

This results in efficient utilisation of resources and access to investments and capital resources,” he said.
 


Earlier, President and Chairman of Council, ICSAN, Gbenga Owokalade, said, ‘Entrenching the value of ethics a governance professional in the Nigerian business terrain,’ as theme of the induction lecture, reflected the emphasis placed on the concept of ethics by the institute.

He said it was trite that overwhelming majorities of problems besetting Nigeria currently, emanated from the dearth of ethics, integrity and uprightness in the land.
 
Noting that the institute takes the issue of ethics very highly, he added “Chartered Secretaries are highly regarded professionals and this is a reputation we are most disinclined to take with levity.

Any member found guilty of gross misconduct in defiance of dictates of ethics will have his or her membership withdrawn.”
 


 

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