Corporate Governance Practices in Nigeria
Recent global happenings regarding high-profile corporate failures have put back on the agenda and intensified debate on corporate governance and board practices. Business regulatory agencies in many countries – Nigeria specifically – have responded by enacting governance codes as a means of better oversight and to align with international best practice. In Nigeria, there are three main codes that cover mostly public and private business organizations.
The authors in their research found that Nigerian companies have been compliant with these codes on structural factors. As regards the process factors, more needs to be done specifically in board evaluation and the quality of directors.
It is recommended that there should be a harmonization of all the codes so that the same set of rules and regulations can be used to evaluate companies irrespective of industry. In addition, the culture promoting whistle blowing in firms should be encouraged.
KeywordsCorporate Governance Audit Committee Board Size Board Independence Board Diversity
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