SEC NIGERIA CORPORATE GOVERNANCE SCORECARD TAKES OFF JANUARY.

The Nigerian Securities and Exchange Commission (SEC) corporate governance score card developed with World Bank's International Finance Corporation (IFC) takes off in January.

According to SEC Nigeria, the score card will help in assessing corporate governance practices of quoted companies especially in the area of disclosure and corporate governance.

IFC and SEC had started to partner on the project since 2014. The first phase was its development which led to formal launch in November 2015

Since then they had moved to the second phase which focussed on jointly training chief finance officers, company secretaries, audit committee members and board chair persons on the scorecard requirements and basics.

In the process, the training sessions offered good opportunity to generate awareness on disclosures that will be needed annually to assess corporate governance practices by listed companies.

Scorecards, explained SEC Nigeria, " are quantitative tools used to measure level of observance of a code or standard of corporate governance "

It is intended to enhance disclosure, strengthen investor confidence and encourage foreign investment.

"IFC" says Country Manager Eme Essien Lore " works with firms to attract and retain investment by promoting the adoption of good corporate governance practices and standards"

The IFC Africa programme on corporate governance is funded by Secretariat for Economic Affairs, Switzerland.

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