New financial reporting requirements for non-profit organisations

Introduction Non-profit organisations are organisations that are prohibited by law from distributing profits to their members or officers. They are usually organised and operated for educational, social, professional, religious, charitable or any other non-profit purposes. Globally, there is a paradigm shift in the governance and accountability processes of organisations including non-profit organisations as they are … More New financial reporting requirements for non-profit organisations

A cutting-edge solution to the problem of unclaimed dividends in Nigeria

The problem In an earlier blog post, I wrote about the alarming value of unclaimed dividends in the country which was put at an estimated N60 billion naira (about US$360 million). (Please see Much ado about unclaimed dividends) The Securities & Exchange Commission (SEC) has been in search for effective ways to reduce the value … More A cutting-edge solution to the problem of unclaimed dividends in Nigeria

Is the independent director really independent?

Photo credit: freedigitalphotos.net Introduction Independent directorship has gained considerable significance in modern corporate governance, especially in developed economies. A basic feature of corporate governance codes in most jurisdictions is the use of non-executive directors who are usually independent of management. The non-executive director is a member of the board who does not have any executive … More Is the independent director really independent?