The Financial Reporting Council of Nigeria has said it is important for governance practitioners to take practical steps to boost relationships with regulators.
This was disclosed in a presentation by the Executive Secretary/Chief Executive Officer, FRC, Amb. Shuaibu Ahmed, titled ‘Governance practitioners: Practical steps to boosting relationship with regulators’ at the Institute of Chartered Secretaries and Administrators of Nigeria’s 2022 Governance Practitioners Day in Lagos.
The presentation, which was delivered by the Director/Head, Directorate of Accounting Standards, Private Sector, FRC, Mr Titus Osawe, said the good relationship would be beneficial to practitioners and regulators.
The FRC boss stated in the presentation that practitioners should “Ensure compliance with all regulatory requirements, create required structures to ensure compliance, evolve ways to deal with regulatory conflicts and have a specific corporate strategy to improve relationship.”
He added that they should “Participate in policy making processes, effectively manage inspections, adhere to Nigerian code of corporate governance 2018, and effectively engage with relevant regulators.”
During the event, the President, ICSAN, Mr Taiwo Owokalade, launched the institute’s stamp and practitioners’ guide.
The Registrar-General, Corporate Affairs Commission, Alhaji Garba Abubakar, said the theme of the event could not have been more apt as it was coming at a time when issues of sustainability and corporate governance had become very topical and desirable to facilitate value for business and the operating environment.
“An effective relationship with regulators is critical to assuring an enabling environment for businesses to further their purposes and regulators to preserve the integrity of the business landscape,” he said.
To boost relationship with the regulators, he said there was a need to understand the regulator and regulation, be engaging to have solutions with the regulator, and partnering with the regulators to preserve the integrity of the system.
He said, “A good understanding of the regulator and the regulations promotes ease of doing business both for the operator and the regulator. A good mastery of and compliance with statutory obligations are catalysts for an improved relationship between the regulator and the practitioner.”