Dike Onwuamaeze
The Institute of Chartered Accountants of Nigeria (ICAN) and NGX Regulation Limited (NGX RegCo) recently announced the launch of the Corporate Reporting Award that would recognise and celebrate excellence in corporate reporting among companies listed on Nigerian Exchange Limited (NGX).
The award is open to the NGX thirty most capitalised companies on the NGX 30 Index.
The President of ICAN, Dr. Innocent Okwuosa, said: “The ICAN – NGX RegCo Corporate Reporting Award is a pivotal step toward recognising and promoting excellence in corporate reporting practices in Nigeria.
“By aligning with international best practices, this initiative aims to enhance accountability and transparency in the private sector, fostering trust among investors and stakeholders.”
Similarly, the CEO NGX Regulation Limited, Mr. Tinuade Awe, remarked that “in line with our long-term vision to be Africa’s SRO of Choice, we are proud to partner with ICAN to elevate corporate reporting standards.
“The Corporate Reporting Award underscores our collective commitment to fostering a capital market that operates on principles of transparency, integrity, and excellence.”
The inaugural Corporate Reporting Award event is scheduled to hold in May this year, and the assessment would be based on the 2022 audited annual reports submitted to NGX.
Also, certificates and plaques would be awarded to the top three companies with the best annual corporate reports to further encouraging a commitment to excellence in corporate reporting.
This award would reinforce the commitment to promoting transparency, accountability, and international best practices within the private sector.
ICAN, which is a leading advocate for accountability and transparency in the management of public funds through the ICAN Accountability Index (AI), is extending its efforts to enhancing corporate reporting standards in the private sector in conjunction with NGX RegCo that has been at the forefront of ensuring transparency and appropriate disclosures by public listed companies through various initiatives including its Annual Issuers Engagement.
A panel of independent experts, including academics, investors, industry representatives, capital market professionals, members of ICAN with input from the Nigerian Integrated Reporting Committee would administer the assessment.
The assessment, which is based on carefully selected criteria agreed upon by ICAN, NGX RegCo and the independent assessors, would evaluate NGX-listed companies’ annual corporate reports, emphasising compliance with International Financial Reporting Standards (IFRS) and sustainability reporting standards.
