Business
NSE Explains Capital Market’s Rating System
The Chief Executive
Officer (CEO) of Nigerian Stock Exchange (NSE), Mr Oscar Onyema has said that the newly launched Corporate Governance Rating System (CGRS) would improve the overall perception and trust in Nigeria’s capital markets and business practice.
Onyema who was speaking during the launching of the programme in Lagos Monday said the companies would now enjoy tangible business advantages from risk-oriented business partners and investors.
He also noted that competitors would also be challenged to establish the same level of good governance by setting standards of excellence adding that companies would be compelled to contribute to improving the climate for doing business in Nigeria.
Sharing the design and pilot phase of the CGRS at the launching programme, the Executive Director of the convention on Business Integrity (CBI) Mr Soji Apampa said the phase was done between May 2013 and September 2014.
Apampa said that rating system is based on a holistic multi-stakeholders approach that uses a diverse information collection and verification approach.
He said the system relies not only on self-assessment of companies but also on experiences of stakeholders and experts.
According to the CBI executive, the system is envisioned to be more transparent on rating procedures and rating governance than other corporate Governance indices.
The CGRS lauching event attracted over 50 corporate sector participants joined by government and civil society delegates from Nigeria and across the globe.
Lilian Peters