Inauguration of the Corporate Governance Rating System (“CGRS”) Steering Board


Thursday, December 21, 2017 /5:15PM / NSE

The Convention on Business Integrity (CBi) and The Nigerian Stock Exchange (The Exchange/NSE) are pleased to announce the inauguration of the Steering Board of the Corporate Governance Rating System, which held its maiden meeting on December 12, 2017. 

The Steering Board is the governing body of the CGRS, defining its scope, guiding its development and its ultimate authority. It is charged with the responsibility of reviewing and endorsing all acts performed by other bodies and sub-committees of the CGRS and approving the release of the results of the CGRS exercise.

The Board comprises of six (6) members, two (2) representatives of CBi, a representative of The Exchange, a representative of the media, a representative of rating agencies and a representative of the Securities and Exchange Commission (SEC).

At the inaugural meeting, the Steering Board began the review of the outcome of the roll out phase of the CGRS. The results of the roll out phase will be announced in January 2018 and a certification ceremony will be held for all successful companies and eligible directors in February 2018. The certification ceremony will showcase the successful companies and their directors that have distinguished themselves as entities and individuals with high standards of corporate governance. The companies and their directors will also be issued with certificates confirming their CGRS certifications.

According to Soji Apampa, Chief Executive Officer, CBi “with the conclusion of this first cycle of the process, deep lessons are emerging regarding decision making of boards and the impact of such decisions on firm performance. There are correlations between quality of governance and various indices that investors would consider important. We look forward to celebrating the companies that have distinguished themselves and the beginning of a new cycle of the CGRS certification which will be announced in due course so that listed companies that did not participate in the current cycle as well as companies that did not complete the process would have the opportunity take part and be CGRS certified.”

Also commenting, Tinuade Awe, General Counsel and Head of Regulation, NSE said “we are excited to have gotten to this final stage of the first CGRS roll out process for all companies listed on the Main and Premium Boards of the NSE. The CGRS certification is a thing of immense pride for the successful companies and directors involved, especially given the stringent requirements of the certification process. The NSE remains resolute in its long term commitment to promoting corporate governance, including through the collaboration with CBi on the CGRS.”

The CBi and NSE will continue to keep the public apprised of developments at the Steering Board.

About CBi
The Convention on Business Integrity (CBI), a company limited by Guarantee was established in 1997 with the aim of promoting ethical business practices, transparency and fair competition in the private and public sectors. Its mission is to empower people, their transactions, systems and institutions against corruption. 

The Nigerian Stock Exchange, a company limited by guarantee, services the largest economy in Africa and is championing the development of Africa’s financial markets. The Exchange offers listing and trading services, licensing services, market data solutions, ancillary technology services, and more. The Nigerian Stock Exchange continues to evolve to meet the needs of its valued customers, and to achieve the highest level of competitiveness. It is an open, professional and vibrant exchange, and the Entrepreneurial Growth hub of Africa. The Nigerian Stock Exchange aspires to be Africa’s foremost securities exchange, connecting Nigeria, with the rest of Africa and the world.

Related News

1.       Capital Raising Ease & Market Transparency attainable through the CGRS - TNI Q4/E6

2.      NSE, CBi Launched Corporate Governance Rating System

3.      The pilot phase of the Corporate Governance Rating System kicks off

4.      Corporate Governance Rating System and Listed Companies on NSE

5.      Foreign Portfolio Participation in Equity Trading in 2017

6.      Domestic and Foreign Portfolio Participation in Equity Trading – October 2017

7.      Domestic and Foreign Portfolio Participation in Equity Trading – September 2017

8.     NSE Website Ranked the Best among African Exchanges

9.      What Stock Market Investors Must Consider in the 2018 Pre-Election Year

10.  Ambode, Gwarzo, Sanni, Awoyemi to grace the 2017 IAPM Forum

11.   Quantitative Financial Analytics Rolls out Market Volatility Measure for the Nigerian Stock Market

12.  Lagos the Outperformer of SSA Stock Markets

13.  Invest 2017 Edition Recommended Stocks Records Robust Returns YTD

14.  Suspense as Corporate Giants Battles For 2017 Pearl Awards

15.   Nigerian Tier 2 Banks - Playing a Catch-up Game

Related News