Lafarge Africa Plc, has announced its recent award on Corporate Governance by the prestigious Institute of Directors (IoD) Nigeria.
The award, which reinforces the importance of best practice among corporate entities quoted on the Nigerian Stock Exchange Group, was presented to the company at the 2021 IoD Nigeria Annual Dinner Award Night held in Lagos recently.
According to the IoD President /Chairman of the Governing Council, Dr. (Mrs.) Ije Jidenma, the award is to recognize performance and to reward corporate excellence among companies operating in Nigeria, with the ultimate goal of achieving a truly enterprise-wide culture of governance and ethics in organizations.
To be eligible for consideration, companies must have demonstrated a high level of effectiveness across the four pillars of corporate governance – accountability, transparency, fairness and responsibility as well as the practice of good corporate governance, ethics, compliance with regulatory requirements and adherence to risk management processes across the entire corporation including its subsidiaries. In addition, companies must prove their ability to integrate a governance structure into its day-to-day business operations including board evaluation, board and executive compensation, disclosures, company’s Social Responsibility (CSR) policies and procedure, stakeholder outreach and communication, compliance operations, anti-fraud procedures and an understanding of the rights and needs of all stakeholders.