NGX sustains leadership in promoting corporate governance in Nigeria
The Chief Executive Officer (CEO) of Nigerian Exchange Limited (NGX), Temi Popoola re-emphasised the Exchange’s commitment to promoting corporate governance in Nigeria at the launch of the Corporate Governance Charter organised by the Nigerian Bar Association Section on Business Law (NBA-SBL) on Monday August 15, 2022.
In his opening remarks, Popoola stated that the launch demonstrates the Exchange’s track record of leadership in promoting corporate governance amongst listed companies and other stakeholders within the capital market ecosystem. “For us as an exchange, sustainability is a key component of our strategy as we aim to enhance corporate governance in the Nigerian capital market. In line with this, the Exchange incorporated corporate governance principles in its listing and post-listing requirements and established a corporate governance rating system (CGRS) that provides a comprehensive diagnosis of Nigerian companies’ corporate governance and business integrity practices. Our corporate governance index, NGX CG Index, also tracks the performance of all CGRS-rated companies listed on the Exchange which enables adherence to best practices,” he said.
He further explained that “these initiatives build on the firm belief shared with NBA-SBL and the Institute of Directors, Nigeria (IoD), that good corporate governance and compliance structures are foundational requirements for facilitating competitive advantage and profitability, which ultimately stimulates capital market efficiency, economic growth and investments”.
“At NGX, we recognize our truly unique role as a securities exchange that can foster the growth of long-term sustainable capital, while positively influencing our key stakeholders to adopt sustainable business practices, including best corporate governance practices and policies. Promoting effective and sustainable leadership is critical for us to achieve this objective, and for this reason, the partnership with IoD and NBA-SBL remains of paramount importance to us.”
The Corporate Governance Charter which is jointly promoted by NBA-SBL, NGX, and IoD is a landmark document of the tripartite organisations and seeks to promote good corporate governance practices in Nigeria by re-emphasizing the principles of transparency and accountability, strong governance structure and corporate responsibility.