Corporate Governance, Cardinal Driver for Corporate Accountability and Business Prosperity – PSC Chair

Chairman of Police Service Commission,  DIG Hashimu Argungu has made a case for strict adherence to Corporate Governance in the nation’s public service stressing that it promotes accountability and business prosperity.

DIG Argungu spoke in Abuja at a Management Meeting of the Commission in a paper titled: “An Overview of Salient Features of Federal Government of Nigeria Corporate Governance Manual for Governing Boards/Councils of Federal Parastatal Agencies  and Commissions”.

He noted that the place of Corporate Governance  in public and private sectors in developing economic  and enterprise activities cannot be overstated.

The PSC Chairman said corporate governance seek to instutionalise best practices in Nigerian Public and Private Sectors and enhances the integrity of the business and working environments.

DIG Argungu noted that “essentially Corporate governance  is about the way power is exercised over corporate entities, it covers the activities of the board and its relationship with shareholders  or Members, and with those managing the public/private enterprise as well as with external auditors, regulators and other legitimate stakeholders”.

He specifically explained that corporate governance “is a collection of control mechanism  adopted by an organisation  in promoting fairness, accountability,  responsibility and transparency  consistently and equitably in all that it does towards achieving its planned objectives.

“In doing these, every stakeholder in the organisation will have a sense of belonging in the affairs of the organisation, believing that his/her interest, whatever that might be, will be protected”, he explained.

The PSC Chairman said the benefits of corporate governance  include, transparency,  accountability, integrity, fairness and responsibility.  Others, he noted are consistency and equitability.