‘FRC New Cor­po­rate Gov­er­nance Code to In­crease Nige­ria’s Com­pet­i­tive­ness’


The Fi­nan­cial Re­port­ing Coun­cil (FRC) has re­leased a new draft of its code of cor­po­rate gov­er­nance which it said it ex­pected to en­hance Nige­ria’s com­pet­i­tive­ness.

The new code, which has 28 prin­ci­pals of cor­po­rate gov­er­nance and 230 prac­tices on how com­pa­nies should im­ple­ment the prin­ci­ples, was an­nounced yes­ter­day at a me­dia brief­ing in La­gos. Speak­ing at the event, the Ex­ec­u­tive Sec­re­tary/ CEO FRC, Mr. Daniel As­apokhai said: “I think this is some­thing that is here to en­hance na­tional com­pet­i­tive­ness. It would rep­re­sent a na­tional stan­dard of good cor­po­rate be­hav­iour.

“It would pro­vide a flex­i­ble frame­work and it has 230 rec­om­mended prac­tices of what it means to ef­fec­tively gov­ern an in­sti­tu­tion. It also pro­vides a frame­work for other sec­tor reg­u­la­tors to con­trib­ute.

“So, we have a na­tional code into which the other codes that cur­rently ex­ists to dif­fer­ent sec­tors of the econ­omy can align.”

He also de­clared the FRC’s plan to em­bark on a pub­lic hear­ing and aware­ness in all geopo­lit­i­cal zones of the coun­try, in­clud­ing the Fed­eral Cap­i­tal Ter­ri­tory to elicit com­ments and re­ac­tions from key stake­hold­ers, which will be taken into con­sid­er­a­tion in fi­nal­is­ing the code.

He added: “It is our be­lief that this code will pro­mote ease of do­ing busi­ness, at­tract lo­cal and for­eign in­vest­ments and en­hance the in­tegrity of the Nige­rian mar­ket by en­trench­ing a cul­ture of dis­clo­sure, trans­parency and ac­count­abil­ity.

“In ad­di­tion, this code will raise pub­lic aware­ness for es­sen­tial cor­po­rate val­ues, eth­i­cal prac­tices and stake­hold­ers’ con­fi­dence.”

As­apokhai fur­ther em­pha­sised that the prac­tices rec­om­mended in the code are flex­i­ble and scal­able and can be ap­plied by all or­gan­i­sa­tions re­gard­less of their size. He ad­vised the com­pa­nies that are gov­erned by the code to take ad­van­tage of the flex­i­bil­ity pro­vided by the code.

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