Attorney-General, Kolade, Others Canvass Strict Governance Code

STAKEHOLDERS have canvassed strict and effective internalisation and implementation of various codes guiding sectoral operations of companies, which were formulated by respective agencies in conjunction with relevant legislations to achieve stakeholders' objectives and profitability.To this end, operators, during the week, called for review and harmonisation of codes of corporate governance for effective implementation, even as they urged support for such codes as well as stringent penalties, constant regulatory oversights and protection of whistle blowers through the Act of the Parliament.These positions formed the major thrust of discussions at the 2011 Corporate Governance Roundtable with the topic, 'Taking Responsibility for New Code of Corporate Governance.' The discussion, which was organised by the Society for Corporate Governance (SCGN), featured captains of industries and regulatory bodies.Pro-Chancellor, Pan-African University, Dr. Christopher Kolade, who set the tone of the roundtable, told the gathering that that it was designed to promote the implementation and practice of corporate governance in the country with a view to staving off cases of failed firms and financial institutions.He emphasised that the society would continue to engage stakeholders, especially members of boards of quoted and public firms in entrenching best corporate governance practices.However, Prof. Deji Adekunle, who represented the Attorney-General of the Federation, called for an interface between the codes and the law.He said it was high time the codes were used to support relevant laws to determine liability and negligence of members of boards and management of firms.The chief law officer said the codes encourage internalisation, implementation as well as transparent declarations in firms, and called on regulators to increase the capacity to investigate those declarations.He disclosed that the ministry was working on amending a bill before the National Assembly with a view to protecting whistle blowers.Deputy Governor of the Central Bank of Nigeria 9CBN), Dr. Kingsley Moghalu, said such codes are not only meant for private firms but also public companies.He called for shareholders' activism in quoted firms, especially in the banking sector.According to him, reforms in the banking sectors are continuous and not personality-driven. He said he was happy that none of the reforms initiated by the CBN that were challenged in court was successful.He said the CBN is now implementing internal reforms with a view to live by example.
Click here to read full news..