By Favour Nnabugwu
Leadway Assurance Limited has received the “Above Basic Compliance” for its corporate leadership, sustainability programmes and corporate social responsibility, CSR efforts at the maiden Corporate Affairs Commission, CAC Corporate Citizens Awards in Abuja. The “Above Basic Compliance” category winners are the Leadway Assurance Limited and Nigerian Breweries Plc while the “Basic Compliance” award was won by the Yobe Investment & Securities Limited.
Winning the star prize of the “Most Extensive Compliance Award” are Stanbic IBTC Bank Plc while Access Bank and Zenith Bank Plc each won awards in the “More Extensive Compliance” category while the United Bank for Africa Plc; Asha Microfinance Bank Limited and Lafarge Africa Plc received the “Extensive Compliance” awards respectively.
In his keynote address on the occasion, Minister of Industry, Trade and Investment, Dr. Olusegun Aganga said “the main purpose of the awards is to promote the culture of good statutory compliance in Nigeria by recognising and honouring corporate citizens who have distinguished themselves in the conduct of their businesses”.
Aganga maintained that such corporate citizens must have complied with all statutory requirements and best practices of corporate governance. The minister noted that the guiding principles for the award is to create a conducive and enabling environment for business growth, ensure greater efficiency, openness and transparency in business. He added that “the overall commitment is to change the focus in doing business in Nigeria with a view to stimulating the growth of domestic economy”.
Aganga said, “At the Ministry of Industry, Trade and Investment, we have given the issue of conduct of business very serious attention. This is with a view to creating the requisite environment for rapid economic growth and development”. “I find the criteria for the awards quite robust and satisfactory.
I note that areas considered by the panel of judges include, quality of financial management, management of stakeholders relations, workplace environment, corporate social responsibility, industry leadership, innovation as well as environmental performance”, he said. To ensure a transparent, fair and credible selection process, he said CAC collaborated and consulted extensively with other regulatory and professional bodies to ensure that awardees do not have issues, and indeed do merit the awards.