The Code of Ethics Committee of the Institute of Directors Nigeria has completed the task of preparing a document detailing sound business ethics and principles for the Institute’s members and its personnel.
IoD Nigeria, the foremost corporate governance advocacy Institution in Africa’s biggest economy is set to launch its Code of Ethics for Members and Staff of the Institute on 6 August.
Although the Institute has always had a Code of Ethics, the Governing Council, at some point, decided to review the codes to conform to present realities and the current challenges faced by Directors in their roles.
It guides on topical issues such as conflicts of interest, gifts, and whistleblowing.
“One of the key mandates of the Institute of Directors Nigeria is to sustain standards, values, ethics, best traditions and continuously improve the capacities of Directors to fulfill their roles of delivering value to all stakeholders,” said Chris O. Okunowo, Fellow Institute of Directors and President and chairman of the council, institute of directors Nigeria, at a virtual press conference, Thursday, on the launch of the code of ethics of the institute.
A code of ethics is a guide of principles designed to help professionals conduct business honestly and with integrity. A code of ethics document may outline the mission and values of the business or organisation. How professionals are supposed to approach problems, the ethical principles based on the organisation’s core values, and the standards to which the professional is held.
“By adhering to the values and principles set out in the IoD Code of Ethics, directors will increase the general confidence in boards of directors and positively impact the organisation and the nation,” said Amina Oyagbola, F.IoD, chairman, Ethics Committee, IoD Nigeria.
Oyagbola opined the Committee agreed that the design and tone of the Code should be “aspirational rather than directional, with some general ethical values, principles, and standards in line with Best Practice.”
The aspiration is for the IoD Code of Ethics to become a standard that all other institutions, government bodies, companies, and other entities will look up to as a reference document or guide to formulating their Codes of Ethics or Business Conduct in line with its ethos to be the leading voice on Corporate Governance and business ethics in Nigeria.
The IoD Nigeria Code of Ethics 2020 sets out the values and principles that “should guide organisations and directors to increase public confidence in Boards of directors, ensuring sustainability, and creating wealth for the benefit of the business and the society as a whole,” Okunowo said.
The theme for the launch is “Doing Good is Good Business, the Ethics Dimension.”