Managing Directors must go through Academy – SEC DG
As part of its commitment to enhancing corporate governance, the Securities and Exchange Commission(SEC) has said that it would be mandatory for Managing Directors of quoted companies in the country to undergo training at Directors Academy to be established soon.
Speaking at a workshop on the overview of 2011 SEC code of corporate governance in Lagos, Director General of the Commission, Ms Aruma Oteh, said, “ plans are in place to set up Academy for directors of quoted companies. We are already discussing with British Council on the modalities and on how it will operate.
The essence is to ensure that directors are trained on how to manage company with good corporate governnce principles.We will collaborate with other bodies to ensure that this Academy is made of international standard. When this Academy takes off, it would be made compulsory for Managing Directors to go through this Academy since any body who is not certified by this institution will not be qualified to be Managing Director of any quoted entity.
She further charged quoted entities to strictly comply with 2011 corporate governance, stressing that the code of corporate governance will continuously be reviewed to accommodate changes in the environment
Oteh, admitted that there are gaps in the code which will be further strengthened and charged quoted entities to ensure they follow due process in their governance.
Speaking also on the SEC code of corporate governance, Mr. Dimeji Salaudeen, Parter, KPMG, highlighted that the objective of the Commission’s code is to enable corporate managers enhance and grow the value of their companies for the benefit of the shareholders and other stakeholders.
According to him, “ By creating wealth, companies contribute to alleviating poverty and promoting the overall development of the Nigerian economy. They should do so, however, on the basis of sound ethical values and on an environmentally sustainable basis.”
He noted that the SEC code of corporate governance is not a rigid set of rules but minimum standards that companies must follow in order to grow.
