Good corporate governance key to business, investment growth

Experts have said corporate governance failure is inimical to creating conducive business environment for investment and protect investors.

They said this at a gathering of financial reporting stakeholders, where impacts of good corporate governance and sound financial reporting on businesses in the country were discussed.

Speaking on the theme, ‘Financial Reporting And Corporate Governance: Regulator’s Perspective’, Associate Director, PwC Nigeria, Chukwunomnso Anyichie, identified common reasons for corporate governance failure to include ineffective boards, poor communication, risk blindness, unhealthy business culture, technological disruptions, economic distress and information glass ceiling.

Executive Secretary/CEO, Financial Reporting Council of Nigeria (FRC), Daniel Asapokhai said high-quality financial reporting and corporate governance create business environment that is conducive for investments, protects investors and enable capital to grow.

He disclosed that the Nigerian Code of Corporate Governance (NCCG) 2018 was established to ensure good corporate governance practices, in line with its mandate to set standards, monitor compliance and enforce compliance.

He noted that since issuing the NCCG, the Council has been working with different stakeholders to improve standard.