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Monday, January 22, 2018 /2:25
PM /NSE
The Steering Board of the Corporate Governance Rating
System (CGRS) is pleased to announce that 25 companies have successfully passed
its rating test, having scored the required pass mark of 70% whilst 87 others
are at various stages of completion of the process.
These 25 successful companies join 8 companies that
retained their rating from the CGRS pilot in 2014, bringing the total number of
companies rated as of today to 33. The board also congratulates the 435
directors who have passed their certification test. Presentation of awards and
certificates to Chairs of companies and directors being celebrated will hold in
February 2018 (event details to be announced later).
The CGRS was introduced into the Nigerian Capital
Market in 2012 and launched in 2014 after it was successfully piloted with a
number of volunteer companies, including those now listed on the Nigerian Stock
Exchange’s Premium Board.
The process comprises three segments: an independently
verified, self-assessment by the company; a certification of director awareness
of their fiduciary duties; and, a corporate integrity assessment where
perceptions of actual company behaviour are sought from internal and external
stakeholders. Combinations of the three segments with attendant weighted scores
are collated and companies with a score of 70% and above will be accorded the
CGRS certification mark celebrating the degree to which they have evolved the
quality of their corporate governance.
According to the Chairman of the Steering Board and
Executive Director, Regulation, NSE, Ms. Tinuade Awe, “the period between 2000
and 2010 were difficult years for business around the world, littered with
major corporate failures due to corruption and poor corporate governance, as
well as financial crises that shook many economies. Companies have since then
been evolving their ability to improve board structure and responsibility;
business ethics and anti-corruption; transparency and disclosure; internal and
external audit and control; and, better protect stakeholder and shareholder
rights.
Nigerian companies have not been left out of this
evolution where better business leadership and performance is expected to lead
to improvements and growth in the Nigerian economy as a whole.”
Mr. Soji Apampa, Chief Executive Officer, The
Convention on Business Integrity (CBi) that partnered with the NSE to design,
pilot, roll-out and manage the initiative, adds, “the success rate and
increased participation in the CGRS initiative is a testament to the rising
acclaim that corporate governance is receiving in corporate Nigeria. It is
important to celebrate companies and directors who are leading the renewed
charge whilst encouraging others to participate.
We continue to celebrate companies where we notice
that corporate governance is evolving nicely.”
Mr. Oscar N. Onyema, OON, CEO of The Nigerian Stock
Exchange, noted that “as we make surefooted steps to globalise our market, the
CGRS rating will bolster the confidence to invest in our market especially from
international investors.
Increasingly, our listed companies are meeting their
compliance and requirements and we will continue to protect investors in our
market through a robust regulatory regime.”
The members of the CGRS Steering Board are Ms. Tinuade
Awe of the NSE, Ms. Olubukanla Rufai representing the Securities & Exchange
Commission, SEC, Mr. Wole Famurewa of CNBC Africa, Ms. Vivien Shobo of Agusto
& Co., Mr Soji Apampa, of The Convention on Business Integrity and Ms.
Cynthia Akpomudiare, Project Director, CGRS.
Please
visit for the list of successful companies and
directors.
You can obtain a copy of the CGRS methodology here
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