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Corporate Governance in Nigeria: Review and Improvements

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Corporate Governance in Nigeria: Review and Improvements

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Questions and Answers

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 Signup and view all the answers

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 Signup and view all the answers

Who chaired the National Committee for the Review of the 2003 Code of Corporate Governance for Public Companies in Nigeria?

Mr. M. B. Mahmoud Signup and view all the answers

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. Signup and view all the answers

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 Signup and view all the answers

Who is encouraged to use the principles set out in the Code, according to the Commission?

Other companies not covered by the Code Signup and view all the answers

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. Signup and view all the answers