Business

FRC issues governance code compliance guidance

Advice

Companies are  to download reporting template from  FRC’s website

 

 

T

he Financial Reporting Council of Nigeria (FRC) has released guidance for reporting on compliance with the Nigerian Code of Corporate Governance(NCCG 2018).

 

 

In a press release posted on its website, the Council said that it had been engaging with all regulators of sectors for the purpose of developing ectoral guidelines of corporate governance on specific requirements relevant to each sector, which are not covered under NCCG 2018, adding that “the sectoral guidelines would be released once the engagement with sectoral regulators is completed.”

 

 

The FRC stressed that the process of engaging with sector regulators was important because according to the council,  “all existing sectoral codes of corporate governance are to be withdrawn, and sectoral guidelines of corporate governance will be issued to address sector specific matters or requirements on corporate governance.To this end, NCCG 2018 as the national code, would be the only Code of Corporate Governance in Nigeria.”

 

 

Noting that the FRC Act mandates “all public companies (whether a listed company or not; all private companies that are holding companies of public companies or other regulated entities; all concessioned or privatised companies; and all regulated private companies being private companies that file returns to any regulatory authority other than the Federal Inland Revenue Service (FIRS) and the Corporate Affairs Commission (CAC),”   to  report on the application of the code in their annual reports for financial years ending after January 1, 2020 in the form and manner that it prescribes,  the council announced that it has developed  a reporting template which  entities are expected to access, complete, and submit online.

 

 

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