Corporate governance refers to the system through which organization are directed and controlled. Following the experiences of failed companies in America and Europe in recent times and the resultant consequence on unemployment, wealth creation and shareholder value, corporate governance has taken a centre stage worldwide especially in emerging economies such as Nigeria that can ill-afford system failure.
Typically, in public corporations directors are elected by shareholders to manage the affairs of the corporate on their behalf; which by implications imposes on the directors fiduciary responsibilities. A person with fiduciary duty is a person entrusted with the power or property with the understanding that the person is working for the benefit of the individual(s) who may have entrusted them with such responsibilities – therefore directors have fiduciary responsibilities to work in the best interest of shareholders and for the benefit of shareholders not in the interest of some other people or their individual interest.
From all indications, the current global financial crises have revealed severe shortcoming in corporate governance across the global, there seems to be a common factor, an apparent lack of checks and balances needed by companies in order to cultivate sound business ethics bringing about the concern for improved corporate governance across all continents, this provides the needed motivation for this study. In Nigeria; for instance several public companies including local subsidiaries of western multinational companies have been criticized for various degrees of unethical practices. The case of Cadbury Nigeria PLC referred to as ‘Deliberate breaches of accounting system and controls’, are only a tip of the ice berg in Nigeria, a country that has for many years been sapped by widespread corruption.
The choice of Cadbury Nigeria Plc for this study is because of their strategic importance as industrial giant in Nigeria that are presumed to be well established and respected for decades. It is expected that this study will contribute to knowledge on corporate governance as well as proffer some solution to the shortcomings and challenges of corporate governance issues with reference to Nigeria.
Inhaltsverzeichnis
- PART 1 GENERAL PRINCIPLE
- 1.1. Introduction
- PART 2 AN OVERVIEW OF THEORETICAL PRINCIPLE
- 2.1 General concept of corporate governance
- 2.1.1 Why do corporations exist?
- 2.1.2 Corporate Governance Defined
- 2.2 Importance of Corporate Governance
- 2.3 Corporate Governance in Africa
- PART 3 ISSUES OF CORPORATE GOVERNANCE IN NIGERIA
- 3.1 Background
- 3.2 State of Corporate Governance in Nigeria
- 3.3 Implications of the Introduction of the 2003 Code of Corporate Governance
- PART 4 CASE STUDY: MISSTATEMENT IN THE PUBLISHED ACCOUNTS OF CADBURY NIGERIA PLC
- 4.1 Brief Background
- 4.2 Genesis of the problem of misstatement in the published Accounts OF Cadbury Nigeria PLC (2002-2005)
- 4.3 Role of parties to the Corporate Scandal at Cadbury Nigeria Plc
- PART 5 DISCUSSION
- 5.1 Introduction
- 5.2 Rebuilding Reputation and Restoring Trust
- Quote paper
- Nwude Chy (Author), 2018, Issues in Corporate Governance in Nigeria, Munich, GRIN Verlag, https://www.grin.com/document/438084
