ICSAN harps on corporate governance evaluation for organisational growth
The Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) has stressed the need for corporate governance evaluation to improve board effectiveness and maximise strength in organisations.According to the institution, evaluation would promote sustainable development for the individual company and the economy of the state.
Speaking at a business meeting, which had ‘The requirement for corporate governance evaluation’, as theme in Lagos, Deputy Director of Corporate Governance, Financial Reporting Council of Nigeria (FRCN), Nelson Anumaka, said the quality of governance should continuously be improved upon and promoted.
He added that companies should engage in evaluation to discover areas of strength, weaknesses and make changes.On board evaluation, he said a system should be established for a formal and rigorous annual evaluation of its own performance, and that of individual directors.
According to the Chairman, Planet Governance Advisory Limited, Nosike Agokei, the meeting provided practical actions to improve the practice of corporate governance in organisations of practitioners and that of their clients.
“When corporate governance is improved, system of running companies would be improved, investors won’t lose money, employees won’t loose their jobs and the economy won’t have impact of a negative theme regarding bad practices of corporate governance,” he said. Agokei, however stressed the need for sanctions to enhance compliance, adding that without sanctions, organisations may refuse to take action.
Chairman, ICSAN, Lagos Chapter, Francis Olawale, noted that ICSAN had the greatest representation in drafting the new corporate governance code and company secretaries are best suited for firm evaluation.He said: “The new code has about 28 principles and one key aspect is corporate governance evaluation and we are the most qualified professionals to handle it.
“We taught to build the capacity of our members to handle such cases effectively and as a chapter we would embark on further workshops so we can be well positioned to serve the economy.”Olawale further urged members to be productive, accountable and result oriented.
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