The Institute of Directors (IoD) Nigeria says its reviewed Code of Ethics 2020 has been designed to guide members on whistleblowing framework and to showcase the impact of poor governance practices on institutions.
Addressing a press conference in Lagos yesterday ahead of the launch of the code, President and Chairman of IoD, Chris Okunowo, said the code “sets out clearly the values and principles that should guide organisations and directors to increase public confidence in boards of directors, ensuring sustainability and creating wealth for the benefit of businesses and the society as a whole.”
The code would, among other issues, address conflict of interest policy as well as the positive impact and business benefits of good ethical practices on organisations to inspire good practice.
According to Okunowo, the institute’s commitment to high ethical standards has continued to drive its role in corporate governance and good business ethics in Nigeria. The revised code, he added, also guides stakeholders who are interested in the entrenchment of good corporate governance. He urged members to subscribe to the tenets of the aspirational code, and ensure that they are properly guided in their conduct in personal and business endeavours.
In her remarks, Chairman of the Ethics Committee, Mrs. Amina Oyagbola, who said the code was not intended to be an exhaustive statement, noted that by adhering to its values and principles, directors would increase the general confidence in boards of directors and positively impact the organisation and the nation.
She said it should be read in conjunction with applicable laws, relevant rules, regulations, best practices and codes of governance such as The Nigerian Code of Corporate Governance 2018, the Companies and Allied Matters Act (CAMA) Cap C20 LFN 2004 as amended and the provisions of the company’s constitution and internal policies.