ICSAN deepens corporate governance, unveils practice guide, stamp

Nigeria’s leading professional body dedicated to corporate governance and administration, Institute of Chartered Secretaries and Administration (ICSAN), has unveiled its practitioners stamp and guide as part of an effort to deepen corporate governance in the country.

Unveiling the guide and stamp during 2022 Governance Practitioners’ Day in Lagos, President of the Institute, Taiwo Owokalade, said the instrument would confer respectability and credibility on members of the institute and practitioners.

According to Owokalade, practitioners are either Lawyers or Accountants, highlighting that others should find fulfillment in wanting to practice the governance profession.

Speaking on the importance of the 2022 Governance Practitioners’ Owokalade reiterated the need to expand the frontiers of knowledge in the governance field, hence the need to bring together brains from regulatory agencies to discuss issues affecting the profession.

Earlier in his remark, Chairman of the occasion, Managing Director, Punch Newspapers, Ademola Osinubi said the event would help in “building capacity; enhance skills and interface with regulators; and engender constructive engagements.

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According to him, little things should not only count but should matter” to the practitioners of governance, as he congratulated ICSAN on its new practice guide and stamp of practice.

In his keynote remark, the Registrar-General, Corporate Affairs Commission, Alhaji Garba Abubakar explained that an effective relationship with Regulators is critical to assuring an enabling environment for businesses to further their purposes and for regulators to preserve the integrity of the business landscape.

According to him, regulators are empowered by law to perform the mandates of their enabling instruments.

He noted that the mandates usually include registration, licensing and delicensing, monitoring, supervision, rulemaking, registry services, investigations, compliance enforcement and sanctioning.

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The Registrar, also noted that there must be an understanding between the Regulator and the Regulations, engaging as a Solution with the Regulator and “Partnering the Regulator to Preserve the Integrity of the System.

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He advised that Practitioners, who no doubt is an agent for the principal, should be professional and ethical and not undermine the integrity of the system while he also promotes full disclosures in reporting, and in accordance with applicable regulations.

He advocated that just as lawyers are said to be Ministers in the Temple of Justice, Practitioners should themselves be Ministers in the Temple of Regulations irrespective of the disposition of the principal or client.

This way, Practitioners can truly collaborate and boost their relationship with Regulators while deepening the culture of compliance in the Nigerian business environment.

Also, in his keynote remark, Executive Secretary/CEO, Financial Reporting Council of Nigeria, Ambassador Shuaibu Ahmed submitted that role of governance practitioners includes providing broader legal advice and guidance, for example, powers of attorney, work health and safety, employment law, anti-money laundering requirements, also advise, where required, on environmental issues, sustainability.

Speaking through Director/Head, Directorate of Accounting Standards, Private Sector, Titus Osawe, said Governance Practitioners must take practical steps to boost relationships with Regulators as there are immense benefits to both parties and the macro-economy at large.

He said Governance practitioners stand to gain key competitive advantages for their companies due to leverage gained by good relationships with Government whilst Regulators benefit by getting up to speed quickly with recent developments in the industry.

He asked ICSAN to continue to pilot the Governance practitioners in their journey to gain access to some Regulators by providing necessary assistance to establishing, maintaining, and boosting the relationships.