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FRC concludes public hearing on corporate governance code

FRC concludes public hearing on corporate governance code

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’Femi Asu

The Financial Reporting Council of Nigeria has concluded public hearing on exposure draft of the Nigerian Code of Corporate Governance 2018.

The FRC said the public hearing, which was held in all the geopolitical zones of the country and the Federal Capital Territory, commenced in the South-East, on June 27.

“We have recorded huge success in the public hearings,” the Executive Secretary/Chief Executive Officer, FRC, Daniel Asapokhai, said at the public hearing for the South-West in Lagos.

He said the public hearing was held in Owerri, Port Harcourt, Gombe, Abuja and Kano on June 27, June 29, July 10, July 13, and July 17, respectively.

 “It is our belief that this code will promote the 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 corporate governance practices,” he added.

According to Asapokhai, the NCCG has adopted the ‘Apply and Explain’ principle, which requires companies to apply the requirements of the code and to explain how they did so.

He said, “The decision to adopt the ‘Apply and Explain’ approach was made after careful considerations of several factors including the Nigerian legal system, Nigerian culture and history, government  policies, state of the Nigerian economy, global economic and political climate, and levels of capital inflow of investment coming into the country.”

The NCCG, according to the FRC CEO, shall apply to all public companies, whether listed or not; all private companies that are holding companies of public companies and other regulated entities; concessioned and privatised companies, and regulated private companies.

He said the code was developed based on a comprehensive review of the suspended 2016 Code of Corporate Governance by a 15-man technical committee, and extensive consultative and collaborative engagement with a wide range of stakeholders and other regulators.

The event witnessed comments and reactions from stakeholders, public entities to whom the code will apply, the media, and public, all of which will be taken into consideration in finalising the code.

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