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According to the apex bank, the decision was part of its efforts to strengthen governance practices, eliminate perceived ambiguities and check any form of abuse.
As part of fallout of recent global financial crisis, the CBN is strengthening corporate code with current realities and global best practices.
The CBN also developed minimum standards for whistle-blowing, stressing that all financial institutions under its supervisory purview must comply.
“In line with our resolve to carry along all stakeholders in effort to entrench good corporate governance practices in the industry, the documents are being exposed for comments and input within the next four weeks.”
The guidelines touched size, responsibilities of board and management; shareholders and stakeholders’ rights; disclosures in the annual reports; risk management; ethics and professionalism; conflict of interest and sanctions, among others.
Under sanction, the apex bank required that returns in the status of banks’ compliance with the code shall be rendered to it at the end of every quarter or as may be specified from time to time, stating that failure to comply would attract appropriate sanctions.
On whistle-blowing, the draft touched on the scope, procedures and protection of whistle-blowers, among others.Share