Podcast
Questions and Answers
What does the abbreviation 'BAC' stand for?
What does the abbreviation 'BAC' stand for?
- Board Advisory Committee
- Board Audit Committee (correct)
- Budget Allocation Committee
- Business Assessment Committee
What is the role of the 'CEO' in NNPC Limited?
What is the role of the 'CEO' in NNPC Limited?
- Chief Executive Officer (correct)
- Corporate Engagement Officer
- Certified Ethics Officer
- Chief Environmental Officer
Which document outlines the responsibilities and powers of the Board of Directors?
Which document outlines the responsibilities and powers of the Board of Directors?
- NNPC Limited Delegation of Authority Framework (correct)
- Memorandum and Articles of Association
- Nigerian Code of Corporate Governance 2018
- Petroleum Industry Act 2021
Who is responsible for providing oversight on all activities of NNPC Limited?
Who is responsible for providing oversight on all activities of NNPC Limited?
Who has the authority to determine NNPC's annual budgets?
Who has the authority to determine NNPC's annual budgets?
Which body is responsible for the prosecution, defence, arbitration or settlement of material litigation for NNPC Limited?
Which body is responsible for the prosecution, defence, arbitration or settlement of material litigation for NNPC Limited?
Who has the authority to make significant changes in NNPC Limited's accounting policies or practices?
Who has the authority to make significant changes in NNPC Limited's accounting policies or practices?
Who is responsible for setting NNPC's dividend policy?
Who is responsible for setting NNPC's dividend policy?
Which body has the authority to approve significant tax restructuring exercises for NNPC Limited?
Which body has the authority to approve significant tax restructuring exercises for NNPC Limited?
Who has the authority to approve capital and operating expenditure within budget for NNPC Limited?
Who has the authority to approve capital and operating expenditure within budget for NNPC Limited?
Who has the authority to determine NNPC's tax policies?
Who has the authority to determine NNPC's tax policies?
Who is responsible for opening and closing bank accounts for NNPC Limited?
Who is responsible for opening and closing bank accounts for NNPC Limited?
What is the purpose of NNPC Limited's Delegation of Authority Framework?
What is the purpose of NNPC Limited's Delegation of Authority Framework?
What is not a matter reserved for Management according to the framework?
What is not a matter reserved for Management according to the framework?
Who may the CEO delegate functions or authorities to according to the framework?
Who may the CEO delegate functions or authorities to according to the framework?
Which decision area is not covered by the Delegation of Authority framework?
Which decision area is not covered by the Delegation of Authority framework?
What has the power to approve any amendments or deviations from the approval processes outlined in the framework?
What has the power to approve any amendments or deviations from the approval processes outlined in the framework?
According to the framework, who is responsible for approving strategy and mission?
According to the framework, who is responsible for approving strategy and mission?
What is excluded from the matters reserved for Management according to the framework?
What is excluded from the matters reserved for Management according to the framework?
What is not included in the parameters set by the Delegation of Authority matrix?
What is not included in the parameters set by the Delegation of Authority matrix?
According to the framework, who reserves ownership of the Delegation of Authority framework?
According to the framework, who reserves ownership of the Delegation of Authority framework?
What is one of the three core principles for delegation outlined in the framework?
What is one of the three core principles for delegation outlined in the framework?
What does the Delegation of Authority framework cover?
What does the Delegation of Authority framework cover?
According to the framework, who is responsible for ensuring day-to-day operations are conducted legally, prudently, and in accordance with company values?
According to the framework, who is responsible for ensuring day-to-day operations are conducted legally, prudently, and in accordance with company values?
What type of decisions related to NNPC Limited Strategy and Policy Matters are included in the Decision-making items?
What type of decisions related to NNPC Limited Strategy and Policy Matters are included in the Decision-making items?
Which category of decision-making items includes the appointment, remuneration, and removal of external auditors?
Which category of decision-making items includes the appointment, remuneration, and removal of external auditors?
What is included in the Decision-making items related to Governance and Board Operations Matters?
What is included in the Decision-making items related to Governance and Board Operations Matters?
What specific decision-making item falls under the category of Governance and Board Operations Matters?
What specific decision-making item falls under the category of Governance and Board Operations Matters?
Which category of decision-making items involves NNPC Ltd GRC frameworks and risk appetite and strategies?
Which category of decision-making items involves NNPC Ltd GRC frameworks and risk appetite and strategies?
What type of decisions are related to NNPC Limited Strategy and Policy Matters?
What type of decisions are related to NNPC Limited Strategy and Policy Matters?
Which decision-making item is NOT related to Risk Management and Assurance Matters?
Which decision-making item is NOT related to Risk Management and Assurance Matters?
Which policy should be presented to each Board Committee as prescribed in CAMA 2020 or NCCG 2018?
Which policy should be presented to each Board Committee as prescribed in CAMA 2020 or NCCG 2018?
What is one of the decision-making items related to Risk Management and Assurance Matters?
What is one of the decision-making items related to Risk Management and Assurance Matters?
Which decision-making item is NOT related to NNPC Limited Strategy and Policy Matters?
Which decision-making item is NOT related to NNPC Limited Strategy and Policy Matters?
Which entity is responsible for building long-term shareholder value?
Which entity is responsible for building long-term shareholder value?
Who is responsible for executing NNPC Ltd's strategy and overall performance?
Who is responsible for executing NNPC Ltd's strategy and overall performance?
Which entity is directly managed by the CEO and responsible for day-to-day management?
Which entity is directly managed by the CEO and responsible for day-to-day management?
What are the subsets of the Board with oversight on specific matters?
What are the subsets of the Board with oversight on specific matters?
Which autonomous entities act in NNPC Ltd's interest with detailed roles and responsibilities documented in their charters or terms of reference?
Which autonomous entities act in NNPC Ltd's interest with detailed roles and responsibilities documented in their charters or terms of reference?
According to the Delegation of Authority Framework, who can delegate functions and authorities to the Chief Financial Officer or senior management staff?
According to the Delegation of Authority Framework, who can delegate functions and authorities to the Chief Financial Officer or senior management staff?
Which entity is responsible for managing NNPC Ltd and protecting shareholder value?
Which entity is responsible for managing NNPC Ltd and protecting shareholder value?
Who provides clarity of roles and responsibilities according to the Delegation of Authority Framework?
Who provides clarity of roles and responsibilities according to the Delegation of Authority Framework?
Which entity is responsible for ensuring consistent accountability and reporting according to the Delegation of Authority Framework?
Which entity is responsible for ensuring consistent accountability and reporting according to the Delegation of Authority Framework?
According to the Delegation of Authority Framework, who are appointed to manage NNPC Ltd and protect shareholder value?
According to the Delegation of Authority Framework, who are appointed to manage NNPC Ltd and protect shareholder value?
Who is responsible for building long-term shareholder value by owning at least one share of NNPC's equity?
Who is responsible for building long-term shareholder value by owning at least one share of NNPC's equity?
Who is directly managed by the CEO and responsible for day-to-day management according to the Delegation of Authority Framework?
Who is directly managed by the CEO and responsible for day-to-day management according to the Delegation of Authority Framework?
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Study Notes
- The Delegation of Authority Framework (DOA Framework) sets the guidelines for delegating key responsibilities of NNPC Ltd's Board to committees, management, and other organs.
- Objectives of the Framework: a. Provide clarity of roles and responsibilities, b. Ensure sound stewardship of resources, c. Manage risks, d. Support informed decision-making, e. Ensure consistent accountability and reporting, and f. Other objectives as approved by the Board.
- Delegation of Authority Structure includes: A. Shareholders, B. NNPC Ltd Board of Directors, C. NNPC Ltd Board Committees, D. Chief Executive Officer (CEO), E. Senior Management Team (SMT), and F. Subsidiary Boards.
- A. Shareholders: Persons or institutions owning at least one share of NNPC's equity and responsible for building long-term shareholder value.
- B. NNPC Ltd Board of Directors: Appointed panel of qualified persons to manage NNPC Ltd and protect shareholder value, with delegation authority to Board Committees, CEO, and SMT.
- C. NNPC Ltd Board Committees: Subsets of the Board with oversight on specific matters, including: Board Audit Committee, Board Establishment Committee, Board Strategy, Finance & Investment Committee, and Board Sustainability Committee.
- D. Chief Executive Officer (CEO): Lead executive responsible for executing NNPC Ltd's strategy and accountable for overall performance. Can delegate functions and authorities to the Chief Financial Officer or senior management staff.
- E. Senior Management Team (SMT): Directly managed by the CEO and responsible for day-to-day management, including goal setting, strategy planning, and performance reporting.
- F. Subsidiary Boards: Autonomous entities acting in NNPC Ltd's interest, with detailed roles and responsibilities documented in their charters or terms of reference. NNPC Ltd appoints directors and governance frameworks to ensure alignment with NNPC Ltd's interests.
- Design Principles: Following key provisions were considered in developing the DOA Framework: Petroleum Industry Act 2021, Nigerian Code of Corporate Governance 2018, Companies and Allied Matters Act 2020, and NNPC Ltd Memorandum and Articles of Association.
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