The Institute of Directors and the Financial Reporting Council of Nigeria have said they will strengthen their collaboration to ensure the development of corporate governance in the private and public sector.
They said this when the President of IoD, Dr Ije Jidenma, led a delegation of the institute on a courtesy visit to the office of the Chief Executive Officer, FRC, Amb. Adamu Ahmed, in Lagos on Wednesday.
According to Jidenma, the institute is a major advocacy body in the area of good corporate governance, business ethics, leadership, and transparency.
She said, “We are committed to the formulation of business-friendly policies for our members and indeed, the Nigerian business environment. In this regard, FRCN and IoD Nigeria are partners in progress and our objectives are similar.
“We are both concerned about good corporate governance and best practice in Nigeria’s public, private and not for profit sectors for a better society. The need for collaboration and complementarity, therefore, cannot be overemphasised.”
She said it champions constructive dialogue with stakeholders in the public and private sectors through its various advocacy programmes, events, and corporate visitations.
Idenma said IoD Nigeria sees FRCN as a critical partner in its quest to improve the professional capacity and competence of directors and business leaders.
The IoD president said, “I am proud to assure you that our institute will continue to advance professionalism and adherence to good corporate governance principles by its members.
“Through well-structured periodic capacity development programmes, we ensure that they are abreast with best practices and are keyed into continuous improvement.”
Also speaking, Ahmed said that IoD is dear to the FRC, adding that it has many members spread across the country.
While noting that the IoD is one of the most successful bodies, he emphasised the need for a strengthened relationship between the two bodies.
Ahmed also said it is important for the two of them to increase their training programmes for directors.
He said the FRC amended bills had gone through readings at the National Assembly and that when it is eventually finalised, the new law would address the constraints and challenges the FRC was currently having.
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