馃攳
CORPORATE GOVERNANCE RULE OR PRINCIPLE-BASED APPROACHES: ICAN CSME INTERNATIONAL CODES LIMITATIONS - YouTube
Channel: ICAN GJAMES ASSOCIATES
[0]
hello everybody GBENGA OLATUNJI here thank聽
you and you are welcome for joining us聽聽
[7]
on the concluding part of the different approaches聽
to corporate governance the road based and the聽聽
[15]
based approach so we are running up聽
now please if you are here to subscribe聽聽
[21]
go and subscribe click the notification聽
button the subscription button like us聽聽
[28]
comment let us build the combination together聽
and give opportunity to do as much as possible聽聽
[35]
that we could be rich and we could reach through聽
you so that's why you need to subscribe and you聽聽
[41]
will be receiving notification when you do so far聽
from us anytime we receive release new videos on聽聽
[50]
new tutorial so let's go into the business of the聽
day straight away following issues are many more聽聽
[57]
like the board the road of the board and the聽
light is structured the composition of the board聽聽
[64]
function of the executive function of chairman the聽
board meeting and the requirement of the budget聽聽
[70]
committee audit committee and the life performance聽
evaluation of the board remuneration governance聽聽
[77]
risk management internal or distribution blowing聽
external audits relationship between the board聽聽
[83]
and the shareholders stakeholders business聽
conducts and business ethics sustainability聽聽
[90]
like we treated it in x transparency and many聽
more even though we had adopted ifrs now first two聽聽
[102]
we cannot really say it starts really game rio聽
grande we are talking about reality not paperwork聽聽
[115]
so we've talked about icg hm聽
there's another international聽聽
[122]
body organization for economic cooperation and聽
development they are beating on to co-ect they to聽聽
[132]
govern and speak about corporate governance across聽
the world and last but not the least of them聽聽
[140]
is corporate governance in the聽
commonwealth that is commonwealth nation
[152]
let us look at oecd who is cds
[161]
principles of for published by聽聽
[165]
this organization ocd organization for聽
economic population and development
[172]
they intend this don't forget i see ictn they they聽
focus on investors more of investors and the like聽聽
[182]
to assist governments of countries to聽
improve legal framework regulatory framework聽聽
[190]
institutional framework two or also to provide聽
guidance for stock exchange don't forget we can聽聽
[199]
know that's not how we talked about offering聽
governance that we're not talking about stock
[206]
because corporate governance is meant not that聽
is because of big organization but it's because聽聽
[213]
it's only big organization that聽
have capacity to build such a system聽聽
[218]
so there's no how we will not talk about stock聽
exchange when we're talking about good corporate聽聽
[224]
governance so oecd currently has type taxi聽
member 30 members and you can imagine us聽聽
[236]
australia japan uk and the life but are members聽
so these are national members in oecd but for icgn聽聽
[252]
they are institutional investors and like聽
and in exam like i'm pointing our attention聽聽
[257]
to these are some of the things they can say we聽
should say difference between occc and ictn and聽聽
[265]
what do they stand for how do they approach聽
corporate governance what do they represent
[281]
so back to ictn objectives of i'm on page 8聽
objectives of scgm principle it is a voluntary聽聽
[291]
of association of major institutional聽
investors complaints financial intermediaries聽聽
[299]
and other organizations so this the membership聽
of ictn is basically investors a cd is聽聽
[314]
of a country membership
[323]
lcd and principles are consistent with foreign聽
cities don't forget that they are all about聽聽
[330]
investors protection but have more specific聽
objectives that that is icdn of providing聽聽
[338]
information to stock markets and companies around聽
the world about the issues of that investor will聽聽
[347]
take into account in deciding how or where聽
to invest the ictn gives greater investors聽聽
[357]
than the holy cdc to the right of investors to聽
participate actively in corporate governance聽聽
[368]
in the company in which the聽
investor has chosen to invest
[376]
so context of their principle so it's聽
actually systems principle number one for oc聽聽
[388]
d ensuring the basis for an effective corporate聽
governance framework so they want legal party for聽聽
[399]
investors protection please don't forget effective聽
corporate governance requires a certain legal聽聽
[406]
regulatory and institutional framework that market聽
participants can rely on when they establish their聽聽
[413]
private contractual relations principle number two聽
so the first one is they want legal framework that聽聽
[423]
is not that we just enjoy it we want all these聽
people to be legalized across nations two the聽聽
[432]
right and equitable treatment of shareholders聽
and key owners function so they want justice聽聽
[443]
for investors they want to process his聽
legal proceedings to be not that okay聽聽
[450]
if they don't run for investors we will who聽
want to legalize documents they won't process聽聽
[457]
standard processes for investors聽
equitable treatment the third one聽聽
[465]
institutional investors top markets聽
and other intermediaries ocdcc wants聽聽
[476]
institutions to be established not about private聽
individuals in the market and like work when聽聽
[484]
corporate bodies to come together to see investors聽
functioning effectively stock markets and like
[495]
the roles stakeholder and corporate governance too聽
is key to them so now this one is a bit important聽聽
[505]
as they are looking at the investors聽
they are looking at the impact of聽聽
[510]
investment on the stakeholders聽
too the corporate governance聽聽
[514]
framework should recognize the rights of聽
stakeholders that are established by law聽聽
[521]
for mutual agreements so and i think when we聽
started we actually treated who stakeholders聽聽
[530]
are so let's move on because of our time principle聽
five disclosure and transparency we are trying to聽聽
[537]
do that to nigeria but is still artificial so聽
they want full disclosure so they support ifrs聽聽
[546]
international financial reporting standards and聽
they wanted to make it in reality not by paypal
[555]
last but not least the responsibility of the court聽
to be expressly stated the board members should聽聽
[563]
know what they are yet to treat and should do it聽
correctly and should be monitored and supervised
[586]
yeah that's why they are clamoring for聽
regulations like we have the board of director聽聽
[592]
of an organization and that company is listed in聽
stock exchange so this top exchanges of supervised聽聽
[600]
that's why we have some of those聽
legislations and they are clamoring for more
[608]
content of icgn principles they want the聽
objective of organization to remain in focus
[622]
and you see that that one is strategic
[626]
objective of organization is usually fitted by聽聽
[630]
the owners at the strategic level聽
the body of corporate strategy聽聽
[638]
so they want organization to pursue their objects聽
strictly they clamor for shareholders right
[648]
you see the other one as they are clamoring for聽
shareholders right they are equally think that聽聽
[653]
stakeholders are important the board of directors聽
too organizations who are well-formed governing聽聽
[662]
bodies and should be monitored and regulated聽
corporate citizenship unlike in nigeria would聽聽
[671]
not have publicity organizations see themselves聽
as isolated pieces of the environment but聽聽
[682]
icgn is clamoring that corporate citizenship聽
should assist in which there will be social聽聽
[690]
contracts that's what they are going to talk聽
about but these organizations see themselves as聽聽
[694]
part of the community and do what is right and聽
just whether to the investor or to state products
[704]
limitation
[712]
so basic generic limitation of corporate聽
governance statements or principle base聽聽
[720]
across nations of the world there is no uniformity聽
because they are still they are speaking but they聽聽
[728]
are not speaking large enough like we are聽
recently saying in nigeria so that's okay聽聽
[734]
and sas that is they are not speaking well enough聽
until the whole whole world is speaking the same聽聽
[744]
language like that of higher paris almost all聽
the things of the world that is something get聽聽
[750]
to science but almost auditions of the world are聽
signed into higher values implementation so until聽聽
[757]
corporate governance too because something like聽
that is then that we can say okay with broken聽聽
[765]
lamentation international statement of principle聽
about corporate governance established minimum聽聽
[771]
acceptable standards of corporate governance聽
but they have they have several limitations聽聽
[777]
because they apply to all countries聽
they can only state general principles聽聽
[784]
they cannot give detailed guidelines and so are聽
not specific since they are not specific they are聽聽
[793]
possible they are possibly of limited practical聽
but so on to the whole world come together to聽聽
[802]
enforce like we endorse ifrs when we endorse聽
generally together corporate governance then聽聽
[812]
the whole business world all over the world will聽
move forward their main objective is to raise聽聽
[818]
standards of corporate governance in worst聽
countries like in nigeria to raise awareness聽聽
[828]
unlike national laws and code of corporate聽
governance there is no regulatory authority like聽聽
[835]
in nigeria even we are going to not know that聽
f housing should or is currently the agency聽聽
[847]
for the corporate governance in nigeria聽
because they are not active in that past
[858]
so with this
[862]
we come to the end of
[866]
how we are approached for frequency the聽
approach of corporate governance is on two聽聽
[872]
approaches based on
[880]
on principle and whether principles or rubies聽
they are advantageous and they are disadvantages
[889]
okay let me allow you to ask me questions聽
because i tell you we've treated like seven聽聽
[895]
to eight topics generally i hope you've聽
enjoyed the lectures please don't forget聽聽
[901]
to click the subscription button and join聽
us as we look at the board of directors
Most Recent Videos:
You can go back to the homepage right here: Homepage