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Improving transparency and accountability are critical factors that will make or mar Nigeria’s corporate governance said the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN).
“Corporate governance as a tool for sustainable development is very appropriate and cannot be over emphasised at these moment of obvious reasons in Nigeria,” Kola Jamodu chairman PZ Cussons Nigeria Plc.
Speaking at the opening declaration of the 41st annual conference of the ICSAN with the theme, “Corporate Governance as a Tool for Sustainable Development” held in Lagos recently, Jamodu said the whole world is facing challenges with sustainable development occasioned by several factors, prominent of which is transparency and accountability”
“Nigeria lack governance structure and even when these structures are there, they are not followed and have contributed failures of many enterprises not only in public, but also in private enterprises.
“We have seen collapse of companies due to failure of proper corporate governance practice, it therefore behooves on us all both governed and government to join hands and ensure that corporate governance practices are utilised as a tool to bring about sustainable development in every segments of our country,” Jamodu said.
Samuel Kolawole, President governing council, ICSAN in his welcome address said that the gathering of the 2017 ICSAN conference is to take another important step towards achieving best practices in the corporate sector as well as influencing public policy direction as part of the institute contribution to nation building.
“We know the significance of Corporate Governance as a mechanism which allows companies, and by extension, the whole economy, to function effectively and thus create requisite trust for existence of a virile market economy
“The Annual Conference is a cardinal programme in our institutional calendar of events which offers the platform for all our Members and other key stakeholders in the Nigerian socio-economic landscape to gather to put their experiences, capacities skills and competences to task by engaging some issues of national importance with a view to provide workable solution thereto” Kolawole said
Ifiesimama Sekibo Managing Director Heritage bank plc represented by Olusegun Akanji, said corporate governance is aimed at increasing the accountability of a company with a view to avoidance of corporate failure.
“Currently, good corporate governance is recognised globally as essential for the efficiency and growth of domestic economy.
According to him, modern corporate governance now requires that company directors think beyond profits and think “sustainably” as the long-term survival of businesses largely depend on this.
“This has wider implications on the economy as companies/corporations are generally considered as the engines for economic and social development in any country.
“Company directors, to be effective corporate leaders, must necessarily take sustainability into consideration in making decisions in the boardroom including strategy, system and policy development”. Sekibo said.
