The Institute of Directors (IoD) Nigeria, says it will launch the reversed version of its Code of Ethics for sound corporate governance by August 6, 2020.
The President and Chairman-in-Council of the Institute, Chief Chris Okunowo, said during a virtual press conference that the Code will serve as a guide for all the Institute’s members and its personnel on the practice of sound business ethics and principles.
“IoD Nigeria prides itself as a champion of good corporate governance and our pride is our ability to spread the gospel of sound corporate governance in both the private and public sectors of the Nigerian economy.
Although the Institute has always had a Code of Ethics, the Governing Council, at some point, decided to review the codes to conform to present realities and the current challenges faced by Directors in their roles,” he stated.
He added that the key mandates of the IoD Nigeria is to sustain standards, values, ethics, best traditions and continuously improve the capacities of Directors to fulfill their roles of delivering value to all stakeholders. “The Code, therefore, is IoD Nigeria’s commitment to maintaining its position as the leading professional body for Directors in Nigeria while ensuring that its members adhere strictly to the principles of Good Ethics and Governance in their endeavours.
He also noted that the Code of Ethics of the Institute is intended to standardise the practice of sound ethical values and principles among Members and staff of IoD Nigeria and induce voluntary compliance with the highest ethical standards.
Furthermore, he said: “The Code of Ethics is aimed at better positioning the Institute to monitor the conduct of its members and employees. It is also the aspiration of the Institute that the IoD Code of Ethics will serve as a guide for other stakeholders on Ethics.”
“To this end, our commitment to high ethical standards has continued to drive our role in promoting Corporate Governance and Good Business Ethics in Nigeria. Therefore, the Code, amongst others, addresses and guides a number of issues for its members such as whistle blowing framework, a Conflict of Interest policy and a gift and hospitality policy.”
“As an Institute with a focus on Corporate Governance, best practice and Ethics, we are committed to ensuring that our members, who are directors of Institutions, subscribe to the tenets of this aspiration code, and ensure that as leaders, they are properly enabled and guided in their conduct and behaviour in their personal and business endeavours.”
Chairman, Ethics Committee, IoD Nigeria, Mrs. Amina Oyagbola said: “It is important to note that this Code of Ethics is not intended to be an exhaustive statement. It should be read in conjunction with applicable laws, relevant rules, regulations, best practices and Codes of Governance such as The Nigerian Code of Corporate Governance 2018, the Companies and Allied Matters Act Cap C20 LFN 2004 (CAMA) as amended and the provisions of the company’s constitution and internal policies. The IoD Code of Ethics 2020 will we enable the right ethical conduct and decisions to be made.
