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NSE, CBI to launch Corporate Governance Rating System

By on October 21, 2014

The Nigerian Stock Exchange (NSE) has concluded arrangements with the Convention for Business Integrity (CBI) to launch the foremost Corporate Governance Rating System (CGRS) in Nigeria.
The CGRS will be launched in Lagos today.

The NSE, in a statement said the CGRS launch, will be attended by corporate sector participants joined by government and civil society delegates from across Nigeria and globally.
“Some of the speakers scheduled to speak at the event themed “Better for Business” are Mr. Andrea Grimminger of PGS Advisers International; Mr. Michael Lakota, the Managing Director/CEO of Siemens Nigeria Ltd. and Mr. Jermyn Brooks Director, Transparency International. The discussions will provide unique insights on issues of leadership and corporate governance within the African context.

“The event will also present the details on the Corporate Governance Rating System (CGRS) framework which is designed to evaluate companies based on the quality of their corporate integrity; corporate compliance; understanding of fiduciary responsibilities by their directors and their corporate reputation. The CGRS will mark the beginning of a new era in market transparency and it is a new model for 21st century corporate reporting, “the NSE said.
Meanwhile, at the close of trading last Friday, trading activities on the NSE decreased by 30.84 per cent as investors bought 362.56 million shares worth N3.86 billion, in 4,846.00 deals, compared to 524.22 million shares worth N7.65 billion, in 4,779.00 deals exchanged on Thursday

In the same vein, the benchmark index depreciated by 0.76 per cent to close at 38,197.73 points from 38,490.67 attained on Thursday. Market capitalisation also decreased to 12.61 trillion from N12.71 trillion the previous trading day.
A total number of 13 stocks gained on the bourse on last Friday while 39 stocks declined leaving 60 stocks unchanged. FBN Holdings Plc emerged the toast of investors as it appreciated by 7.27 per cent to close at N11.80 kobo, followed by Diamond bank Plc with a 4.85 per cent gain to close at N5.84 kobo. Others on the gainers chart include Academy Press Plc, NPF Microfinance Bank Plc and Forte Oil Plc. On the flip side Learn Africa Plc topped the losers chart with 9.03 per cent declines to close at N1.31.

 

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One Comment

  1. onuigbo

    October 21, 2014 at 8:59 pm

    It is the governments that set up standards that commerce and industries must operate within. You do not allow fox to watch the egg. It is the government agencies , including the courts that make sure these sectors of the economy operate within set boundaries. Because the CBN and law enforcement agencies in Nigeria have failed to do their constitutional duties that those in commerce and industry flout laws and regulations meant to regulate. No outside, non government agencies can police these profit oriented enterprise entities, look at what happened that caused 2008 -2010 economic world wide collapse.