Henry Uche
The Institute of Directors (IoD Nigeria) has said that the entrenchment of sound corporate governance code remains the panacea to corporate administrative crisis both in the private and public sectors.
Speaking at a press conference yesterday on Webiner, its President/Chairman of Council, Chris Okunowo, averred that myriads malfeasances both in the private and public sectors would have been reduced or halted if corporate organisations had institutionalised and enforced code of ethical practices like the IoD Code of Ethics.
Okunowo maintained that unethical behavior by directors of institutions in both sectors regarding finance in particular is as a result of weak corporate governance code and lackadaisical attitude of those on whose shoulders rest the onus to enforce compliance when and when necessary.
According to him, IoD would continue to spread the gospel of sound corporate governance in both the private and public sectors of the Nigerian economy. He noted that the Code of Ethics will serve as a guide for every Institute’s members in various organisations and its personnel on the practice of sound business ethics and principles.
Okunowo stressed the need for Corporate leaders in management and administration to imbibe the culture of pursuing legacies which shall speak volumes of their achievements after vacating strategic positions and not otherwise as in the case of some Nigerians whose character decadence have reached crescendo by members of the public.
“As we look forward to the formal launch and unveiling of the IoD Nigeria Code of Ethics for Members and Staff of the Institute, holding, as a Hybrid Virtual Event, on Thursday, 6th August, with the theme “Doing Good is Good Business, the Ethics Dimension” we must not leave any stone unturned in maintaining our mandates of sustaining standards, values, ethics, best traditions and continuously improve the capacities of Directors to fulfil their roles of delivering value to all stakeholders.