Capital Market Regulators have the duty to put adequate rules, guidelines, standards, and policies to regulate the conduct of their regulated entities into effect.

Executive Director, Regulation, Nigerian Stock Exchange, Tinuade Awe, said capital market policies should reflect principles that promote transparent and fair markets and must be consistent with the Nigerian Code of Corporate Governance to support effective supervision and enforcement.

Delivering a keynote address at the twenty-twenty company secretaries and registrars forum of the Institute of Chartered Secretaries and Administrators of Nigeria, themed: The Nigerian Code of Corporate Governance twenty-eighteen: the role of company secretaries and capital market stakeholders at muson center.

Awe said capital market regulators must continue to seek ways to protect the rights and ensure the equitable treatment of shareholders.

She stressed the importance of the role of company secretaries in entrenching best corporate governance principles in companies, and in achieving alignment with the letter and spirit of the Nigerian Code of Corporate Governance 2018.

The executive director said the role of secretaries include supporting the board, periodic review of company’s governance processes, strengthening the governance of the company and advising the board through the chairperson on all governance matters.

“This is done by fostering appropriate professional and cordial business relationships amongst board members for the growth of the company, and for shareholders’ benefit,” she said.

Awe said being the usual first point of contact for queries, the company secretary also had an important role of communicating the company’s position on diverse matters with external stakeholders such as regulators and investors.

“To this effect, an active stakeholder relationship framework must first be established and then maintained, and a good Company Secretary displays immense tact and maturity in fulfilling this role,” Awe said.

On the role of capital market regulators in corporate governance and initiatives, she said regulators were expected to put adequate rules, guidelines, standards and policies to regulate the conduct of their regulated entities into effect.

She stressed the need for capital market policies to reflect principles that promote transparent and fair markets, saying they must be consistent with the Code, to support effective supervision and enforcement.

Amongst other initiatives, Awe said that the NSE had supported the development of corporate governance by mandating listed companies to file their quarterly and annual reports and fully disclose all relevant information that may impact their businesses within a stipulated time.

“Listed companies are encouraged to show utmost transparency and accountability in their audited accounts and board practices.

“Similarly, The Exchange has mandated listed Companies to disclose related party transactions and insider transactions as well as other material information that may impact shareholder (and by extension investors) decisions.

“In order to bolster the free flow of relevant information from listed companies to the investing public, The Exchange has developed the X-Issuers’ Portal for the direct filing of financial and relevant announcements.

“Use of the X-Issuers’ Portal has led to an increase in the disclosure level of listed companies, as well as real time provision of both financial and non-financial information to relevant stakeholders.

“The Exchange in collaboration with The Convention on Business Integrity has developed a corporate governance rating system for the rating of listed companies’ compliance with certain identified governance standards,” she said.

In his welcome remark, President and Council Chairman, Bode Ayeku said the theme of the forum was apt and timely, saying the significance of the code of corporate governance remained the single most important document on governance in Nigeria.

Ayeku explained that it was tailored to enhance the capacity and skillsets of professionals, saying this was pertinent to make them functionally more equipped to contribute positively to the sustainability of their companies and national economic development.

He said both company secretaries and registrars had dealings with shareholders on a regular basis on behalf of their companies directly or indirectly through the various operators in the capital market.

According to him, each company secretary had the key responsibility of providing a central source of guidance and advice to the board and company on matters of ethics, conflict of interest and good corporate governance.

“Worthy of note is that both company secretaries and registrars deal with shareholders on a regular basis on behalf of their companies directly or indirectly through the various operators in the capital market,” he said.

He called for a collaborative approach by all relevant stakeholders in achieving the core objective of the Nigerian Code of Corporate Governance 2018.