APPENDIX A-CIRCULAR ON CORPORATE GOVERNANCE FOR PFOS
CBN CODES FOR BANKS AND DISCOUNT HOUSE
CBN CODE FOR FC
GAZETTE OF NIGERIA CODE OF CORPORATE GOVERNANCE 2018
Section 11c and 15c of the financial reporting council of Nigeria Act confer upon the council the power to ensure good corporate governance practices in the Public and Private Section of the Nigerian economy and to issue the code of Corporate governance and guild line. The Nigerian code of Corporate Governance 2018 was approved by the council pursuant to this authority and commended to the Minister for issuance in accordance with Sec 73 of the Act
The intractable problem of risks and uncertainties has been the greatest challenge to humanity on this planet from time immemorial. This problem has remained unresolved despite the great advances that we have witnessed in the areas of science and technology over the years. From the social and economic viewpoint, insurance was the most ingenious creation of the human mind in response to this risk problem. For well over 2,000 years, the insurance concept has been universally recognized as a vital factor in the protection of the national economy since no modern economy can function efficiently without the support of a viable and disciplined insurance industry.
Corporate Governance in our emerging economy is driven by the need to develop a system of control which is aimed at increasing shareholder value and surpassing the expectations of other stakeholders. This is more so in recognition of the fact that the corporate governance culture adopted by companies has a positive or negative impact on their respective growth and development. It is also a critical deciding factor in the success or failure of companies.
This Code of Corporate Governance for the Telecommunications Industry seeks to foster good corporate governance practices by Telecommunications entities (Licensees) operating in Nigeria. The provisions of the Code are based on international best practices.
The Code of Corporate Governance essentially aims to set out rules based on best practices to guide PFAs (including CPFAs) and PFCs on the structures and processes to be used towards achieving optimal governance set up.
It is developed with a view to establishing overall economic performance and market integrity as it creates incentives for the pension scheme to impact positively on the stakeholders. This is necessary in gaining the confidence of the stakeholders directly affected by the pension reform.
The Code is also to promote the transparent and efficient implementation of the scheme by all the operators. It is intended to encourage self-regulation by providing a common value system among the operators.