IoD Nigeria to launch new Code of Ethics to address new realities

Institute of Directors Nigeria on Thursday says it has reviewed its Code of Ethics 2020 to conform to present realities and the current challenges faced by Directors in their roles.

The Chairman of Governing Council of the Institute, Chris O. Okunowo, in a virtual press conference, said the new code of ethics will be launched on August 6.

Okunowo said the new code is designed to guide members on a whistleblowing framework and to showcase the impact of poor governance practices on institutions.

“The sets out clearly the values and principles that should guide organisations and directors to increase public confidence in boards of directors, ensuring sustainability and creating wealth for the benefit of businesses and the society as a whole,” Okunowo said.

Heo said the new code will also provide illustrative ethics examples and case studies to showcase the impact and effect on institutions of poor governance practices and ethics and the positive impact and business benefits of good ethical practices on organisations to inspire good practice.

Also speaking on the matter, the Chairman of the Ethics Committee of the Institute, Mrs Amina Oyagbola,  said it was important to note that in the process of developing the code, strategic engagements were held with members to obtain their input and feedback.

“The Ethics Committee members held several meetings over a 6-month duration to brainstorm and exchange ideas on the mandate from the IoD Governing Council and the Terms of Reference to ensure clarity and a shared understanding,” she said.