Corporate Governance Triangle emphasizes importance of diversity, inclusion to corporate performance

At the first edition of the Annual Corporate Governance Colloquium organised by Nigerian Exchange Limited (NGX), Nigerian Bar Association Section on Business Law (NBA-SBL) and Institute of Directors (IoD), experts on corporate governance noted that diversity and inclusion at leadership of companies aided better decision making.

The Chief Executive Officer, NGX, Mr Temi Popoola represented by the Divisional Head, Business Support Services and General Counsel, NGX, Mrs Irene Robinson-Ayanwale stated at the colloquium themed “Diversity and Inclusion: Adopting A Multi-Stakeholder approach in the promotion of good governance” that the Exchange will continue to advance practical initiatives that will enhance diversity and inclusion in the private sector, leveraging partnerships like the Corporate Governance Triangle and the Nigeria2Equal Project with IFC.

According to him, “We recognise that compliance to corporate governance standards helps to increase investors’ confidence in Issuers and improves their access to a broader pool of domestic, regional, and international investors.”

The President of IoD,  Dr Mrs Ije Jidenma represented by Alhaji Tijani Borodo, the First Vice-President IoD on his part said, “ World organisations need to scale up the culture of composing well diverse boards which is best practices in corporate governance. Findings have shown that diverse and inclusive boards stand a better chance of reaping from the rich and innovative ideas of members, make more effective decisions and provide better guidance and direction that guarantees financial prosperity.”

Dr Adeoye Adefulu, Chairman of Council, NBA-SBL also noted that companies benefit from the diversity of ideas and opinions expressed when men and women both occupy positions on the boards and management of companies.

Bola Adesola, Chairman, Ecobank and Chairman Board of Trustees of the Lagos State Employment Trust Fund (LSETF) stated during her keynote address, “with diversity on boards in age, background, experience, organisations can bring a broader range of perspectives to decision making processes. Diverse boards are more likely to challenge groupthink, consider different viewpoints and make better informed decisions.