Associations & Practice | |
Associations & Practice | |
1476 VIEWS | |
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Thursday, July 23, 2020 / 11:57 AM / By IoD Nigeria / Header
Image Credit: Ecographics
The
Institute of Directors Nigeria (IoD Nigeria), the foremost corporate governance
advocacy Institution in Nigeria is set to launch its Code of Ethics for Members
and Staff of the Institute. The Code of Ethics, according to the President and
Chairman of Governing Council of the Institute, Chief Chris O. Okunowo,
F.IoD will serve as a guide for all the Institute's members and its personnel
on the practice of sound business ethics and principles. He explained that
though the Institute had always had a Code of Ethics, the Governing Council
decided to review the codes to conform to present realities and the current
challenges faced by Directors in their roles.
He
continued that one of the key mandates of the Institute of Directors Nigeria is
to sustain standards, values, ethics, best traditions and continuously improve
the capacities of Directors to fulfil their roles of delivering value to all
stakeholders. "The Code, therefore, is IoD Nigeria's commitment to maintaining
its position as the leading professional body for Directors in Nigeria while
ensuring that its members adhere strictly to the principles of Good Ethics and
Governance in their endeavours.", he added.
Chief
Okunowo said the Code of Ethics of the Institute will standardise the practice
of sound ethical values and principles among Members and staff of IoD Nigeria
and induce voluntary compliance with the highest ethical standards.
Furthermore, he stated, the Code of Ethics is aimed at better positioning the
Institute to monitor the conduct of its members and employees. It is also the
aspiration of the Institute that the IoD Code of Ethics will serve as a guide
for other stakeholders on Ethics. "To this end, our commitment to high ethical
standards has continued to drive a role in promoting Corporate Governance and
Good Business Ethics in Nigeria.
The IoD
President explained that the Code, amongst others, addresses and guides a
number of issues for its members such as whistleblowing framework, a Conflict
of Interest policy and a gift and hospitality policy. It also provides
illustrative ethics examples and case studies to showcase the impact and effect
on institutions of poor governance practices and ethics and the positive impact
and business benefits of good ethical practices on organisations to inspire
good practice. "As an Institute with a focus on Corporate Governance, best
practice and Ethics, we are committed to ensuring that our members who are
directors of Institutions, subscribe to the tenets of this aspirational code,
and ensure that as leaders, they are properly enabled and guided in their
conduct and behaviour in their personal and business endeavours', he concluded.
Also
speaking on the matter, the Chairman of the Ethics Committee of the Institute,
Mrs. Amina Oyagbola, F.IoD, said it was important to note that in the process
of developing this Code, strategic engagements were held with members to obtain
their input and feedback. "The Ethics Committee members held several meetings
over a 6-month duration to brainstorm and exchange ideas on the mandate from
the IoD Governing Council and the Terms of Reference to ensure clarity and a
shared understanding.
"The
Committee conducted research and gathered useful resource materials and
documentation from the Institute, committee members and across jurisdictions to
aid the process of developing a best practice IoD Code of Ethics that meets
international Best Practice standards", she stated.
She
stated that the Ethics Committee which was inaugurated in September 2018,
worked tirelessly to make available a 'Revised Code of Ethics' for the
Institute, which was approved by the Institute's Governing Council in 2019,
with a mandate that the Code should not only be applied to members and staff of
the Institute but should be offered to all other stakeholders who are
interested in the entrenchment of good corporate governance in Nigeria.
IoD
Nigeria is an apex professional body with a mandate to cater and speak for
Directors in their individual capacities across the various sectors of the
economy. It is one of Nigeria's leading economic policy and corporate
governance advocacy institution, which has consistently promoted innovative
policies aimed at ensuring private sector led economic growth. It has
made significant and highly impressive strides in working closely with
government, corporate organizations, bilateral chambers and diplomatic missions
to raise the standards of governance and corporate leadership in the private
and public sectors.
The
Institute also maintains a register of independent directors and remains
committed to its cardinal objective of enhancing the professional skills of
Directors, business leaders, technocrats, top level civil servants and public
servants through its Director Development Programmes, annual seminars and
workshops in the various sectors of the economy.
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