Corporate Governance

Corporate Governance

The Company is committed to the highest standards of corporate governance in all its activities. Before the introduction of the Code of Corporate Governance in Nigeria, Total Nigeria Plc had already adopted a responsible attitude towards Corporate Governance and issues of corporate social responsibility in Nigeria. The company conducts its business with integrity and pays due regard to the legitimate interest of its stakeholders.

BOARD COMMITTEES: In conformity with the code of best practices in corporate governance, the directors have established the following committees:

Executive Committee: The Executive committee comprises the Executive Directors and General Managers and is responsible for establishing, allocating resources, proposing overall corporate responsibilities over the affairs of the business on a day to day basis. It is chaired by the Managing Director/Chief Executive Officer of the Company. As an internal working committee, it meets all year round and reports to the board as may be necessary.

Diversity and Staff Development Committee: This committee is charged with studying diversity patterns in the work-force and developing ideas and solutions towards ensuring balanced and productive human resource base for the company as well as recommending methods for building and developing employee potentials in line with company policy. The members are:

  1. Chief F. Majekodunmi
  2. Ms. T. Ibru
  3. Engr. R. Sirajo
  4. Dr. J. Nnamani

Corporate Governance Committee: This committee's brief is essentially geared towards the application of the Nigerian Code of Best Practices to the structure and operations of the company with a view to ensuring compliance with internationally accepted guidelines, practices and norms of corporate conduct. The members are:

  1. Chief F. Majekodunmi
  2. Ms. T. Ibru
  3. Engr. R. Sirajo

Audit Committee: In accordance with the provision of section 359(3) of the companies and Allied Matters Acts, CAP.C20, Laws of the Federation of Nigeria, 2004, the Audit Committee comprises three directors (two of whom are Non-Executive Directors) and three shareholders. It is chaired by a member representing the shareholders and has meetings during the year. The committee in the conduct of its affairs reviews the overall risk management and control system, financial reporting arrangements and standards of business conduct. It provides independent monitoring of internal control and the internal audit unit of Risk and Control department of the company. In performance of their duties, the members have direct access to the Internal Audit Department and the External Auditors. The members are:

  1. Mr. A.K. Taiwo
  2. Chief T.A. Adesiyan
  3. Mr. C. Achara
  4. Ms. T. Ibru
  5. Engr. R. Sirajo
  6. Mr. B. Dormoy