Expert calls for sound corporate governance
The Chief Executive Officer, Core Experimental Marketing Limited , Mrs Solabomi Okonkwo has described weak corporate governance has responsible for some recent corporate failures in Nigeria.
Okonkwo strongly advocated that aligning with global best code of Corporate Governance will ensure the highest standards of transparency, accountability and good corporate governance.
She submitted that spate of corporate debacles in the last decade arising from governance lapses and financial mismanagement, has engendered more shareholders’ activism, media scrutiny and greater public expectation of the state of corporate governance in Nigeria.
Presenting a paper tagged, ‘Aligning Global Best Practices With Nigerian corporate Governance’ at the 5th edition of the Brand Journalists Association of Nigeria, (BJAN) annual brands and marketing conference held in Enugu, Okonkwo said that to address the weakness and to improve the mechanism, public and private companies need to embrace pillars of corporate governance which are transparency , fairness , accountability ,and independence.
She further explained that these pillars of corporate governance are critical in successfully running a company and forming solid professional relationships among its stakeholders which include board directors, managers, employees, and shareholders.
Also mentioning factors that affect corporate governance as quality and power of the board , board appointment , risk management systems , financial operations etc , she observed that Nigeria need to review its business models to ensure that they are more sustainable , efficient and able to withstand challenges.
Okonkwo , however , charged BJAN to change the narratives as brand journalist s by understanding the intricacies of our culture and environment and then weave our reports to promote it transparently.