(NAN)
Dr Tinuade Sanda, Managing Director, Eko Electricity Distribution Company (EKEDC), restated the company’s compliance with the corporate governance principles and practices in its operations as mandated by the Nigerian Electricity Regulatory Commission (NERC).
Sanda made the statement at the Institute of Directors (IoD) Nigeria 2022 new members induction ceremony in Lagos.
The News Agency of Nigeria (NAN) reports that the event has the theme: “A critical assessment of corporate governance and industry standards in the power sector” in Lagos.
Sanda said the main benefits of corporate governance were to eliminate the risk of misleading financial reporting and corporate scandals.
She stated that the five main pillars of corporate governance which would engender the sustainability of any organisation were independence, accountability, transparency, fairness and responsibility.
Sanda said the power sector, in compliance with the corporate governance principles, ensured that the board composition, committees, procedures, processes and other dynamics were in line with the NERC regulations.
“We understand that power is the bedrock of any economy and at EKEDC, what we try to do in spite of all challenges, is that we ensure we are fair in how we share the power and are transparent in all our dealings to our customers.
“We have several codes such as the grid code, metering code, distribution code and connection methodology and as a distributor company, we ensure that we follow all these to control our operational activities and efficiencies for our company’s sustainability,” she said.
Dr Ije Jidenma, President, IoD, charged the institute’s 60 new inductees to uphold good corporate governance principles and be guided by its code of ethics at all levels in both workplaces and private affairs.
Jidenma said that the institute had in August 2020, launched its new code of ethics to reposition its members and staff on issues bothering on ethical conduct and expectations.
She stated that IoD had been able to sustain a regime of consistent advocacy in the field with a record of substantial achievement and tremendous progress.
She further tasked the inductees to appreciate the privileged status of membership and urged them to remain steadfast and focused in their support of IoD Nigeria for its growth and development.
“As new members, our Institute expects you to comply with the tenets of the code and live by example in your private and business lives.
“The induction of new members to our great Institute always gives us great joy as we recognise that the quality of membership of any professional body naturally defined its influence and relevance in society.
“I am therefore very pleased to welcome the impressive array of eminent Directors who have made the well-thought-out choice to join IoD Nigeria.
“This is after participating in the compulsory Company Direction Course I, which has exposed them to good corporate governance principles and best practices.
“The inductees have also gone through various screening processes and have been found worthy to be inducted as new members,” she said.
Mr Adetunji Oyebanji, IoD second vice president, said that the membership’s benefits of the institute included an unparalleled network among business individuals, among a host of others.
He charged members to take advantage of the benefits and maximise the opportunities that the institute offered.
NAN also reports that some of the inductees include Mr Olarenwaju Idris, Managing Director, Leadway Pensure PFA Limited, Mr Chamberlain Peterside, Managing Director, Xcellon Capital Limited.