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Corporate Governance

Proshare Nigeria Limited sees effective corporate governance as critical to achieving its set goals and increasing the company's value. The company has therefore established the following corporate governance principles, practice, and structure to enable it deliver on its mission.

Compliance Statement

For the year to December 31, 2014 the Company has, in the Directors' opinion, complied fully with the provisions set out in the Governance Code.

Corporate Social Responsibility

Proshare strives to ensure it delivers value to the investment community and to the larger society. It is therefore critical that social responsibility is at the heart of Proshare's business in order that we continue to build and maintain trust with our many stakeholders (financial data providers, analysts, stockbrokers, fund managers, issuing houses, stock exchange, market regulator, other regulators, policy makers, legislators, investing publics, media, service providers, employees and others) as well as in the communities in which we operate.

Proshare therefore attaches great importance to ethical business practices and to societal and environmental issues. Accordingly, ultimate responsibility for them is taken at the highest levels.

Prior to now, Proshare has played an active role in its local community where it operates from through funding for the following:

  • Renovating our immediate environment and support for roads upgrade and pavement constructions in Omole II;
  • Security consciousness by ensuring that mobile transporters within Omole Phase II Estate were provided with a unique identity placed on free illuminated jackets;
  • Provision of a well-equipped and model Newsstand to provide shelter for the neighborhood newspaper vendor with facilities to serve as a mini-book & stationery stores;
  • Creation of a neighbourhood website / portal for the local CDA;
  • Sponsorship of the quarterly neighborhood magazine OPRALITE since 2010;
  • Free financial education resources for members of the investment clubs; and
  • Provision of financial and professional resources to resolving concerns, problems and issues related to engagements with the financial community.

Further information about Proshare's 'responsibility' focus areas and regular news about Responsibility-related achievements, can be obtained from the business and markets unit vide corporaterelations@proshareng.com

Code of Ethics

Proshare is committed to the maintenance of high ethical standards. The company's Code of Ethics applies to all Directors and employees and is available for review on the Proshare website.

Financial Reporting & Disclosure, Internal Control and the Role of the Auditors

The Board has, through the Audit Committee, established formal and transparent arrangements for financial reporting, external auditing and the review of the internal control environment, including compliance service delivery and other risk issues. The Audit Committee's terms of reference extend to the company's compliance and risk management activities as a whole and not just the financial aspects of internal control.

The Audit Committee has access, as it may require, to the company's internal and external auditors throughout the year, in addition to presentations from both on a scheduled basis. Any significant findings or identified risks are closely examined and are reported to the Board with recommendations for action. All employees can, and are encouraged to, raise any concerns in any of these areas and any other area, anonymously if they wish, to the management/board in the strictest confidence without fear of retaliation.