The Federal Government has been urged to give the Financial Reporting Council of Nigeria (FRCN) more power to supervise all industry-based code of corporate governance, as well as, address impediments bedeviling the council.
A professor of Accounting, Professor Sunday Owolabi, who stated this, while delivering the 21st inaugural lecture of Babcock University, Ilishan-Remo, Ogun State, titled: ‘Corporate Governance And Performance: A Pathological Exposition Of Nigerian Firms,’ said more power would enable the council to supervise all industry-based code of corporate governance.
He also advocated composition of boards of directors’ leadership that would keep relevant stakeholders abreast of developments affecting their companies.
He noted that an efficient and effective performance of the board would depend on the integrity of processes, quality performance of board’s responsibility, clear legislation and regulations, independence of the board, strategy setting, code of conduct and communication, among other needs.
The don, who is a deputy Vice Chancellor, Management Services of the institution, frowned at the politicisation of board members’ appointment, which according to him, should rather be based on merit. He urged tertiary institutions in the country to introduce a course on corporate governance to make the training of future board leaders all-encompassing.