Fidelity Bank Plc has been awarded the Corporate Governance Rating System (CGRS) certification. The certificate which was conferred on the Bank by the Nigerian Stock Exchange (NSE) and the Convention on Business Integrity (CBI), further validates our collective efforts at imbibing best practices and ethical standards in all aspects of our operations.
In addition, our Directors were awarded certificates having achieved the 70 percent threshold in the CGRS process. Speaking at the presentation ceremony held in Lagos on Thursday, the Bank’s Chairman, Ernest Ebi lauded the NSE and CBI for the recognition, stressing that the development will further strengthen the corporate governance system in the Bank.
“This recognition will further boost investor confidence in the Bank because they know that our Directors have gone through this process. Fidelity Bank takes capital, risk management and corporate governance very seriously”, Ebi said. The CGRS was launched in 2012 to rate quoted companies based on their corporate governance and anti-corruption culture, thereby improving the overall perception of Nigeria’s capital markets and business practices.
Speaking at the event, the Co-founder and Chief Executive Officer, CBi, Soji Apampa, said, “This is a triumph for collective action in the fight against corruption and unethical practices. I congratulate the companies and directors being honoured today and I urge them not to relent in their efforts to sustain the high level of corporate governance that has brought them thus far.
“Today’s celebration is not a destination but a continuous process that should be consistently maintained and further improved upon. I encourage other listed companies still on this evolutionary process to keep at it and conclude the process during this new review period which is now open.”
Corporate Governance ratings are becoming very powerful sources of information on a company’s commitment to excellence in its governance practices. The ratings reflect the extent to which a company’s corporate governance practices and policies serve the interests of investors, shareholders and other stakeholders.
It is against this backdrop that the NSE and CBI awarded certificates to 35 quoted companies and 437 directors for success in the Fiduciary Awareness Certification Test, (FACT) which is a key component of the CGRS.
Vice-President Yemi Osinbajo who was represented by Ambassador Chiedu Osakwe, the Nigeria chief trade negotiator/director-general, Once of Trade Negotiation, delivered the closing remarks. Whilst 35 quoted companies scaled through the test, 437 directors were presented with certificates for success in the fact.