PUBLIC COMPANIES' RETURN ON CORPORATE GOVERNANCE
Section A: Introduction
Corporate Governance is a key driver of corporate accountability and business prosperity. The Nigerian Code of Corporate Governance, 2018 (NCCG 2018) seeks to institutionalize corporate governance best practices in Nigerian companies. It is also aimed at increasing entities' levels of transparency, trust and integrity, and create an environment for sustainable business operations.
The Code adopts a principle-based approach in specifying minimum standards of practice that companies should adopt. Where so required, companies are required to adopt the "Apply and Explain" approach in reporting on compliance with the Code. The 'Apply and Explain' approach assumes application of all principles and requires entities to explain how the principles are applied. This requires companies to demonstrate how the specific activities they have undertaken best achieve the outcomes intended by the corporate governance principles specified in the Code.
This will help to prevent a 'box ticking' exercise as companies deliberately consider how they have (or have not) achieved the intended outcomes. Although, the Code recommends practices to enable companies apply the principles, it recognizes that these practices can be tailored to meet industry or company needs. The Code is thus scalable to suit the type, size and growth phase of each company while still achieving the outcomes envisaged by the principles.
This form seeks to assess the company's level of compliance with the principles in the NCCG 2018. Entities should explain how these principles have been applied, specify areas of deviation from the principles and give reasons for these deviations and any alternative practice(s) adopted.
Please read the instructions below carefully before completing this form:
- Every line item and indicator must be completed.
- Respond to each question with "Yes," where you have applied the principle, and "No" where you are yet to apply the principle.
- An explanation on how you are applying the principle, or otherwise should be included as part of your response.
- Not Applicable (N/A) is not a valid response.
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Section B - General Information
S/No. | Items | Details |
i. | Company Name | GLOBAL SPECTRUM ENERGY |
SERVICES PLC | ||
ii. | Date of Incorporation | 14th March, 2006 |
iii. | RC Number | 648014 |
iv. | License Number | DPR permit number - |
DPR/OGISP/20/2621258/N219139 | ||
DPR permit number- | ||
DPR/OGISP/21/9993746/N238258 | ||
NIMASA License Number- | ||
00001454 | ||
Nigeria Security & Civil Defence | ||
Corps- | ||
FMI/NSCDC/PGC/905/308/Vol.II | ||
v. | Company Physical Address | 49, Chris Madueke Drive, Lekki |
Phase 1, Lagos | ||
vi. | Company Website Address | www.globalspectrumplc.com |
vii. | Financial Year End | Half year ended 31st December |
2021 | ||
viii. | Is the Company a part of a Group/Holding Company? | No |
Yes, /No | ||
If Yes, please state the name of the Group/Holding | ||
Company | ||
ix. | Name and Address of Company Secretary | Rayfield Associates |
49b, Chris Madueke Drive, Lekki | ||
Phase 1, Lagos. | ||
x. | Name and Address of External Auditor(s) | Olufemi Fajuyi & Co. (Chartered |
Accountants) | ||
4, Olowu Street, off Obafemi | ||
Awolowo Way, Ikeja, Lagos. | ||
xi. | Name and Address of Registrar(s) | African Prudential Registrar |
220, Ikorodu Road, Lagos | ||
xii. | Investor Relations Contact Person | Adetola Raheem |
(E-mail and Phone No.) | araheem@rayfieldassociates.net | |
08030660745 | ||
xiii. | Name of the Governance Evaluation Consultant | Z.I Osowoh and Associates |
Km 5, No 9, Lasu - Igando Road, | ||
2 |
by Ipaye Bus- Stop, | ||
Iba Ojo, LGA | ||
Lagos. | ||
xiv. | Name of the Board Evaluation Consultant | Z.I Osowoh and Associates |
Km 5, No 9, Lasu - Igando Road, | ||
by Ipaye Bus- Stop, | ||
Iba Ojo, LGA | ||
Lagos. |
Section C - Details of Board of the Company and Attendance at Meetings
1. Board Details:
S/No. | Names of Board | Designation | Gender | Date First | Remark |
Members | (Chairman, MD, INED, | Appointed/ | |||
NED, ED) | Elected | ||||
S/No. | Names of Board | Designation | Gender | Date First | Remark |
Members | (Chairman, MD, INED, | Appointed/ | |||
NED, ED) | Elected | ||||
1. | Osahon Idemudia | Chairman | Male | 26th February | Satisfactory |
2018 | |||||
2. | Wasiu Akindele | Acting Managing | Male | 26th August | Satisfactory |
Director | 2018 | ||||
3. | Clement Akanigbo | Non-Executive | Male | 22nd July 2018 | Satisfactory |
Director | |||||
4. | Shauibu Mustapha | Non- Executive | Male | 19th May 2016 | Satisfactory |
Director | |||||
5. | Chidolue Okonkwo | Non-Executive | Male | 15th September | Satisfactory |
Director | 2020 | ||||
6. | Comfort Otera Okey | Independent Non- | Female | 29th March | Satisfactory |
Chigbue | Executive Director | 2021 | |||
7. | Dickson Ikechukwu | Independent Non- | Male | 29th March | Satisfactory |
Olisemenogor | Executive Director | 2021 | |||
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2. Attendance at Board and Committee Meetings:
S/No. | Names of | No. of | No. of | Membership | Designation | Number of | Number of |
Board | Board | Board | of Board | (Member or | Committee | Committee | |
Members | Meetings | Meetings | Committees | Chairman) | Meetings | Meetings | |
Held in | Attended | Held in the | Attended | ||||
the | in the | Reporting | in the | ||||
Reporting | Reporting | Year | Reporting | ||||
Year | Year | Year | |||||
1. | Osahon | 2 | 2 | None | None | None | None |
Idemudia | |||||||
2. | Wasiu | 2 | 2 | Finance and | Member | 1 | 1 |
Akindele | Risk | ||||||
3. | Clement | 2 | 2 | Finance and | Chairman | 1 | 1 |
Akanigbo | Risk | ||||||
Audit | Chairman | 2 | 2 | ||||
4. | Chidolue | 2 | 2 | Audit | Member | 2 | 2 |
Okonkwo | |||||||
Governance | Member | 1 | 1 | ||||
and | |||||||
Remuneration | |||||||
5. | Shuaibu | 2 | 1 | Governance | Member | 1 | 1 |
Mustapha | and | ||||||
Remuneration | |||||||
6. | Comfort Otera | 2 | 2 | Finance and | Member | 1 | 1 |
Okey Chigbue | Risk | ||||||
Governance | Member | 1 | 1 | ||||
and | |||||||
Remuneration | |||||||
7. | Dickson | 2 | 2 | Governance | Chairman | 1 | 1 |
Ikechukwu | and | ||||||
Olisemenogor | Remuneration | ||||||
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Section D - Details of Senior Management of the Company | ||||
1. | Senior Management: | |||
S/No. | Names | Position Held | Gender | |
1. | Wasiu Akindele | Acting Managing Director | Male | |
2. | Colm Doyle | Chief Operations Officer | Male | |
3. | Augustine Iwuji | Chief Financial Officer | Male | |
4. | Clifford Obude | Nigerian Content Manager | Male | |
5. | Chinedu Dike | Head, Strategic Investment & | Male | |
Compliance | ||||
6. | Adedipe Enitan | Chief Risk Officer/HSSE | Male | |
Manager | ||||
7. | Ajugo Kingdom | Operations Manager | Male | |
8. | Anthony Ofegbu | Business Development | Male | |
Manager | ||||
9. | Rayfield Associates | Company Secretary | ||
10. | Ndu Ufere | Admin Manager | Male | |
11. | Oluwaremilekun | Chief Internal Auditor | Female | |
Soyeye | ||||
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Global Spectrum Energy Services plc published this content on 28 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 January 2022 18:32:19 UTC.