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Corporate governance is about maximizing
shareholder value legally, ethically and on a sustainable basis, while ensuring fairness to every stakeholders, hence, corporate governance is critical to enhance and retain investor trust. Furthermore, responsive corporate governance in a firm involves the enthronement of a system where i) There is transparency and accountability
to various stakeholders, ii) There is compliance with the applicable legal and regulatory requirements, iii) There is disclosure of all material information to stakeholders, iv) The firm viability and solvency is sustainable through adequate internal control and it is as well as appropriate management framework.
C.3.1 Benefits of Corporate Governance The practice of corporate governance in an organisation will bring about the following benefits i) Fairness ii)
Openness/transparency iii) Independence iv) Honesty and integrity (probity) v) Responsibility and accountability vi) Reputation vii) Sound Judgment
C.3.2 Prerequisites of Effective Corporate Governance in Nigeria (a)
Knowledge, b) Information, c) Strong management team, d) Power, e)
Auditors, f) Motivation, g) Time, etc.
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