IoD hopeful of charter bill’s passage into law before year end
The Institute of Directors (IoD), has expressed optimism that the bill that seeks to grant it a charter status currently before the House of Representatives, would be passed before the end of the year.
The Senate had passed the IoD Charter Bill earlier in the year and only last month the institute attended a successful public hearing at the House of Representatives after the bill had passed second reading on the floor of the House.
The President and Chairman of Governing council of IoD, Ahmed Rufai Mohammed, who was hopeful that the House of Representatives would pass the bill before the end of the year, commended the members of the charter committee and entire membership for their untiring efforts to ensure the institute achieved a chartered status.
Mohammed disclosed this during the institute’s 2018 Annual Directors’ Dinner and award Night over the weekend in Lagos, with a theme, “Corporate Governance and Human Resource Management: Trends and Prospects in Nigeria”.
The Guest Speaker, Prof. Sola Fajana, from the Department of Industrial Relations and Personnel Management, University of Lagos, highlighted some of the imperatives of having effective boards, which could drive sustainable development.
To achieve best result, he said organisations should annually review the effectiveness of their boards on certain objectives.
Similarly, he noted that it is expected that the deployment of strategic Human Resource Management (HRM) would significantly assist boards to deliver on their mandates.
Giving some highlights on how the institute had fared in the year, Mohammed said it was quite eventful as the IoD recorded major milestones in the course of its activities, as well as retained its pride of place as a leading voice of the private sector and a symbol of integrity, good business ethics and corporate governance in Nigeria.
He stressed that as part of the institute’s strategic focus to further the cause of good corporate governance in Nigeria’s public and private sectors, it pursued and achieved some alliances with relevant organisations.
During the visits, the institute not only reinforced its position as a premier professional institute in the pursuit of good corporate governance and best practices in business, but also enhanced its strategic positioning in the Nigerian business environment, and increasing national and continental visibility, which would help foster the aims and objectives of the Institute.
The IoD Nigeria Annual Directors Dinner and Award offers the institute an opportunity to recognise and confer various honours on deserving institutions and individuals, who have distinguished themselves in their respective fields of specialisation.
This year, the IoD conferred its Corporate Governance Awards on Transcorp Hotel Plc. – IoD Nigeria Corporate Governance Award in the Service Sector, and Nestle Nigeria Plc. – IoD Nigeria Corporate Governance Award in the Industrial Sector for being found worthy.
The Corporate Governance Award is a collaborative effort between the Nigerian Stock Exchange and IoD Nigeria to promote and inculcate compliance to good corporate governance and best practices in the companies listed on the Exchange.
It also presented appreciation awards to some eminent members of the institute who have served diligently as Chairmen of their various Policy and Management Committees in the past three years.