Corporate governance key to effective administration

The Chairman, Honeywell Group, Dr. Oba Otudeko, said on Wednesday that corporate governance was crucial to the realisation of organisations goals and the betterment of the society.He said the concept of corporate governance was pursuing the interests of the society beyond those of directors and investors in a company.According to him, corporate governance standards are global standards that affect societies worldwide.Otudeko spoke in Lagos while delivering a lecture titled, Leadership, values and strategies for sustainable corporate governance and society, at the maiden edition of the Akintola Williams Distinguished Lecture series.The event, which was organised by a professional group, Leaders of Thought Knowledge and Dialogue Initiative, was aimed at recognising and celebrating the contributions of Williams, the first chartered accountant in Nigeria.Otudeko said corporate governance expanded the scope of the responsibilities of directors and also provided framework to govern their ethics and behaviours.He said, "It establishes standards of conduct and work on relationships of teams. It looks at the composition of directors, their skills and competence. "And also in the process, it should check their performances on a continued evaluation basis in order that the results will have the necessary influence to satisfy the society at large, much beyond the directors and investors in a company."Earlier in his remarks, the Chairman of the occasion and former Nigerian Ambassador and Special Representative at the United Nations, Chief Arthur Mbanefo, had said that some young professionals, who aspired to correct social ills in the country had established the LTKDI to promote the core values of integrity, professionalism and sound corporate governance.Mbanefo, who urged others to join hands with the group to correct what was wrong with the country, added that Williams stood for professionalism and integrity."Williams is a man of honour and integrity; a serious and committed professional; a proven manager of men and materials; a man of noble manners and integrity; a very disciplined man," he said.
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