SCGN seeks good governance for sustainable development

The founding President Society for Corporate Governance Nigeria (SCGN), Christopher Kolade, has emphasised the need for good governance as pathway to sustainable development.

He said the key to good governance is aligning self-interest with that of the organisation’s to achieve a collective goal.

Kolade said this recently during the society’s annual conference, with the theme “Towards Sustainable Development: the Role of the Nigerian Code of Corporate Governance.”

In a panel discussion, Chairman, Technical Committee, Nigerian Code of Corporate Governance, Muhammed Ahmad, said the code of corporate governance is about voluntary compliance, aimed at having a unified accepted standard of behaviour among organisations.

However, he said the conflicts with numerous regulatory bodies, increases regulatory burden.

He also said the code is adopting the ‘apply or explain’ approach that gives corporate entities the opportunity of deciding if they would adhere to the codes.

Keynote speaker, Adedotun Sulaiman, said with the national code providing new measures and a unified language, it would be easier for the Central Bank of Nigeria (CBN), to communicate with its stakeholders.

The code, which will serve as a national benchmark goes beyond listed companies, it expands to include the private sectors.