FBN Holdings Plc has won the 2019 World Finance award for best corporate governance in Nigeria.
The award was organised by World Finance, a quarterly print and online magazine that provides coverage and analysis of the financial industry, international business and the global economy.
According to a statement from the Holdings, this is the second consecutive time that FBN Holdings Plc would be winning the award, which it attributes to “its strong corporate governance practices and outstanding leadership in the Nigerian financial services industry”.
“Winning the award in quick succession is a demonstration of not only the strength of our corporate governance practices but also its resilience.
As a holding company, we emphasize the highest standards in corporate governance across all operating entities in our quest to deliver value to our numerous stakeholders.”
The award is in its thirteenth year, celebrating companies in the areas of corporate governance, innovation, and market leadership in the financial services sector across the world.
Companies in the FBN Holdings Group include First Bank of Nigeria Limited, a commercial bank with operations in 10 countries; the Merchant Banking and Asset Management business of FBN Holdings, which comprises FBNQuest Merchant Bank Limited, FBNQuest Capital Limited, FBNQuest Trustees Limited, FBNQuest Capital Asset Management Limited, FBNQuest Funds Limited and FBNQuest Securities Limited.
“Investors will not only scrutinise the actions of boards in 2019, but they will also dissect their composition. Diversity in the boardroom – in terms of gender, ethnicity, socioeconomic background and age – remains a top issue for smaller shareholders and institutional investors alike.
In today’s rapidly changing and multifaceted business environment, investors want to ensure the boardroom – and the pipeline of candidates that leads up to it – is equipped with the skills to meet any challenges that could arise. Hosting a diverse range of voices from different backgrounds is one way businesses can strengthen their board considerably. According to Harvard’s Forum on Corporate Governance and Financial Regulation, institutional investors will push for robust, independent and regular board evaluation processes in 2019 that could
result in ‘board evolution’.
Going forward, it will be key for every board to have strong digital leadership and knowledge of technology and social media. Members of the board must be able to identify the technologies that will directly impact their businesses, as well as understand how the company fits into the wider digital landscape. As such, boards are increasingly likely to recruit younger directors who have not necessarily been CEOs before.”