Exposure Draft of the National Code of Corporate Governance for Public Sector Entities, 2015

Nigeria Upcoming 2015

The Code resulted from an instruction by the Minister of Trade and Investments to extend corporate governance to the public sector. Disclosure is required by public sector entitities (PSE’s) on governance and board oversight. According to section 35, the annual report should provide an objective, balanced and understandable account and assessment of the PSE’s business and operations, achievements, financial statements, operating performance and performance prospects. Section 38 on Disclosure requires the Annual Report to address (i) Governance and Board Oversight, (ii) Accounting, (iii) External Audit, (iv) Risk Management and Control, (v) Conflict of Interest and Related Party Transactions, as well as (vi) Sustainability. The latter should reflect acknowledgement of the enterprise’s wider social responsibility including matters such as environmental impact and climate change.

Scope

Environmental & Social & Governance

Industry sectors covered by the instrument

All/none specified

Organizations covered by the instrument

All listed companies

Issuer type

Financial Regulators

Type of instrument

Code of conduct or guideline

Mandatory or voluntary

Mandatory

The geographical scope

National/federal

Project Partners