{"id":5023,"date":"2016-06-10T07:54:11","date_gmt":"2016-06-10T07:54:11","guid":{"rendered":"http:\/\/progresomicrofinanzas.org\/en\/?p=5023"},"modified":"2017-11-20T15:34:03","modified_gmt":"2017-11-20T15:34:03","slug":"harmonisation-of-good-practice-in-corporate-governance","status":"publish","type":"post","link":"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/en\/harmonisation-of-good-practice-in-corporate-governance\/","title":{"rendered":"Good practices in corporate governance"},"content":{"rendered":"<div class=\"pdfprnt-buttons pdfprnt-buttons-post pdfprnt-top-right\"><a href=\"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/en\/wp-json\/wp\/v2\/posts\/5023?print=pdf\" class=\"pdfprnt-button pdfprnt-button-pdf\" target=\"_blank\"><img decoding=\"async\" src=\"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/wp-content\/plugins\/pdf-print\/images\/pdf.png\" alt=\"image_pdf\" title=\"View PDF\" \/><\/a><a href=\"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/en\/wp-json\/wp\/v2\/posts\/5023?print=print\" class=\"pdfprnt-button pdfprnt-button-print\" target=\"_blank\"><img decoding=\"async\" src=\"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/wp-content\/plugins\/pdf-print\/images\/print.png\" alt=\"image_print\" title=\"Print Content\" \/><\/a><\/div><p><span style=\"font-weight: 400;\">In March, Nigeria\u2019s<\/span><a href=\"http:\/\/www.financialreportingcouncil.gov.ng\/\"> <span style=\"font-weight: 400;\">Financial Reporting Council<\/span><\/a><span style=\"font-weight: 400;\"> published the draft 2016 National Code of Corporate Governance, which harmonises and unifies the corporate governance codes published by a number of regulators in Nigeria. The new Code has three sections: one for the public sector, one for the private sector, and a third for not-for-profit organisations.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We analyse below that part of the Code that applies to companies in the private sector; it is mandatory and divided into the following chapters:<\/span><\/p>\n<p><b>1. Board of Directors<\/b><\/p>\n<p><em><span style=\"font-weight: 400;\">Responsibilities of the board<\/span><\/em><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The board shall be in charge of leading the company, of ensuring that senior management acts in the interest of its shareholders and stakeholders, and of enhancing and sustaining the value of the company over time. To this end, it will carry out its functions with leadership, integrity and good judgment.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">It shall serve as a link between shareholders and the company.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">It shall ensure the establishment of a succession plan for both its members and senior management.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">It shall be responsible for the board members receiving clear, appropriate and timely information in order to prepare their meetings.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">It shall meet with non-executive board members privately, without the presence of company executives.<\/span><\/li>\n<\/ul>\n<p><em><span style=\"font-weight: 400;\">Structure and composition<\/span><\/em><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The board shall be of a sufficient size relative to the scale and complexity of the company\u2019s operations and be composed of directors with diverse profiles, experience and gender.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">It shall include a combination of executive and non-executive directors. In particular, executive directors may not represent more than a third of all members; non-executives should make at least two thirds of the total, with at least half of these being independent directors.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The board should have at least eight members.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The board shall appoint one of the independent non-executive directors as the lead director, who will serve as an intermediary between the other directors and the Chair of the board, when necessary; and between the board and the company shareholders.<\/span><\/li>\n<\/ul>\n<p><em><span style=\"font-weight: 400;\">Members of the board<\/span><\/em><\/p>\n<p style=\"padding-left: 30px;\"><em><span style=\"font-weight: 400;\">Chair<\/span><\/em><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Must be a non-executive director.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The positions of Chair of the board and CEO may not be held by the same person, and their responsibilities must be clearly defined.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The company CEO may only become Chair of the board after 10 years have elapsed since being CEO.<\/span><\/li>\n<\/ul>\n<p style=\"padding-left: 30px;\"><em><span style=\"font-weight: 400;\">Executive Directors<\/span><\/em><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Will be involved in the day-to-day operations and management of the company.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Their remuneration must be linked to their performance and to company results. It will be disclosed in the annual report.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">They may not be members of the appointments and governance, remunerations or audit committees. \u00a0\u00a0<\/span><\/li>\n<\/ul>\n<p style=\"padding-left: 30px;\"><em><span style=\"font-weight: 400;\">Non-Executive directors<\/span><\/em><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Chosen on the basis of the experience and specialist knowledge they can bring to the company.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Responsible for the CEO&#8217;s performance evaluation.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Led by the lead director, they will also be responsible for the performance evaluation of the Chair.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Shall have unfettered access to executive directors, the company secretary and the internal auditor.<\/span><\/li>\n<\/ul>\n<p style=\"padding-left: 30px;\"><em><span style=\"font-weight: 400;\">Independent Non-Executive Directors<\/span><\/em><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">They will be chosen to bring objectivity into the company.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Their condition as independents will be reviewed annually and this will be published in the annual report, in the corporate governance report and in the company webpage.<\/span><\/li>\n<\/ul>\n<p><em><span style=\"font-weight: 400;\">Appointment of directors<\/span><\/em><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The board shall approve a formal, rigorous and transparent procedure for appointing directors, and should specify the criteria used in their choice.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The appointments committee shall guide the process of appointing directors, in support of the board. \u00a0<\/span><\/li>\n<\/ul>\n<p><em><span style=\"font-weight: 400;\">Meetings<\/span><\/em><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The board should meet at least once a quarter.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Every director must attend at least 2 or 3 of the meetings held.<\/span><\/li>\n<\/ul>\n<p><em><span style=\"font-weight: 400;\">Committees<\/span><\/em><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The board may appoint committees to support its roles, the composition of which should be reviewed every 3 years.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The committees that must be set up are; an appointments and governance committee, a remunerations committee, an audit committee and a risk committee.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The Chair of the board may not preside any of the committees and no director may serve on more than two committees from the following: appointments and governance, remunerations and audit.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">All committees will be chaired by an independent director.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The appointments and governance, remunerations and audit committees will each have at least 3 non-executive members, with a majority of independent directors.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The risk committee will be composed of a majority of executive directors, and at least one of them shall be independent. A member of senior management will be responsible for the risk function, and will report directly to the risk committee.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">These committees may convene as often as their statutes stipulate, except for the audit and risk committees, which must meet at least once a quarter.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Only the Chair and the members of the committee in question may attend their meetings.<\/span><\/li>\n<\/ul>\n<p><em><span style=\"font-weight: 400;\">Induction and training plan<\/span><\/em><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The board must establish an induction programme for the directors who join the company.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Similarly, there must also be a training plan to bring director&#8217;s\u2019 knowledge and skillsets up to date.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The training courses will be published in the annual report.<\/span><\/li>\n<\/ul>\n<p><em><span style=\"font-weight: 400;\">Term of office and re-election of board directors<\/span><\/em><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Board directors must stand for re-election at least once every 3 years.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Non-executive directors may not hold the position for longer than 12 years.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Executive directors may not hold the position for longer than 15 years.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">In order to conserve their independence, independent non-executive directors may not serve in the company for longer than 9 years.<\/span><\/li>\n<\/ul>\n<p><em><span style=\"font-weight: 400;\">Annual performance evaluation<\/span><\/em><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The activity of the board, its committees and its individual directors will be assessed every year.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">At least every three years, the assessment should engage the services of an external consultancy.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The lead director, in addition, will be responsible for leading the meetings between non-executive directors in order to assess the annual performance of the Chair.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The result of the performance evaluation must be disclosed in the annual report.<\/span><\/li>\n<\/ul>\n<p><b><b>2. Risk management and audit<\/b><\/b><\/p>\n<p><em><span style=\"font-weight: 400;\">Risk management<\/span><\/em><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The board will be responsible for approving the risk management and risk appetite policies.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">It must ensure that the risk policy is integrated at all levels of the company, and will prepare regular reports to assess effectiveness.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The risk management policy will be published in the annual report.<\/span><\/li>\n<\/ul>\n<p><em><span style=\"font-weight: 400;\">Internal audit function<\/span><\/em><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">All companies must set up the internal audit function, clearly defining its functions and responsibilities in an internal audit charter approved by the board. \u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The Head of the Internal Audit unit will be a member of senior management, who will report directly to the audit committee.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The Head of the Internal Audit Unit shall report at least once a quarter to the audit committee on the adequacy and effectiveness of management, governance, risk and control environment, as well as on the deficiencies observed.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The internal audit function will develop an annual plan to audit risk management, which will be approved by the audit committee.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">There is to be an external assessment of the effectiveness of the internal audit function at least once every three years by an independent external adviser.<\/span><\/li>\n<\/ul>\n<p><em><span style=\"font-weight: 400;\">Whistle-blowing<\/span><\/em><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">There should be a whistle-blowing policy, which the board will ensure is in place throughout the company.<\/span><\/li>\n<\/ul>\n<p><em><span style=\"font-weight: 400;\">External auditors<\/span><\/em><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The audit committee will be responsible for recommending to the board the appointment, reappointment and removal of external auditors.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">This firm will provide its services to the company for a maximum of 7 years, and may be reappointed once another 7 years have passed after their disengagement.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The audit partners assigned by the external audit firm to provide their services to the company must rotate every 3 years.<\/span><\/li>\n<\/ul>\n<p><b><b>3. Relationship with shareholders<\/b><\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The board must ensure continuous dialogue with shareholders in the company, to protect their interests, guarantee their rights are treated fairly and, in particular, to protect minority shareholders. \u00a0\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The Annual General Meeting will be a key channel to communicate with investors and encourage their participation.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">It should be convened with at least 21 days&#8217; notice.<\/span><\/li>\n<\/ul>\n<p><b><b>4. Relations with other stakeholders<\/b><\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Companies shall disclose all transactions between related parties.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The board will have a policy on managing conflicts of interest.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Companies should bear in mind the interests of all stakeholders: employees, creditors, customers, suppliers, regulators, among others.<\/span><\/li>\n<\/ul>\n<p><b><b>5.Transparency<\/b><\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">In line with governance best practice, companies should publish in an annual report all financial and non-financial information required in the Code: issuance of share capital, financial statements, corporate governance (composition of the board, number of meetings held, the names of the company secretary and senior management members, diversity policies, board functions, results of the annual evaluation, among others), risk management and internal control, CSR policies, transactions with related parties, etc.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Similarly, every year an external evaluation should be carried out as to how corporate governance practices are followed in the company.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The report of this evaluation will be presented at the Annual General Meeting and a copy sent to the regulator; it will also be available on the company\u2019s investors\u2019 portal (shareholders, stakeholders and general public).<\/span><\/li>\n<\/ul>\n<p><b><b>6. Code of Business Conduct and Ethics<\/b><\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Companies must define a Code of Business Conduct and Ethics, which is applicable to all members of the same.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Nigeria\u2019s Financial Reporting Council gives a 30-day window for stakeholders to make comments to the draft code and the new Code is scheduled to pass into law on 1<\/span><span style=\"font-weight: 400;\">st<\/span><span style=\"font-weight: 400;\"> July 2016.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><em><b>You may find these interesting too:<\/b><\/em><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.afcgn.org\/wp-content\/uploads\/2016\/03\/ACGN-Corporate-Governance-Report-Feb-2016.pdf\"><span style=\"font-weight: 400;\">The State of Corporate Governance in Africa: An Overview of 13 African Countries<\/span><\/a><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In March, Nigeria\u2019s Financial Reporting Council published the draft 2016 National Code of Corporate Governance, which harmonises and unifies the corporate governance codes published by a number of regulators in Nigeria. The new Code has three sections: one for the public sector, one for the private sector, and a third for not-for-profit organisations. We analyse [&hellip;]<\/p>\n","protected":false},"author":30,"featured_media":4932,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"tags":[1223,452,417,489,1188,414,1146,1148,1144,1186,402,1231,864,1185,1191,1230,1187,1189,1156,1190,449,1149,422,411,1232],"class_list":["post-5023","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-africa-en-2","tag-audit","tag-board-of-directors","tag-committees","tag-conduct","tag-corporate-governance","tag-csr","tag-ethics","tag-evaluation","tag-executive-directors","tag-financial-information","tag-financial-reporting-council-en-2","tag-independent-directors","tag-induction","tag-internal-audit-function","tag-nigeria-en-2","tag-non-executive-directors","tag-non-financial-information","tag-private-sector","tag-risk-control","tag-shareholders","tag-stakeholders","tag-training","tag-transparency","tag-whistleblowing-en-2","numero-7-en","seccion-published-and-draft-legislation-corporate-governance","pais-nigeria-en"],"acf":[],"yoast_head":"<!-- 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