SEC Extends Deadline To File Quarterly Financials
The Securities and Exchange Commission has extended the deadline for market operators to file quarterly financial statements for the period ended September 30, 2020 to 30-day grace period.
The extension became necessary following the disruption of business operations across the country.
The commission in a circular pasted on its website noted the recent general disruption to business operations across the country and the challenges it may have posed on businesses.
The circular stated, “The SEC is also aware that the disruption to business operations may have prevented public companies, capital market operators and other regulated entities from convening meetings for the purpose of considering quarterly financial statements that were due to be filed/released by October 30, 2020.
“In view of the above, the SEC hereby grants public companies, capital market operators and other regulated entities, a thirty-day grace period for the submission of their quarterly financial statements.”
“The quarterly financial statements are now due for submission by Monday, November 30, 2020,” the SEC said.
The commission recently issued a Corporate Governance Guidelines and a template (revised Form 01) for reporting compliance with the Securities and SEC Corporate Governance Guideline, which would be effective on January 1, 2021.
According to a statement from the SEC, some provisions of the document which can be found at the SEC website www.sec.gov.ng, indicates that membership of the board shall not be less than five.
To safeguard the independence of the board, it said not more than two members of the same family should sit on the board of a public company at the same time.
The guidelines also stipulate that in appointing a person to the board, shareholders should be provided with information on any real or potential conflict of interest, including whether a proposed appointee is an interlocking director.
It added, “The letters of appointment should cover the following: synopsis of director’s rights; director evaluation programme used by the company, and any other contractual responsibilities”.
On sustainability, the guideline stated “Companies shall recognise corruption as a major threat to business and to national development and therefore as a sustainability issue for businesses in Nigeria.
“Companies, Boards and individual directors must commit themselves to transparent dealings and to the establishment of a culture of integrity and zero tolerance to corruption and corrupt practices.
“In order to foster good corporate governance, companies shall engage in increased disclosure beyond the statutory requirements in the CAMA.”
