IOD to sanction members over good governance, non-compliance

 

Chairman, Governing Council of the Institute of Directors, Nigeria
(IOD), Alhaji Ahmed Rufa’I Mohammed, yesterday disclosed that the institute was developing a new code of ethics for its members to
comply with the principles of good governance.

Mohammed, who spoke at the 2018 annual conference of the institute held in Abuja, said the code, which will be designed by the appointed committee, would recommend sanctions for any member found flouting the good governance rules.

 

The annual conference has “Global Best Practice in Corporate
Governance—Way Forward for Nigeria” as its theme.

said: “IOD Nigeria is concerned by this state of development and
the nation’s premier institution with the advocacy mandate for
corporate good governance owes it a duty to its members and the nation to periodically review the status and propose the best way forward.

 

“The purpose of the this year’s conference is therefore also aimed at
driving home the need for our members to pay more than a cursory
attention to compliance with the principles of good governance in
conduct of their board of directors.

 

“To this end, the institute is developing a new code of ethics for its
members which will be under the purview of the Governing Council
appointed committee on good governance and ethics. The committee will be charged with oversight of the governance practices of its members on the boards of public companies and in the public service.

 

“It will be also expected to recommend to council the appropriate
action to be taken against members who may be found to be flouting the governance rules’’.

 

In his keynote address, a former Director-General, Nigerian Institute of International Affairs, Professor Bola Akinterinwa, who identified corruption as one of the impediments to the institutionalization of good governance in Nigeria, called for an holistic approach to fight
the scourge.

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