THE PRINCIPLES OF GOOD CORPORATE GOVERNANCE AND BEST PRACTICE RECOMMENDATIONS IN NIGERIAN LISTED COMPANIES: REGULATION, COMMITMENT COMPLIANCE: (A STUDY OF SELECTED LISTED COMPANIES NIGERIA)

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Title Page……………………………………………………………………

Certification…………………………………………………………………

Dedication…………………………………………………………………..

Acknowledgement………………………………………………………….

Abstract………………………………………………………………………

Table of Content…………………………………………………………….

Chapter One: INTRODUCTION……………………………………….

  1. Background of the Study………………………………………………..
  2. Statement of Problem……………………………………………………
  3. Objectives of the Study………………………………………………….
  4. Research Question………………………………………………………
  5. Significance of the Study……………………………………………….
  6. Scope of the Study……………………………………………………..
  7. Limitations of the Study………………………………………………..
  8. Definition of Related Terms……………………………………………

References……………………………………………………………..

Chapter Two; REVIEW OF RELATED LITERATURE…………

2.1 Brief Thematic History of Corporate Governance…………………

2.2 Corporate Governance in the Public Sector: The Role of Risk

Management……………………………………………………………..

2.3 Corporate Governance Standard and Control Mechanism in

Compliance……………………………………………………………..

2.4 Challenges and Codes of Best Practices Corporate on Corporate

Governance…………………………………………………………….

2.4.1 Code of Best Practices on Corporate Governance………………

2.5 Principles of Good Corporate Governance and Good Practice

Recommendation……………………………………………………

2.6 The Principles of Good Corporate Governance for Listed

Companies……………………………………………………………

2.7 Board and Management Training …………………………………

2.8 Summary of Reviewed Literature………………………………….

   Reference……………………………………………………………..

Chapter Three: RESEARCH METHODOLOGY…………………

3.1 Introduction…………………………………………………………..

3.2 Methods of Data Collection…………………………………………..

3.3 Sources of Data Collection……………………………………………

3.4 Population and Sample of the Study………………………………….

3.5 Sample Size Determination…………………………………………..

3.6 Method of Data Presentation and Analysis………………………….

 Reference……………………………………………………………….

Chapter Four: DATA PRESENTATION AND ANALYSIS………

4.1 Introduction…………………………………………………………

4.2 Data Presentation……………………………………………………

4.3 Data Analysis………………………………………………………..

4.4 General Data Analysis……………………………………………….

 Reference………………………………………………………………..

Chapter Five: SUMMARY OF FINDINGS, CONCLUSION AND

RECOMMENDATIONS………………………………………………..

5.1 Summary of Findings………………………………………………..

5.2 Conclusion……………………………………………………………

5.3 Recommendations……………………………………………………

5.4 Area For Further Study………………………………………………

Bibliography……………………………………………………………

CHAPTER ONE

1:0   INTRODUCTION

          In the recent time there have been an increasing number of high profile corporate failures around the world, has sparked off a lot of enquiry as to the reasons why well-established and respected organization failed. Actually, corporate failure today is a global issue, on the international science  the global economic crisis  had  resulted to the collapse of large companies like Euron, world com, Rank Xeror, paronglat, Bank of credit and commerce internation (BCCI) and  large-scale  crisis that rocked almost every financial institution, capital market and public organization etc.

          In Nigeria, corporate failure is very rampant in the oil market, financial services  sector  some years back and even at present. A lot  of banks and listed companies shut down be cause of one problem or another is  nebulous. Soludo (2006) Limited that by  1998 a total  of 26 banks have been liquidated  and at the time of consolidation in 2005. 11 banks were already dead literally. He further said that, outside  the banking institution, creative accounts of African petroleum where it concealed debts in execss of N20 billion, over valuation of shares of involving Bankolans  securities and others are signals of impending doom for these companies. What there is the cause of corporate failure  in both local and international listed and unlist, quoted and unquoted, police and  private companies?

          John clutter buck in Al-Faki (2006:5) high righted that companies that failed shared some  common characteristics and they includes 

  1. Leadership of the company is  vested in an individual who combines the office of chairman and Chief Executive with domineering tendency.
  2.   President violation and non—compliance with internal control of the company by the company b y the chief Executive.
  3. Optimistic {or even distorted} rather than prudential financing reporting
  4. Irregular board meetings, often without adequate information given in advance.
  5. Mineral disclosure in the accounts of the company.

Thus it is the combination of these factors that undermine the ability of companies to withstand economic down turn thus leading to a collapse. In Nigerian listed companies scenario issues such as lack of probity, transparency, integrity and accountability, inflation of balance sheet with unearned income, weak capital base, unskilled and inefficient management, window dressing of account and poor environmental as well as incentive almost contributed to dissolution or winding- up of many companies.Uche {2001b} identified certain reasons that results to early indigenous bank failures in Nigeria as, “mismanagement, and accounting incompetence. What then is the  adequacy of bank and listed companies legislations in controlling and regulating the practices in these industries. The question is pertinent, because in spite of the existing legislation, a number of failures and winding- up have been recorded in the industry.

In an attempt to design codes that will be appropriate to quell these irregularities, global phenomenon termed “corporate Governance” came into being. Today it has become a contemporary issue  which has dominated the interest of all business, legal and government circles worldwide.so,corporate governance is the set of processes, custorms,policies, laws and institution affecting the way a corporation is directed, administered or controlled. Corporate governance also includes the relationships among the many stakeholders involved and the goals for which the corporation is governed. The principal stakeholders are the “shareholders, management, and the board of directors. Often stakeholders include labors {employees} . customers, creditors {eg,banks bondholders},suppliers, regulators and their community at large. Therefore, corporate governance is a multiceted subject. An important theme of corporate governance is to ensure the  accountability of certain individuals in an organization through mechanisms that  try to reduce or eliminate  the principal-agent problem. There has been received  interest  in the corporate goanance practices of modern corporations since 2001, particularity due to the high-profile collapses of a number of large United States firms such as “Enron corporation and MCI Inc. (Dignam and  Lowry, 2006:15).

BACKGROUND OF THE STUDY

THE PRINCIPLES OF GOOD CORPORATE GOVERNANCE AND BEST PRACTICE RECOMMENDATIONS IN NIGERIAN LISTED COMPANIES: REGULATION, COMMITMENT COMPLIANCE: (A STUDY OF SELECTED LISTED COMPANIES NIGERIA)