By Opeyemi Issa InvestAdvocate
Lagos (INVESTADVOCATE) – Courteville Business Solutions Plc, Nestle Nigeria Plc and 11 other Firms are amongst the 13 Quoted Companies that were commented for Good Corporate Governance by the Nigerian Stock Exchange (NSE).
The NSE in a Statement posted on its website said the Companies were given this commendation for exceeding the minimum Post-Listing standards prescribed for Financial Disclosure by filling their Audited Accounts for the Year Ended December 31 2011 ahead of time.
”The Exchange is pleased to recognise Quoted Companies who exceeded the minimum Post-Listing standards prescribed for financial disclosure by filing their Audited Accounts for the year end December 31, 2011 ahead of time,” the Statement said.
According to the Nigeria’s Exchange, under the Post-Listing rules, Companies are expected to file their Audited Accounts within three (3) months after the Year-End and for Companies in the December category the scheduled filing date is March 31.
For Courteville, Nestle and the other 11 Firms to earn the commendation for Good Corporate Governance, the NSE said as at close of business on Friday, March 23, 2012, 13 out of 119 active listed Companies on the Main Board had submitted their financial information to The Exchange.
”We recognise the efforts as well as the Good Corporate Governance standards adopted by these Companies who took appropriate steps to ensure that their financial statements were filed ahead of time,” the NSE said.
The other 11 Companies on the list of Good Corporate Commendation of the NSE include, Nigerian Breweries Plc, Zenith Bank Plc, GlaxoSmithKline Consumer Nigeria Plc, Okomu Oil Palm Plc, Access Bank Plc and Guaranty Trust Bank Plc.
Others are First City Monument Bank Plc, First Aluminium Nigeria Plc, Paints and Coatings Manufaturers Plc, Lafarge Cement Wapco Nigeria Plc and Julius Berger Nigeria Plc.
However, on the Alternative Securities Market (ASeM) is Anino International Plc commended as one (1) Company out of six (6) Companies in its category to fill its year 2011 Audited Reports ahead of time.
”We also recognise the efforts of one company out of six active companies in this category which upheld high corporate governance standards by filing its accounts ahead of time,” the NSE said.
Following this development, the NSE released a list of 119 Quoted Companies on the Main Board of the Exchange whose Annual Accounts were due as at March 31 2011.
The list shows that about 70 Firms had complied so far and 49 are yet to do so.
The NSE in its Compliance Analysis affirmed the above Report indicates that 58 percent (58%) of Quoted Companies have Complied compared to 48% yet to submit their Audited Results for year 2011 end.
Similarly, the Nigeria’s Exchange said that the six (6) Companies that operate on the ASeM, only three (3) had submitted their 2011 end Results compared to another 3 that are yet to do so.
