Oscar Onyema, Chief Executive Officer of the Nigerian Stock Exchange says it has become imperative for public quoted companies on the Nigerian Stock Exchange to comply with institutional corporate governance policies or face sanctions.
Speaking at the Breakfast Session held recently in Lagos by the Society for Corporate Governance Nigeria, Onyema stated that the Exchange has instituted verifiable corporate governance structures with different committees that oversee the various activities of its management, noting that the initiative has helped in driving written policies and procedures around corporate governance.
He added that one of the many visions of the Exchange is to promote notable companies that are leaders in their respective sectors that adhere to the highest corporate governance standards and meet stringent requirements by providing them greater, global visibility.
He further reiterated that the corporate governance rating system, recently introduced by the Exchange, is to promote integrity and transparency in listed companies which would form a natural and integral part of companies’ internal policies.
The rating system will also provide a framework for rating the best compliant companies on more than just the observance of the codes, rules and post- listing requirements of the Stock Exchange.
He commended the Society for Corporate Governance Nigeria for its efforts in promoting best corporate governance practices.
The Session had in attendance Apostle Hayford Alile OFR, a former Director General/CEO of the Nigerian Stock Exchange; Tamsin Freemantle, representative of the Johannesburg Stock Exchange, Odein Ajumogobia OFR, SAN, former, Minister for Foreign Affairs, Chief Executive Officers and Managing Directors of some Blue Chip companies, Directors of the Society, the Chief Executive Officer of Mobil Oil Nigeria Plc, Tunji Oyebanji, Chief Executive Officer of Access Bank, Herbert Wigwe, and Vice Chancellor of Pan Atlantic University, Professor Juan Elegido, among other high profile stakeholders.
The Breakfast Session which was held under the distinguished chairmanship of Chief Olusegun Osunkeye OFR, OON is an initiative of the Society for Corporate Governance Nigeria to enhance the practice of corporate governance in Nigeria.