Corporate governance: NGX says to enhance diversity, inclusion in private sector

Nigerian Exchange Limited (NGX) said that it will continue to enhance diversity and inclusion in the private sector and leverage partnerships via strategic initiatives. This is in its bid to further improve corporate governance in the capital market.

Temi Popoola, Chief Executive Officer, NGX,
stated this at the first edition of the Annual Corporate Governance Colloquium organised by NGX, Nigerian Bar Association Section on Business Law (NBA-SBL) and Institute of Directors (IoD) in Lagos on Thursday.

Speaking at the colloquium themed “Diversity and Inclusion: Adopting a Multi-Stakeholder approach in the promotion of good governance”, Popoola who was represented by Irene Robinson-Ayanwale, Divisional Head, Business Support Services and General Counsel, NGX, said it recognises that compliance to corporate governance standards helps to increase investors’ confidence in issuers and improves their access to a broader pool of domestic, regional, and international investors.

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He assured stakeholders that the exchange will continue to advance practical initiatives that will enhance diversity and inclusion in the private sector, leveraging partnerships like the Corporate Governance Triangle and the Nigeria2Equal Project with IFC.

Also speaking, Ije Jidenma, president IoD,
represented by Tijani Borodo, the First Vice-President IoD on his part said, that world organisations need to scale up the culture of composing well diverse boards which is best practices in corporate governance.

“Findings have shown that diverse and inclusive boards stand a better chance of reaping from the rich and innovative ideas of members, make more effective decisions and provide better guidance and direction that guarantees financial prosperity,” Jidenma said.

On his part, Adeoye Adefulu, Chairman of Council, NBA-SBL also noted that companies benefit from the diversity of ideas and opinions expressed when men and women both occupy positions on the boards and management of companies.

Delivering a keynote address earlier at the event, Bola Adesola, Chairman, Ecobank and Chairman Board of Trustees of the Lagos State Employment Trust Fund (LSETF), said that with diversity on boards in age, background, experience, organisations can bring a broader range of perspectives to decision making processes.

According to her, diverse boards are more likely to challenge groupthink, consider different viewpoints and make better informed decisions.