By Henry Uche
Chartered Institute of Directors Nigeria (CIoD Nigeria) has effected series of significant governance reforms, marking a transformative phase in the Institute’s operations.
These changes, which followed the granting of the Institute’s Charter Status through the signing of the Chartered Institute of Directors Nigeria (Establishment) Act, 2023, reflect the Institute’s commitment to best governance practices, improved operational efficiency, and enhanced service delivery to its members and stakeholders.
Its President & Chairman of the Governing Council, Alhaji Tijjani M. Borodo, in a message to its members shared the Institute’s plans for implementing key governance changes that align with the new Charter Act, an achievement which was made possible through the collective vision, effort, and determination of the members, he said.
“The signing of the Charter Act by His Excellency, President Muhammadu Buhari, on May 26, 2023, represents a milestone in the history of CIoD Nigeria. It is a testament to the dedication and hard work of our members, and it sets the stage for the next phase of growth and development.
“The governance changes we are implementing will strengthen the structure of the Institute and ensure we continue to deliver value to our members while keeping pace with global standards of governance”, Alhaji Borodo affirmed.
Key Governance Changes among others, according to him are: Dissolution of the Executive Committee: In accordance with the Charter Act, the erstwhile Executive Committee has been dissolved, and its responsibilities will now be managed by the reconstituted Committees of the Governing Council. The changes include the merging and recategorization of committees to enhance the efficiency and functionality of the Institute’s governance structure.
Transformation of Policy Committees into Sectoral Groups. Alhaji Borodo stressed that, in a bold move to increase sector-specific advocacy, the Institute has transitioned its eight Policy Committees into 14 Sectoral Groups. These groups will now report to the Governing Council through the newly restructured Advocacy and Stakeholder Engagement Committee. The groups will focus on key sectors including Power & Energy, Oil & Gas, Banking & Financial Services, Health & Social Services, and more. Membership of these Sectoral Groups will be open to both new and existing members, who will have the opportunity to select their preferred group.
Reconstitution of the Governing Council is another governance change. CIoD boss asserted that in compliance with Section 6(2) of the Charter Act, the Governing Council has been restructured to include representatives from various ministries, government agencies, and academic institutions.
The organisations now represented on the Governing Council of the Institute are: the Financial reporting Council of Nigeria; The Federal Ministry of Industry, Trade & Investment; The Federal Ministry of Education; Corporate Affairs Commission; Security & Exchange Commission and a representative of the academia.
As part of the changes, only three Past Presidents of the Institute will now sit on its Governing Council. According to the CIoD President, this broader representation is aimed at improving decision-making and governance at the Institute, ensuring that the Council reflects a diverse range of expertise and influences across multiple sectors and they are in line with global best practices, and the Institute believes they will help foster a more effective, inclusive, and forward-thinking governance structure.
Looking ahead, he explained that the governance changes reflect CIoD Nigeria’s commitment to remaining a leader in corporate governance training, advocacy, and leadership development. “As we implement these reforms, I trust that your continued support and belief in our Institute will ensure a smooth transition and the continued success of CIoD Nigeria,” he urged.
He further noted that a detailed document outlining the guidelines for the changes would be included in the Institute’s upcoming regulations, which will be shared with stakeholders once finalized.