BY Oluseyi Awojulugbe
The Financial Reporting Council of Nigeria (FRCN) has released the timeline within which companies must comply with the Nigerian Code of Corporate Governance 2018.
In a statement published on its website, the council said it is engaging with regulators in sectors not covered in the NCCG 2018 to develop sector-specific guidelines on corporate governance.
According to the regulations, companies must include an abridged version of matters like the processes involved in board appointments, remuneration of all directors and their sitting allowances, reimbursable travel and hotel expenses, gender diversity of the board, report of the annual corporate governance evaluation and the name of consultants in the event that independent parties were engaged.
“All existing sectoral codes of corporate governance are to be withdrawn, and sectoral guidelines of corporate governance will be issued to address sector-specific matters or requirements on corporate governance,” the FRC said.
“To this end, NCCG 2018 as the national code, would be the only code of corporate governance in Nigeria.”
According to the council, companies with financial year ending January 30, February 29, March 31 and April 30 have until July 30 to comply for the 2020 period.
Companies with financial year ended on May 31, June 30, July 31, and August 31, were given a timeline of August 30, September 29, October 29 and November 29 respectively to comply for the 2020 and 2021 financial periods.
The council said it set up web portal committee (WPC) which helped develop an online portal for electronic submissions of reports on compliance with the NCCG 2018.
Featured image: Daniel Asapokhai, FRC executive secretary
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