UBA Capital boss urges institutional investors to be conscious
A financial expert has urged institutional investors to remain conscious of their rights and responsibilities in effecting the much needed change in governance standards in the Nigerian financial markets.
The Group CEO of UBA Capital, Mrs. Oluwatoyin Sanni, gave the challenge while speaking at UBA Capital first domestic institutional investor event focused primarily on the pensions industry in Lagos with the theme: “The Critical Role of Institutional Investors in Corporate Governance.”
According to her, despite the goals of optimising returns, the effectiveness and credibility of the entire corporate governance system will, to a large extent, depend on institutional investors who make informed use of their shareholder rights and effectively exercise their ownership functions in companies in which they invest.
In his address, the Chairman of Pension Fund Operators (PENOP), Mr. Misbahu Umar Yola, who was the guest speaker, enjoined key institutional investors such as Pension Funds, Asset Managers, Investment Banks, Cash Rich Corporates, Insurance Companies, and Endowment funds to take up some responsibility and accountability in our pursuit of corporate governance.
He stressed that as globalisation pushed the boundaries of businesses across different geographic regions and markets, there was an increased demand for companies to be more transparent, accountable and responsible to various stakeholders.
Acting Director General of the National Pension Commission (PENCOM), Mrs. Chinelo AnohuAmazu, who was the special guest of honour, said that pension fund assets have experienced a steady growth under her leadership from N2.9 trillion in December, 2012 to N4.1 trillion as at January 2014 due to steadfast implementation of the investment regulations which has continued to ensure the safety of pension funds.