FRC Adopts New Code of Governance For Private, Public Organizations
By Yakubu Salisu A, Kano
Executive Secretary/Chief Executive Officer, Financial Reporting Council (FRC) Mr Danial Asapokhai has revealed that the Nigerian Cooperate Governance has adopted a new code, the “Apply and Explain” principle requiring companies to apply the code and explain how they did so.
He made this known on Tuesday in Kano during a public hearing/sensitization at the Tahir Guess Palace on Nigerian code of Corporate Governance that would guide both public and private sectors on good cooperate governance which would ease and encourage investors and enhance the integrity of the Nigerian capital market, by entrenching a culture of disclosure, transparency and accountability.
This, according to him, was adopted after a careful considerations of several factors such as the legal system, culture, history, government policies, economic and political climate of the country.
Asopokhai said, “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 Capital Market by entrenching a culture of disclosure, transparency and accountability. In addition, this code will raise public awareness of good cooperate governance practices” he said.
According to him, “ the Nigerian code of cooperate Governance 2018 was developed based on a comprehensive review of the suspended 2016 code of cooperate Governance by a fifteen-man technical committee and extensive consultative and collaborative engagement with a wide range of stakeholders and the regulators”
“ The 2018 Code shall apply to all public companies whether listed or not, regulated entities, concession as well as privatized companies”
The Financial Reporting Council of Nigeria is a Federal Government Agency established by the Financial Reporting Council of Nigeria Act No. 6, 2011 under the supervision of the Federal Ministry of Industry, Trade and Investment.
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