Chairman of the Police Service Commission, DIG Hashimu Argungu rtd mni, has made a case for strict adherence to Corporate Governance in the nation’s public Service stressing that it promotes accountability and business prosperity.
DIG Argungu spoke in Abuja at a Management Meeting of the Commission in a paper titled “An Overview of Salient Features of Federal Government of Nigeria Corporate Governance Manual for Governing Boards/Councils of Federal Parastatal Agencies and Commissions”.
He noted that the place of Corporate Governance in public and private sectors in developing economic and enterprise activities cannot be overstated.
The PSC Chairman said Corporate governance seeks to institutionalize best practices in Nigerian Public and Private Sectors and enhances the integrity of the business and working environments.
DIG Argungu noted that “essentially Corporate governance is about the way power is exercised over Corporate entities, it covers the activities of the board and its relationship with shareholders or Members, and with those managing the public/private enterprise as well as with external Auditors. Regulators and other legitimate stakeholders “.
He specifically explained that Corporate governance ” is a collection of control mechanisms adopted by an organisation in promoting fairness, accountability, responsibility and transparency consistently and equitably in all that it does towards achieving its planned objectives. ” In doing these, every stakeholder in the organisation will have a sense of belonging in the affairs of the organisation, believing that his/her interest, whatever that might be, will be protected”, he explained.
The PSC Chairman said the benefits of corporate governance include, transparency, accountability, integrity, fairness and responsibility. Others, he noted are consistency and equitability.
