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Published On: Fri, Mar 21st, 2014

CAC award not for questionable characters, says chairman

Corporate-Affairs-Commission cacBy Clem Khena-Ogbena

The Corporate Affairs Commission (CAC) citizens award will not be given to people of questionable characters, its board chairman, Otunba Funso Lawal, has said.

The board chairman, who gave the indication yesterday in Abuja, at a media briefing on the corporation’s 1st Annual Citizens Award, also disclosed that the board had set up what he described as Business Rescue Unit, with a view to helping to revitalize ailing companies in the country.

He, however, explained that assisting such companies to wake up would not place any financial commitment or burden on CAC, adding that the Commission would only offer moral support, guide and encouragement to such companies.

According to Lawal, the award was designed to promote the culture of good corporate governance in the Nigerian environment, by recognizing corporate citizens who had conducted their affairs to date in compliance with statutory requirements and best practice of corporate governance.

The Corporate Citizens Award ceremony, he added, was expected to hold between May and June, 2014, stating that the award would be the first of its kind in the history of CAC, even as he disclosed the Commission would not use its own money to sponsor the ceremony, rather it would depend on corporate organisations and companies for donations and sponsorship.

He said, “We are not using one kobo of CAC money, but we depend on corporate organisations for donations and sponsorship.”

Lawal further explained that the award would cover all sectors of the economy, to avoid shutting out any sector of the economy from the ceremony.

On the eligibility for the award, he stated, “In order to be eligible for the award, the nominees must have complied with the requirements of the Companies and Allied Matters Act, 1990 (Cap C20, Laws of the Federation of Nigeria, 2004) and respective industry regulations to date.

“Additionally, the nominees must also have performed creditably well in corporate social responsibility and productively impacted on the industry within which they operate. We want the best of the best to win this award.”

Other criteria to be considered by the panel of judges for the award include, Quality of financial management; Management of stakeholders’ relations; Work place environment; Corporate social responsibility; Industry leadership; Innovation; Environmental performance.

 

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