The Financial Reporting Council (FRC) of Nigeria had in 2018, developed and issued the Nigerian Code of Corporate Governance (the Code). The Code becomes effective from 2 January 2020 . Following the issuance of the Code, each sector regulator/supervisor is expected to issue industry specific guidelines.
Consequently, the National Pension Commission had developed industry specific draft Corporate Governance Guidelines for Pension Fund Operators (PFOs), to be issued by the Commission.
In response to the deadline of 2 January 2020 stipulated by FRC for the implementation of the Code, the Commission hereby issues the Circular on Corporate Governance for Pension Fund Operators.
This Circular aims at encouraging PFOs to embrace good corporate governance practices and high professional ethics in their organizations. In addition, the Circular is to provide measures that would strengthen corporate governance practices as well as assist PFOs in meeting their governance responsibilities and ensuring greater accountability.
All stakeholders in the Nigerian pension industry have a responsibility towards the actualization of the main objective of the Pension Reform Act 2014, which is to ensure that every worker receives his/her retirement benefits as and when due.
The Circular was released on 20 December 2019 with implementation effective from 2 January 2020.
The Circular is available here
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