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100 shareholders associations in stock market

Published by The Nation on Mon, 11 Mar 2019


There are more than 100 registered shareholders associations in the stock market.Former Commissioner and Acting Director-General, Securities and Exchange Commission (SEC) Ms Daisy Ekineh said the Commission had recorded more than 100 shareholders associations registered with the Corporate Affairs Commission (CAC) by 2017.She decried the proliferation of shareholders associations and their activities noting that shareholder associations are neither effective nor respected and therefore, not taken seriously by stakeholders including public companies.They are perceived as often seeking pecuniary benefits from companies as against ensuring good governance. The associations are also perceived as disruptive rather than disciplined at Annual General Meetings. Besides, there are too many shareholders associations, making it difficult for regulators and others to effectively engage with them, Ekineh said.She noted that in order to mitigate the negative activities of the associations, SEC had issued the Code of Conduct for Shareholders Associations which should strengthen the associations, if embraced by them.Ekineh was the guest speaker at the maiden forum of Issuers & Investors Alternative Dispute Resolution Initiative (IIADRI) held in LagosShe pointed out that shareholder associations can only ensure required governance on companies, if they themselves act responsibly and with integrity.Shareholder activism in Nigeria should not be synonymous with confrontation and intimidation but effective engagement. To do so requires knowledge of their companies and understanding of the subject matter. Effective shareholder activism complements regulators in investor protection, promotes good corporate governance and could enhance shareholder value, Ekineh said.Also , SEC Acting Director-General Mary Uduk assured investors of its readiness to ensure that disputes arising from capital market activities are resolved amicably and in a timely manner.Uduk, represented by Mrs. Olubukanla Rufai, a director at the Commission, noted that the complaint management framework, issued by SEC, spells out the procedures for resolution of disputes and encourages the first line resolution of disputes between investors, capital market operators and public companies before escalation to relevant authorities.Without investors, there can be no capital formation. Investors are thus, the life wire of any capital market and as such, must be protected. The Commission takes investor protection seriously, as it is one of its core mandates, Uduk said.She noted that shareholders associations were borne out of the need to promote good governance of public companies, influence corporate and government policies that seek to encourage investment, advance the interest of shareholders, especially the minority shareholders, and optimise shareholders value.According to her, shareholders associations, should ideally, provide a platform for networking and exchange of ideas among shareholders and give minority shareholders greater access to knowledge and increased awareness on the financial and operational activities of companies.She assured shareholders of the readiness of the Commission to resolve capital market disputes timely and amicably.Disputes arise in everyday life. As such, the capital market has also witnessed its share of disputes over the years. The Commission is committed to ensuring that disputes are resolved amicably and in a timely manner, Uduk said.
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