10 Questions
According to the Code of Corporate Governance, which entities are required to comply with the principles and provisions of the code?
All public companies whose securities are listed on a recognised securities exchange in Nigeria, all companies seeking to raise funds from the capital market through the issuance of securities or seeking listing by introduction, and all other public companies.
What is the primary responsibility for ensuring compliance with the principles and provisions of the code?
The Board of Directors
Who is expected to familiarize themselves with the letter and spirit of the code and encourage compliance by their companies?
Shareholders, especially institutional shareholders
What is the intended purpose of the Code of Corporate Governance?
To facilitate sound corporate practices and behavior
Who determines whether a company has complied with the provisions of the Code of Corporate Governance?
The Board and its shareholders, and thereafter by SEC
Who chaired the National Committee for the Review of the 2003 Code of Corporate Governance for Public Companies in Nigeria?
Mr. M. B. Mahmoud
What was the mandate given to the Committee by the Securities and Exchange Commission?
To identify weaknesses in, and constraints to, good corporate governance, and to examine and recommend ways of effecting greater compliance and to advise on other issues that are relevant to promoting good corporate governance practices by public companies in Nigeria, and for aligning it with international best practices.
What standards does the Board of SEC believe the new code of corporate governance will ensure?
The highest standards of transparency, accountability, and good corporate governance
Who is encouraged to use the principles set out in the Code, according to the Commission?
Other companies not covered by the Code
What is the main goal of the new code of corporate governance, as stated by the Board of SEC?
To ensure the highest standards of transparency, accountability, and good corporate governance, without unduly inhibiting enterprise and innovation.
This quiz focuses on the initiatives taken by the Securities and Exchange Commission in Nigeria to enhance corporate governance. It discusses the formation of a committee to review the 2003 Code of Corporate Governance for Public Companies and improve its enforceability.
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