Stakeholders canvass fair market policies for corporate governance
The need for capital market policies that would reflect principles that promote transparent and fair markets, which must be consistent with the new corporate governance code, has been emphasized.
The principles, experts on corporate governance said, must support effective supervision and enforcement of the new code.
Addressing the role of capital market regulators in promoting corporate governance in Nigeria, Executive Director, Regulation, Nigerian Stock Exchange (NSE), Tinuade Awe, said the Exchange has supported the development of corporate governance in listed companies in various ways, which include transparency, and constant engagement to encourage compliance with regulatory and governance requirements.
Awe spoke at the 2020 Company Secretaries and Registrars’ Forum, organised by the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), spoke on the theme: “Nigerian Code of Corporate Governance 2018: The Role of Company SEC and Capital Market Stakeholders.”
She disclosed that the Exchange has recorded an increase in the disclosure and reporting compliance level of listed companies and its dealing members, which she attributed to its continuous engagements with them and NSE’s collaborative regulatory style.
While calling for a collaborative approach by all the relevant stakeholders to ensure that the letter and spirit of the new code is achieved, Awe added that it is evident that the company secretary with the support of the board is pivotal to achieving this objective.
Quoting Section 8 of the code, which outlines the duties of the company secretary in supporting the board’s effectiveness, she noted that the role of company secretaries in supporting and establishing corporate governance in companies has evolved.
Earlier in his welcome address, President ICSAN, Bode Ayeku, who spoke on the significance of the code released by the Financial Reporting Council of Nigeria (FRC), maintained that the code remained the most important document on governance in Nigeria.
He emphasized on the theme, which he said was tailored to enhance the capacity and skill sets of company secretaries and registrars to make them functionally better equipped to contribute positively to the sustainability of their companies and national economic development.
The forum analysed the roles of company secretaries and capital market stakeholders vis-a-viz the principles and practices recommended in the code.
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