Nigerian Code of Corporate Governance 2018 PDF: How to Enhance Business Integrity and Accountability
Download Nigerian Code of Corporate Governance 2018 PDF
If you are a business owner, manager, or stakeholder in Nigeria, you may be interested in learning more about the Nigerian Code of Corporate Governance 2018 (NCCG 2018), which is a set of guidelines and standards for promoting good corporate governance practices in Nigerian companies. In this article, we will explain what the NCCG 2018 is, why it is important for Nigerian companies, how to download the PDF version of the Code, and what are its key features, benefits, and challenges.
What is the Nigerian Code of Corporate Governance 2018?
The NCCG 2018 is a document that was released by the Financial Reporting Council of Nigeria (FRCN) on January 15, 2019, with the aim of institutionalizing corporate governance best practices in Nigerian companies. The Code is based on a principle-based approach, which means that it provides general principles and recommendations that can be applied by different types of companies, rather than specific rules and prescriptions. The Code covers various aspects of corporate governance, such as the roles and responsibilities of the board of directors, shareholders, stakeholders, audit committee, risk management and internal control, ethics and sustainability, among others. The Code also provides guidance on how to report on the application of the Code in annual reports.
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Why is it important for Nigerian companies?
The NCCG 2018 is important for Nigerian companies because it seeks to improve their performance, reputation, transparency, accountability, risk management, ethics, and sustainability. By adopting the NCCG 2018, Nigerian companies can enhance their competitiveness, attract more investors, access more capital, reduce their costs, comply with regulatory requirements, and contribute to the development of the Nigerian economy and society. The NCCG 2018 also aims to promote public awareness of essential corporate values and ethical practices that will enhance the integrity of the business environment.
How to download the PDF version of the Code?
If you want to download the PDF version of the NCCG 2018, you can visit the official website of the FRCN at [1]( where you can find a link to download the document. Alternatively, you can also access the PDF version of the Code from other sources, such as [2]( [3]( or [4]( However, you should always verify that you are downloading the latest and authentic version of the Code from a reliable source.
Key features of the Nigerian Code of Corporate Governance 2018
The NCCG 2018 consists of four parts: Part A provides an introduction to the Code; Part B outlines the principles and practices for good corporate governance; Part C specifies the sectoral codes that apply to certain types of companies; and Part D defines some key terms used in the Code. In this section, we will focus on Part B, which contains 28 principles and several practices for each principle Here are some of the main principles and practices of the NCCG 2018:
Principles and practices
The NCCG 2018 is based on the following principles: accountability, transparency, probity, responsibility, fairness, independence, discipline, social responsibility, and professionalism. These principles are expected to guide the behavior and actions of all parties involved in corporate governance, such as directors, managers, shareholders, stakeholders, regulators, and auditors. The Code also provides specific practices for each principle that can help companies to implement them effectively. For example, some of the practices for accountability include: establishing clear roles and responsibilities for the board and management; ensuring adequate oversight and control mechanisms; conducting regular performance evaluation and reporting; and disclosing material information to stakeholders.
Board of directors
The board of directors is the highest governing body of a company and is responsible for setting its strategic direction, overseeing its management, and ensuring its accountability to shareholders and other stakeholders. The NCCG 2018 provides several principles and practices for the board of directors, such as:
The board should have a clear charter that defines its role, functions, powers, and duties.
The board should have an appropriate size, composition, diversity, skills, experience, and independence to effectively discharge its responsibilities.
The board should appoint a chairman who is independent and separate from the chief executive officer (CEO) or managing director (MD).
The board should establish committees to assist it in performing its functions, such as audit, nomination and governance, remuneration, risk management, and ethics committees.
The board should ensure that its members receive adequate induction, training, development, and remuneration.
The board should conduct regular meetings, attendances, deliberations, resolutions, and minutes.
Shareholders
Shareholders are the owners of a company and have the right to participate in its governance and decision-making. The NCCG 2018 provides several principles and practices for shareholders, such as:
Shareholders should be treated fairly and equally by the company and its directors.
Shareholders should have access to timely, accurate, and relevant information about the company's performance, financial position, governance, and risks.
Shareholders should be able to exercise their voting rights effectively at general meetings and elect directors who represent their interests.
Shareholders should be able to communicate with the board and management on matters affecting their interests.
Shareholders should be able to protect their rights and interests through legal or regulatory means.
Stakeholders
Stakeholders are any individuals or groups that have an interest or stake in a company's activities, such as employees, customers, suppliers, creditors, regulators, communities, environment, and media. The NCCG 2018 provides several principles and practices for stakeholders, such as:
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The company should identify its key stakeholders and their expectations and interests.
The company should engage with its stakeholders regularly and effectively through various channels and platforms.
The company should respect the rights and interests of its stakeholders and address their concerns and grievances.
The company should collaborate with its stakeholders to create value and achieve mutual benefits.
The company should disclose its policies and practices on stakeholder engagement and social responsibility.
Audit committee
The audit committee is a subcommittee of the board of directors that is responsible for overseeing the financial reporting, auditing, internal control, and risk management processes of the company. The NCCG 2018 provides several principles and practices for the audit committee, such as:
The audit committee should have at least three members, all of whom are independent non-executive directors, with at least one member having financial expertise.
The audit committee should have a clear charter that defines its role, functions, powers, and duties.
The audit committee should meet at least four times a year, with the attendance of the external auditor, internal auditor, chief financial officer, and other relevant parties.
The audit committee should review the financial statements, audit reports, internal control systems, risk management policies, and compliance issues of the com