FRC ISSUES GUIDELINES ON CODE OF CORPORATE GOVERNANCE COMPLIANCE
FRC engaged all regulators of sectors for the purpose of developing sectorial guidelines of corporate governance. The Financial Reporting Council of Nigeria (FRC) has released guidelines for reporting in compliance with the Nigerian Code of Corporate Governance. (NCCG 2018).
In a statement posted on its website, the Council explained that it had been engaging with all regulators of sectors for the purpose of developing sectorial guidelines of corporate governance on specific requirements relevant to each sector, which are not covered under NCCG 2018.
It stated, “The sectorial guidelines would be released once the engagement with sectorial regulators is completed.” FRC added that the process of engaging with sector regulators was important because according to the council, “all existing sectorial codes of corporate governance are to be withdrawn, and sectorial guidelines of corporate governance will be issued to address sector specific matters or requirements on corporate governance.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.” The FRC Act mandates “all public companies (whether a listed company or not; all private companies; all concessioned or privatised companies; and all regulated 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.