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Fellow Chartered Accountant

In: Social Issues

Submitted By yusuff
Words 1215
Pages 5
CONTENTS
PREFACE
i
FORWARD
2
THE CODE OF BEST PRACTICES
4
Part A - The Board of Directors
4
Part B-The Shareholders
10
Part C - Audit Committee
12
Part D -Interpretation
15
Part E - Schedules
16
Schedule 1 - Specimen Terms of Reference for an Audit Committee
16
Schedule 2- Membership of the Committee
18
Schedule 3 - List of Persons and Organisations who made Written Contributions to the Final Draft of The Code
20

PREFACE
Long before the highly publicized corporate scandals and failures worldwide, the global community has shown increasing concern on the issues of corporate governance. The reason for this trend is not far to seek. There is growing consensus that corporate governance, which has been defined as the way and manner in which the affairs of companies are conducted by those charged with the responsibility, has a positive link to national growth and development.
Little wonder therefore that several studies and initiatives have been undertaken by countries and International Institutions on the subject “Corporate Governance”. As a result of the foregoing, several Codes of Corporate Practices and Conduct have been fashioned out and are in use in various jurisdictions.
Realizing the need to align with the International Best Practices, the Securities and Exchange Commission (SEC) in collaboration with the Corporate Affairs Commission inaugurated a seventeen (17) member Committee on June 15, 2000 in Nigeria. The Committee headed by Atedo Peterside (OON) was mandated to identify weaknesses in the current corporate governance practice in Nigeria and fashion out necessary changes that will improve our corporate governance practices. Membership of the Committee was carefully selected to cut across all sectors of the economy including members of professional organizations, organized private sector and regulatory…...

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