BUSINESS AND GOVERNANCE Breakout Session Feedback

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BUSINESS AND GOVERNANCE Breakout Session Feedback
International Conference on Corporate Social
Responsibility Corporate Social Responsibility
in the 21st Century Nigeria March 6th 7th 2007
Transcorp Hilton Hotel, Abuja
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KEY ISSUES

• Policing of compliance with the existing Code of
  ethics/ governance
• Value re-orientation
• - Role of elites in generating a consensus
  against corruption
• Enforcement of existing regulations and code of
  conduct
• Communication and Awareness
• - Social Responsiveness of stakeholders
• Auditors Independent?
• - How independent are our audit processes
• Need for checks and balances
• Role of internal processes
• Sanctions and rewards
• Stakeholders Involvement

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PROBLEMS

• Lack of awareness Nigerian Code of Governance
• - Narrowness of the present code on ethics
  prepared by SEC
• Lack of protection for whistle blowers, the fear
  syndrome
• Nepotism corruption
• - Lack of transparency and fairness
• Lack of buy-in of all stakeholders
• - Ignorance and aloofness
• Lack of values which is a must for other
  principles of good governance

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RECOMMENDATION

• There is need to review the present national code
  of ethics
• Protection of Whistle blowers
• Enforcement of sanctions people made to pay the
  price for corruption
• Need to make the cost of corruption very
  expensive through strong and effective legal/ due
  process framework
• The Code of ethics should be anchored an elites
  consensus within the business community
• Need to get all stakeholders involved in the
  drafting of the code of ethics- buy- in from all
  involved