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CAC Begins Corporate Citizens Awards For Good Governance

Teddy Nwanunobi

All is set for the maiden edition of the annual ‘Corporate Citizens Awards’ by the Corporate Affairs Commission (CAC), which are aimed at promoting the culture of good corporate governance in the country.

Inside Abuja reports that the Awards, which have been fixed for Thursday in Abuja, would stimulate the economic objectives that are needed to improve Nigeria’s rating.

Speaking ahead of the event, the CAC Registrar General, Bello Mahmud, hinted that the annual Awards, which have five categories, would see nine winners emerge at its maiden edition.

“The award is to recognise performance and reward corporate excellence in all sectors of the Nigerian economy. It will celebrate achievements in business and entrepreneurship, as well as stimulate economic objectives, thereby improving Nigeria’s rating. The measure will further contribute in facilitating the domestic economy and its integration into the global market.

“The award will become an annual event, and will create a conducive environment for business growth. (It) is aimed at promoting the culture of statutory compliance in the Nigerian business environment by recognising corporate citizens, who have conducted their affairs in compliance with (the) statutory requirements and best practices.

“About 26 companies made the final list from over 800 companies that were nominated for the awards this year, out of the (9) winners will emerge,” Mahmud said.

The criteria for the awards, according to Mahmud, are quite robust and satisfactory.

“The areas considered by an independent panel of judges include: quality of financial management, work place environment, management of stakeholders’ relations, innovation, corporate social responsibility, industry leadership, as well as corporate governance,” he added.

To be eligible for the Awards, nominees must have complied with the requirements of the Corporate and Allied Matters Act (CAMA) and respective industry status/regulations to date.

The nominees must also have performed creditably well in corporate social responsibility and productively impacted on the industry within which they operate.

Inside Abuja recalls that the idea of the awards is an initiative of the Commission’s Board, which started in 2013.

Inside Abuja further recalls that the maiden edition, which was earlier scheduled to take place in 2014, could not materialise due to unavoidable circumstances.

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