By Chukwuma Umeorah
As part of efforts aimed at recognizing and celebrating excellence in corporate reporting among companies listed on Nigerian Exchange Limited (NGX), the Institute of Chartered Accountants of Nigeria (ICAN) and NGX Regulation Limited (NGX RegCo) has announced the launch of it’s Corporate Reporting Award.
The award scheduled to hold later in the month of May is open to the NGX thirty most capitalized companies on the NGX 30 lndex. The 2022 audited annual corporate reports these companies filed on the Exchange would be reviewed and the assessment will be based on carefully selected criteria agreed upon by ICAN, NGX RegCo and independent assessors emphasizing compliance with International Financial Reporting Standards (IFRS) and sustainability reporting standards.
Certificates and plaques will be awarded to the top three companies with the best annual corporate reports.
Commenting on the initiative, the President of ICAN, Innocent Okwuosa stated “Panel of independent experts, including academics, investors, industry representatives, capital market professionals, members of ICAN with input from the Nigerian Integrated Reporting Committee will administer the assessment.”
He added that it is a pivotal step toward recognizing and promoting excellence in corporate reporting practices in Nigeria. “It aims to enhance accountability and transparency in the private sector, fostering trust among investors and stakeholders.”
On her part, the CEO of NGX RegCo, Tinuade Awe, highlighted the long-term vision to be Africa’s SRO of Choice, emphasizing the partnership’s commitment to elevating corporate reporting standards. Awe stated, “The award underscores our collective commitment to fostering a capital market that operates on principles of transparency, integrity, and excellence.”