ICAN observed that the 2018 Code targeted companies of varying sizes and complexities, without any specific focus on listed companies, where ownership ought to have been separated from control. The implementation of the 2018 Code is supposedly based on the Apply and Explain approach, but ICAN posited that the main approach explained and implemented in the Code is not in consonance with this approach. Speaking with journalists in Lagos, ICAN President Mr. Razak Jaiyeola, said: “As implied in the 2018 Code, a principle-based code does not mean a voluntary code, but rather voluntary application of the provisions of the code. We are of the opinion that the expression, ‘voluntary’, on Page xiii of the 2018 Code should be removed from the Code. INEDs occupy a pre-eminent position in Corporate Governance oversight; hence they chair oversight committees and form a majority.

Source: The Guardian September 14, 2018 02:26 UTC