Mrs. Yemisi Edun, the Managing Director of First City Monument Bank, has recommended corporate organizations, particularly micro-businesses, to embrace strong corporate governance standards in order to survive.
Yemisi Edun made the appeal as a guest speaker at the inaugural corporate governance and enterprise development conference organized by H. Michael & Co in Lagos, with the theme “Corporate governance best practices: Imperatives for business sustainability,” according to a statement from the bank.
The bank’s CEO told the physical and online audience at the conference that no organization could survive without solid corporate governance measures.
Micro-companies, she added, needed the same things to achieve maximum performance and long-term growth, and she urged small enterprises to adopt corporate governance principles.
Strong brand equity, reduced risks, lower capital costs, and improved performance are among the long-term benefits of good corporate governance, according to Edun.
She went on to say that only companies with good corporate governance can boost economic growth and innovation while also protecting communities and the environment in their daily operations.
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Prof. Sunday Owolabi, a former Deputy Vice-Chancellor of Babcock University, described corporate governance as “doing the right thing when no one is looking” in his keynote lecture.
Businesses should self-regulate and embrace full disclosure and accountability, according to Owolabi.
He also encouraged the Nigerian Financial Reporting Council to combine the country’s multi-sector corporate governance regulations into a single omnibus document for Nigerian businesses.
Dr Adeyinka Hassan, the conference’s organiser and a well-known enterprise governance advocate, observed that more than 100 companies in Nigeria had failed to owe to corporate fate.
Recall that, The Standards Organisation of Nigeria (SON) has validated First City Monument Bank’s (FCMB) ISO 9001: 2015 certification for Quality Management Systems for improved business processes and consistent delivery of quality products and services to customers (QMS).
In 2018, FCMB received ISO 9001:2015 certification for demonstrating excellence in governance, product development, and service delivery that meets customer and regulatory requirements. ISO 9001:2015 is the internationally recognized Quality Management System certification.