The Financial Reporting Council (the “FRC”) recently issued the Nigerian Code of Corporate Governance (“the Code”) 2018 to regulate corporate governance best practices. The Code is applicable to both public and private companies.
The Code, which was officially launched on 15th January 2019, consists of seven (7) parts and twenty-eight (28) principles which broadly cover matters such as board of directors, assurance, relationship with shareholders, business conduct and ethics, sustainability and transparency. The Code aims to promote the adoption of corporate governance best practices by Nigerian companies to improve public confidence as well as trade and investments in Nigerian companies.
The Code adopts a principle-based approach to allow for flexibility in the adoption of the Code and contains recommended practices for the implementation of each principle. Companies are encouraged to implement these principles so as to enhance integrity and transparency in the Nigerian business environment.
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