Business
NASCON ALLIED INDUSTRIES : NCCG REPORT YE 2024
NASCON ALLIED INDUSTRIES : NCCG REPORT YE
About this update from Nascon Allied Industries Plc
[{"type":"text","content":"\n FINANCIAL REPORTING COUNCIL OF NIGERIA\n \n \n (Federal Ministry of Industry, Trade & Investment)\n \n \n FRC/CG/001: TEMPLATE FOR REPORTING COMPLIANCE WITH THE NIGERIAN CODE OF CORPORATE\n \n \n GOVERNANCE 2018\n \n \n Section A: Introduction\n \n \n Corporate Governance is a key driver of corporate accountability and business prosperity. The Nigerian Code of Corporate Governance, 2018 (NCCG 2018) seeks to institutionalize corporate governance best practices in Nigerian companies. It is also aimed at increasing entities' levels of transparency, trust, and integrity, and create an environment for sustainable business operations. The Code adopts a principle-based approach in specifying minimum standards of practice that companies should adopt. Where so required, companies are required to adopt the \"Apply and Explain\" approach in reporting on compliance with the Code. The 'Apply and Explain' approach assumes application of all principles and requires entities to explain how the principles are applied. This requires companies to demonstrate how the specific activities they have undertaken best achieve the outcomes intended by the corporate governance principles specified in the Code.\n \n \n This will help to prevent a 'box ticking' exercise as companies deliberately consider how they have (or have not) achieved the intended outcomes. Although, the Code recommends practices to enable companies apply the principles, it recognises that these practices can be tailored to meet industry or company needs. The Code is thus scalable to suit the type, size and growth phase of each company while still achieving the outcomes envisaged by the principles.\n \n \n This form seeks to assess the company's level of compliance with the principles in the NCCG 2018. Entities should explain how these principles have been applied, specify areas of deviation from the principles and give reasons for these deviations and any alternative practice(s) adopted.\n \n \n Please read the instructions below carefully before completing this form:\n \n Every line item and indicator must be completed.\n Respond to each question with \"Yes\" where you have applied the principle, and \"No\" where you are yet to apply the principle.\n An explanation on how you are applying the principle, or otherwise should be included as part of your response.\n Not Applicable...