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The Institute of Chartered Secretaries and Administrators of Nigeria on Thursday, urged industry regulators to develop a digital regulatory framework to facilitate seamless electronic filing process.
The industries urged included the Security and Exchange Commission, Corporate Affairs Commission, Financial Reporting Council of Nigeria, and Nigeria Exchange Group,
While speaking at the 2023 Governance Practitioners’ Day in Lagos, the President and Chairman of Council of ICSAN, Funmi Ekundayo, expressed the institute’s dedication to promoting corporate governance and public administration, while ensuring professional excellence among its members.
Ekundayo emphasised the importance of the Governance Practitioners’ Day as a platform to expand the frontiers of knowledge in the governance field, and address critical issues related to governance in Nigeria.
Describing electronic filings as an emerging phenomenon, the president acknowledged the challenges and uncertainties associated with this transformative shift.
“As technology continues to evolve, the adoption of electronic filings becomes inevitable, requiring a thorough understanding of the complex techniques involved,” she said.
The event, attended by both regulators and practitioners, featured keynote address that shed light on aligning company structures and policies with best practices for sustainable performance and stakeholder satisfaction.
A fellow of the institute, Yomi Adebanjo, emphasised the importance of responsible measures in adapting to digital practices.
He spoke on the pivotal role of good governance in fostering trust and long-term success, effective communication and cooperation between practitioners and regulators, along with total quality management and regulatory expertise, were identified as crucial factors in achieving compliance.
Adebanjo outlined several key points for practitioners and regulators to consider in the digital era, including ensuring effective interface, adaptability to templates, document conversion, and managing the impact of IT liberalisation.
The Director of Financial Reporting Council of Nigeria, Titus Osawe, expressed delight at the industry’s progress. He highlighted the significant improvements brought about by digital methods, making information easily accessible through various platforms.
