CIS amends rules to strengthen corporate governance

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The council of the Chartered Institute of Stockbrokers has endorsed amendments to four rules to strengthen the institute’s corporate governance.

The rules, which were unanimously approved during the institute’s Annual General Meeting, are CIS Membership Rules and Regulations, 2021; CIS Code of Ethics and Standards of Professional Conduct for Stockbrokers, 2021; Rules for election into the Governing Council of the Institute 2020, and 2019 Rules for election of the 2nd vice-president of the institute, according to a statement issued by the institute.

The President, CIS, Mr Olatunde Amolegbe, explained that as critical professionals in the financial market, the need to adhere to the principles of corporate governance was inevitable.

He noted that a special committee was set up to review the rules in line with the current realities in the global financial market and the review was considered and approved by the council.

He said, “At the institute, we are doing what we can to promote corporate governance. The tenets of our industry is based on trust and integrity because we are dealing with investors and building confidence.

“We must espouse corporate governance, not only to our members but also to the people managing those companies which we trade their stocks in as securities professionals.”

According to Amolegbe, corporate governance is an integral part of the work a stockbroker should do.

“Clearly, it is not something we can ignore. We must remain professionals in the discharge of our duties. If one stockbroker does something wrong, it is easy for people to link such act to every other person,” he added.

Amolegbe, who reviewed the institute’s 2020 performance, said the CIS remained resilient despite the impacts of the COVID-19 pandemic and macroeconomic vagaries on its operations.

“The institute commenced Group Life Insurance Policy for its members in good financial standing to the tune of N1m. This we believe will provide succour to families at a time of need,” he said.

He said many activities had been initiated to sustain the institute’s operations this year.

The following members were  re-elected to the council: Alhaji Umaru Kwairanga, Mrs Elizabeth Ebi, Mr Gabriel Akinyemi and Mrs Lilian Olubi, while Mr Dipo Adeniran and Mr Peter Akingbade were elected to the council, according to the statement.

Source: PUNCH.

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