FRC; Pioneering Governance Code for Public Institutions
BY ABUBAKAR YUSUF.
The Financial Reporting Council (FRC), under the indefatigable leadership of the new Executive Secretary, Chief Executive Officer, Dr Rabiu Onaolapo Olowo has perfected plans to introduce a new governance code that will cover public institutions in the country, a move that was not prevalent in the old order.
This was coming after the launch of similar code in the private sector to galvanize businesses across the country in collaboration with corporate bodies six years down the line.
The code and framework for both public and private sector governance will synergise not only to ensure good governance across the sectors, but robust policies and programs.
The new leadership aside setting the ball rolling through the introduction of innovative ideas and programs, along with digitization and automation of its activities in line with best practices, is ensuring a code of practice going forward.
This will be in line with increasing business confidence, guarantee access to capital and trade , as well as promote good corporate governance across all sectors.
While expressing worries on the absence and code or framework that is nationally acceptable to trigger good governance and ethics, particularly when transacting businesses desiring wide coverage, the introduction of governance code for public institutions will address all unforseen circumstances.
Governance Code for public institutions has become sacrosanct to protect the image of the country, legitimize it’s activities and restore confidence in the international communities.
To adhere strictly to the new order , the leadership under Dr Rabiu Onaolapo Olowo has perfected double edged arrangements to approach the new template using advocacies to reach out to concerned stakeholders, with a view to addressing the dearth of corporate governance in the public institutions.
Efforts has also been redoubled through grand launch of awareness campaign and presentation of concepts to the general public, capable of acquainting Nigerians of the nitty gritty of the new global order .
The new approach will be driven through seminars, talkshops, workshops and orientation across all strata of public businesses and engagement to ensure adequate information are passed to the appropriate bodies.
Having developed a code of governance for public institutions, the need to also prioritise concerted efforts towards inserting a general acceptable code for- not – for -profit sector will be reenacted , going by the national and international dimensions and the importance in our society.
The launch of the two governance code both for the public and private sectors will not only galvanize the country’s socioeconomic and political development, but give a direction towards mass participation in the global community and programs.
With the new efforts and drive by the leadership of the Financial Reporting Council FRC, under the new helmsman, Rabiu Onaolapo Olowo, codes and framework for businesses will be streamlined towards producing sane environment for businesses to thrive at both the public and private sector.
Written BY ABUBAKAR YUSUF on yus.abubakar3@gmail.com.
