The modern business environment is increasingly volatile and uncertain. In this dynamic environment, effective corporate governance has become a critical imperative for organisational success and sustainability. The capacity of an organisation to succeed and survive over the long term is contingent upon its implementation of good corporate governance practices. What is defined as good corporate governance is constantly evolving, as best practices are constantly refined to address new challenges and opportunities.
The dynamism of corporate governance is driven by factors such as the changing global landscape, evolving business practices, regulatory pressure, and heightened public awareness following a series of corporate scandals. Priorities are also shifting from shareholder primacy to considering a broader range of stakeholders, including employees, communities, and the environment. This explains the transformation from moving beyond financial assessments to integrating environmental, social and governance (ESG) considerations into the corporate governance framework.
“Reflections on Corporate Governance” is a collection of discourses exploring the intricacies and evolving landscape of corporate governance in Nigeria. It draws on my extensive experience in academia, the legal profession, and the boardroom, offering a unique perspective enriched by real-world insights. This book delves into the key principles and practical implementation of good corporate governance, analysing its impact on various sectors (for instance, the telecommunications industry). The chapters explore diverse themes, ranging from boardroom dynamics to shareholder activism, the role of key players such as the chairman of the board, the advisory boards, and the board members themselves, ethical considerations, and the integration of ESG practices.
This book aims to be a timely guide and valuable resource for business leaders, professionals, industry regulators, students, stakeholders, and anyone interested in corporate governance. It provides a comprehensive understanding of the principles, practices, and challenges associated with corporate governance. Whether you are a seasoned executive, a board member, or an aspiring professional, this book will equip you with the knowledge and tools necessary to foster a culture of good corporate governance within your organisation.
As we navigate the complexities of the modern business world, the need for effective corporate governance has never been more urgent. This book represents a journey through Nigeria’s evolving corporate governance landscape. Much ot the discourse, which constitutes chapters in this book, provides commentaries on issues relating to the growth and development in the law and practice of corporate governance in Nigeria over the years.
Through these “reflections,” we embark on a shared exploration of the ever-evolving world of corporate governance in Nigeria. It is a journey towards a more responsible, sustainable, and ethically driven business landscape for all.
Fabian Ajogwu, PhD, SAN, OFR
Professor of Corporate Governance
Lagos Business School
March 1, 2025
“Reflections on Corporate Governance” presents a compelling and insightful exploration of a subject critical to the success of businesses in Nigeria. In the current corporate landscape, strong corporate governance is an indispensable element for the long-term success of a corporation or business. It is a fundamental pillar for a company’s long-term viability and a vital element of responsible business practice.
In this book, the author offers a comprehensive and thought-provoking exploration of this fundamental discipline. This insightful work seamlessly integrates theoretical concepts with real-world examples, providing readers with a comprehensive understanding of corporate governance principles and their practical applications. This approach not only enhances the reader’s knowledge but also equips them with the necessary tools to implement effective governance strategies within their respective industries and organisations.
The strength of this book lies in its focus on “reflections.” The author does not simply present a textbook set of rules and regulations, but explores the practical application of principles, the challenges faced, and the ongoing discussions shaping the future of corporate governance. Each chapter addresses a specific aspect of governance, offering both theoretical underpinnings and practical considerations. It serves as a valuable resource for individuals and organisations seeking to navigate the intricate landscape of corporate governance, offering insights that are both practical and intellectually stimulating. Following my recent appointment as the chairperson of a publicly listed company, the chapter on ‘The role of the Chairman of the Board’ was particularly insightful.
The author’s unique blend of academic expertise, legal background, and practical boardroom experience makes this an invaluable resource. “Reflections on Corporate Governance” is a must-read for anyone involved in the governance, management, or oversight of organisations, regardless of industry or sector. It serves as a guide for board members, executives, professionals, and aspiring leaders who recognise the pivotal role of corporate governance in driving organisational success and contributing to the greater good of society. This book also has practical application for the public sector where adherence to good governance principles is critical to building sustainable institutions.
Ultimately the strength of Corporate Governance rests on the character of the individuals who are entrusted to uphold its principles. A quote from George A. David, Chairman Emeritus, Coca-Cola Hellenic Bottling Company AG captures this point. ‘We do the right thing not because someone asks us to do so but because we want to do the right thing’.
I commend the Learned Author, Professor Ajogwu, SAN for his dedication and commitment to advancing the understanding and practice of corporate governance, and I have no doubt that this book will serve as an invaluable contribution to the field.
Sola David-Borha
Chairman, Stanbic IBTC Holdings Plc
March 1, 2025
