FRC issues timelines compliance with corporate governance code
The Financial Reporting Council (FRC) has issued timelines for corporate entities to report compliance with the National Code of Corporate Governance (NCCG).
The timelines were contained in a document released by the Council, titled, “Guidance for reporting on compliance with the Nigerian Code of corporate governance (NCCG) 2018”.
Citing paragraph 1(2) of the Regulation on the Adoption and Compliance with the Code, the guidelines stated that companies shall report on the application of the Code in their annual reports for financial years ending after January 1, 2020, in the form and manner prescribed by the FRC.
The timelines released by the FRC stated that companies with a financial year-end of January 30, February 29, March 31 and April 30 have till July 30 as the deadline for compliance for the 2020 period.
For the 2021 financial period, the companies with January 30, February 29, March 31 and April 30 were given deadlines of April 30, May 30, June 30 and July 31 respectively for compliance.
For companies whose financial year ended on May 31, June 30, July 31, and August 31, they were given a timeline of August 30, September 29, October 29 and November 29 respectively to comply for 2020 and 2021 financial periods.
The FRC also stated those companies with a financial year-end of September 30, October 31, November 30 and December 31, have up to December 29, January 29, February 28 and March 31 respectively to comply for the 2020 and 2021 periods
The FRC stated further that though the online portal developed for electronic submissions of reports on compliance with the NCCG 2018 is yet to be completed, companies should download the reporting template from the FRC’s website at www.financialreportingcouncil.gov.ng, complete it and submit a copy of the completed report to their sector regulators; the FRC at email@example.com; and, for listed companies, the stock exchanges on which they are listed.
“Additionally, a completed copy of the reporting template should be hosted on the investors’ portal on the company’s website for a minimum of five (5) years, alongside the company’s communication policy, annual reports, and other relevant information as indicated in Section 27.4 of the Code”, the FRC stated.