INDUSTRIAL AND MEDICAL GASES NIGERIA PLC FINANCIAL REPORTING COUNCIL OF NIGERIA
(Federal Ministry of Industry, Trade & Investment)
TEMPLATE FOR REPORTING COMPLIANCE WITH THE NIGERIAN CODE OF CORPORATE GOVERNANCE 2018
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.
REPORT ON COMPLIANCE WITH THE NIGERIAN CODE OF CORPORATE GOVERNANCE 2018
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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.
Section B - General Information
S/No. | Items | Details |
i. | Company Name | INDUSTRIAL & MEDICAL GASES NIGERIA PLC |
ii. | Date of Incorporation | 12TH NOVEMBER 1959 |
iii. | RC Number | RC 2035 |
iv. | License Number | |
v. | Company Physical Address | PLOTS 1-3, BLOCK H, APAPA-OSHODI |
EXPRESSWAY, OSHODI, LAGOS | ||
vi. | Company Website Address | https://www.img-ng.com |
vii. | Financial Year End | 31ST DECEMBER |
viii. | Is the Company a part of a Group/Holding Company? | YES |
Yes/No | TY HOLDING LIMITED | |
If yes, please state the name of the Group/Holding | ||
Company | ||
ix. | Name and Address of Company Secretary | ADERONKE SEGUN-ALABI (MRS). |
x. | Name and Address of External Auditor(s) | DELOITTE & TOUCHE |
xi. | Name and Address of Registrar(s) | FIRST REGISTRARS & INVESTORS SERVICES |
xii. | Investor Relations Contact Person | ADESHINA ALAYAKI |
(E-mail and Phone No.) | adeshina.alayaki@img-ng.com | |
08022238613 | ||
xiii. | Name of the Governance Evaluation Consultant | NONE APPOINTED YET |
xiv. | Name of the Board Evaluation Consultant | HNC Professional Services |
REPORT ON COMPLIANCE WITH THE NIGERIAN CODE OF CORPORATE GOVERNANCE 2018
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Section C - Details of Board of the Company and Attendance at Meetings
1. Board Details:
S/No. | Names of Board Members | Designation | Gender | Date First Appointed/ | Remark |
(Chairman, MD, INED, NED, | Elected | ||||
ED) | |||||
1. | ALABI, ABIODUN OLABODE | CHAIRMAN | MALE | 14TH APRIL 2005 | DECEASED |
24th June | |||||
2022 | |||||
2. | ADO, AMINU | ACTING CHAIRMAN | MALE | Appointed as Director | Appointed |
26th January 2022 | as the | ||||
Acting | |||||
Chairman | |||||
7TH July | |||||
2022 | |||||
3 | OSENI, AYODEJI | MD | MALE | 15TH JUNE 2016 | |
4 | ALAYAKI, ADESHINA | ED | MALE | 9TH SEPTEMBER 2010 | |
5 | ADELEKE, ADEBAYO | NED | MALE | 15TH JUNE 2016 | |
6 | OYEDELE, OYENIYI | NED | MALE | 10TH MARCH 2016 | |
7 | DANJUMA ISHAYA | NED | MALE | 26TH JANUARY 2022 | |
8 | OLUWADEYI ADEBOLA | NED | FEMALE | 26TH JANUARY 2022 | |
9 | OJELADE FUNMILOLA | INED | FEMALE | 26TH JANUARY 2022 | |
REPORT ON COMPLIANCE WITH THE NIGERIAN CODE OF CORPORATE GOVERNANCE 2018
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2. Attendance at Board and Committee Meetings:
S/No. | Names of Board Members | No. of | No. of | Membership of | Designation | Number of Committee | Number of |
Board | Board | Board | (Member or | Meetings Held in the | Committee | ||
Meetings | Meetings | Committees | Chairman) | Reporting Year | Meetings | ||
Held in the | Attended | Attended in | |||||
Reporting | in the | the | |||||
Year | Reporting | Reporting | |||||
Year | Year | ||||||
1. | ALABI, ABIODUN OLABODE | 6 | 3 | BOARD | CHAIRMAN | 21 | NIL |
2. | AMINU, ADO | 6 | 5 | BOARD | ACTING | 21 | 8 while he |
CHAIRMAN | was a | ||||||
director | |||||||
AUDIT | MEMBER | 2 | |||||
GOVERNANCE | MEMBER | 4 | |||||
PROJECT | MEMBER | 2 | |||||
3. | OSENI, AYODEJI | 6 | 6 | BOARD | MEMBER | 21 | 14 |
4 | ALAYAKI, ADESHINA | 6 | 6 | BOARD | MEMBER | 21 | 14 |
5 | ADELEKE, ADEBAYO | 6 | 6 | BOARD | MEMBER | 21 | 16 |
AUDIT | MEMBER | 5 | 5 | ||||
RISK | CHAIRMAN | 4 | 4 | ||||
PROJECT | MEMBER | 5 | 5 | ||||
6 | OYEDELE, OYENIYI | 6 | 6 | BOARD | MEMBER | 21 | 15 |
GOVERNANCE | MEMBER | 6 | 5 | ||||
RISK | MEMBER | 4 | 3 | ||||
PROJECT | MEMBER | 5 | 4 | ||||
7. | DANJUMA ISHAYA | 6 | 6 | BOARD | MEMBER | 21 | 11 |
GOVERNANCE | MEMBER | 6 | 6 | ||||
PROJECT | CHAIRMAN | 5 | 5 | ||||
8. | OLUWADEYI ADEBOLA | 6 | 6 | BOARD | MEMBER | 21 | 14 |
AUDIT | MEMBER | 5 | 5 | ||||
RISK | MEMBER | 4 | 4 | ||||
PROJECT | MEMBER | 5 | 5 | ||||
REPORT ON COMPLIANCE WITH THE NIGERIAN CODE OF CORPORATE GOVERNANCE 2018
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S/No. | Names of Board Members | No. of | No. of | Membership of | Designation | Number of Committee | Number of |
Board | Board | Board | (Member or | Meetings Held in the | Committee | ||
Meetings | Meetings | Committees | Chairman) | Reporting Year | Meetings | ||
Held in the | Attended | Attended in | |||||
Reporting | in the | the | |||||
Year | Reporting | Reporting | |||||
Year | Year | ||||||
9. | OJELADE FUNMILOLA | 6 | 6 | BOARD | MEMBER | 21 | 15 |
GOVERNANCE | CHAIRMAN | 6 | 6 | ||||
RISK | MEMBER | 4 | 4 | ||||
PROJECT | MEMBER | 5 | 5 | ||||
Section D - Details of Senior Management of the Company | ||||
1. | Senior Management: | |||
S/No. | Names | Position Held | Gender | |
1 | OSENI, AYODEJI | MANAGING DIRECTOR | MALE | |
2 | ALAYAKI, ADESHINA | FINANCE DIRECTOR | MALE | |
3 | SEGUN-ALABI ADERONKE | HR MANAGER | FEMALE | |
4. | IROKO, PATRICK | OPERATIONS MANAGER | MALE | |
5 | AKINDURO, MICHAEL | SUPPLY CHAIN & DISTRIBUTION MANAGER | MALE | |
6 | ESINULO, MARTINS | REGIONAL MANAGER (NORTH/WEST) | MALE | |
7 | CHIGBOLU, CHARLES | REGIONAL MANAGER (SOUTH/EAST) | MALE | |
8 | ONAKOYA, WASIU | SAFETY, HEALTH, ENVIRONMENT & QUALITY | MALE | |
(SHEQ) MANAGER | ||||
REPORT ON COMPLIANCE WITH THE NIGERIAN CODE OF CORPORATE GOVERNANCE 2018
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Industrial and Medical Gases Nigeria plc published this content on 28 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 February 2023 18:57:06 UTC.
