Articles & Publications

Corporate Governance Rating System
Esusu, Adashe, & Ajo: Lessons for Corporate Nigeria? By Soji Apampa Are Nigerian Boards Performing? By Soji Apampa Using Carrots and Sticks in the Fight Against Corruption, By Soji Apampa Corporate Governance in Nigeria is evolving Are our Corporate Governance Standards High Enough? Is there a Right Corporate Governance Framework for Nigeria? Can the CGRS Rouse the 'Giant of Africa'? - Ethical Boardroom Article
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Ratings Results

Corporate Governance Rating System
Below are a list of the companies that have passed through the CGRS ratings process and have been certified. The list of directors of NSE listed companies that passed CGRS Fiduciary Awareness Certification Test (FACT) is available here      
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BETTER FOR BUSINESS

Corporate Governance Rating System
Rationale for the CGRS Research has consistently confirmed that businesses with better governance practices, on average perform better than their peers on other business measures. For example; A study by Korean and US researchers finds that a well-governed firm in Korea traded at a premium of 160 percent to poorly governed firm. An ABN/AMRO study demonstrates that Brazil-based firms with the best corporate governance ratings garnered 2004 P/E ratios that were 20% higher than firms with the worst governance ratings. A study of Russian firms shows that a worst-to-best improvement in cor...
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Rating process methodology

Corporate Governance Rating System
The CGRS score is a composite of a score for corporate compliance assessment (50%), a Fiduciary Awareness Certification Testing (FACT) of directors (10%) and Corporate Integrity based on feedback from stratified, random sample of stakeholders (20%) and an Expert Multi-Stakeholder Group (EMSG – 20%).   Corporate Compliance The Corporate Compliance uses self- assessment by companies to assess their compliance to corporate governance codes, regulatory rules and anti-corruption programs. Companies need to score 35% or more of total score to move on to the next level. Fiduciary Aware...
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Key Characteristics

Corporate Governance Rating System
Outstanding characteristics of CGRS are: CGRS covers corporate governance with detailed focus on anti-corruption CGRS includes a unique engagement component (Fiduciary Awareness Certification Test based on training) CGRS combines self-assessment with multi-stakeholder assessment and therefore looks far beyond publicly available information CGRS is mandatory for all listed companies after the pilot phase CGRS’s envisioned degree of transparency goes for beyond current practice of other CG indices   CGRS Positioning with Other CG & ESG Ratings A positioning/compari...
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CGRS Launch & Roll Out

Corporate Governance Rating System
LAUNCH OF THE CORPORATE GOVERNANCE RATING SYSTEM The CGRS is poised to raise the Corporate Governance “ceiling” in Nigeria; give companies the opportunity to differentiate themselves by showing good corporate Governance practices and help them gain access to funds committed to good Corporate Governance practices and sustainability. The launch of the Corporate Governance Rating System (CGRS) will mark the beginning of a new era in market transparency and a new model for 21st century corporate reporting in Nigeria, and in Africa. The event organized by The Nigerian Stock Exchange (NSE) ...
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