Special adviser to the Lagos State government on parastatals monitoring office (PMO), Afolabi Ayantayo has stressed the need for ministries, departments, agencies and parastatals of government to put in place structure that promotes corporate governance.
Ayantayo stated this at a virtual seminar on corporate governance organised for CEOS of Lagos State’s parastatals/agencies, with the theme “digging deep into the T.H.E.M.E.S. agenda.” He noted that corporate governance was key in improving and realising the potential of any organisations and standardise their operation.
The special adviser described the concept as a global approach that creates a corporate culture of transparency, accountability, and disclosure which enhances the long-term prosperity of an institution.
According to him, governance structure in Lagos State identifies the distribution of rights and responsibilities among different participants in the corporation such as the board of directors, managers, shareholders, auditors, regulators and other stakeholders.
“There is, however, the need to improve the knowledge of government officials on the ideals of corporate governance,” he said.
The special adviser outlined the relevance of the concept of corporate governance in achieving the T.H.E.M.E.S agenda, submitting that the model promotes transparency which ensures strong and balance economic development. He added that incorporating the principle into daily operational management of government’s institutions would encourage equitable service delivery.
“Parastatal organisations and agencies perform key role in delivering specific services to the general public in line with established laws and government policy directives, the mechanism that enhance dynamic performance are entrenched in corporate governance”, he maintained.
