At Ikeja Electric Plc, our actions and interactions with our consumers, customers, employees, government officials, suppliers, shareholders and other stakeholders reflect our values, beliefs and principles. We understand that good corporate governance is fundamental to earning the trust of our stakeholders, which is critical to sustaining the organisation’s success and preserving shareholder value. In line with this philosophy, the Board is committed to adopting sound corporate governance practices. The Company’s governance framework enables the board to fulfil its role of providing oversight and strategic direction in balance with its responsibility to ensure compliance with regulatory requirements and acceptable risk tolerance parameters.
Codes and Regulations
Compliance with all applicable legislation, regulations, standards and codes is an essential characteristic of our organizational culture. The Board monitors compliance with these by means of management reports, which include information on any significant interaction with key stakeholders including the Company’s regulatory stakeholders. As a licensed electricity distributor, Ikeja Electric complies with the Regulations, Codes and Standards guiding its operations as well as the principles set out in the National Code of Corporate Governance and international best practices as a public company. The Company applies the Code’s principles of transparency, integrity and accountability and adopts the other principles as appropriate and proportionate for a company of its size and nature. The policies and procedures adopted by the Board and applicable to the Company’s businesses are documented in mandates, which also set out the roles and delegated authorities applying to the Board, Board Committees, and the Executive Management.
Our business is highly regulated and we pride ourselves as leading our peers in the Nigerian Electricity Supply Industry (NESI) in this regard. In addition to compliance with all regulations at standards often above the minimum legal or regulatory requirements, we are committed to conducting business in line with best practices, applicable laws and regulations in Nigeria and in line with the requirements of the Nigerian Electricity Regulatory Commission as well as the National Code of Corporate Governance.
Corporate Governance Business Principles
People
> We treat people with fairness, respect and decency.
> We help employees to develop their potential
Conduct
> We comply with legal, regulatory and licence requirements.
Society
> We support human rights within our areas of influence.
Environment
> We go beyond compliance with local environmental regulations to meet internationally acceptable best practice.
Policies and Guidelines
These consist of guidelines regarding expected standards of employee behaviour and cover issues such as whistleblowing, anti-bribery, handling conflicts of interest, confidentiality and compliance with privacy laws and other regulatory requirements.
Sustainability Reporting
As a part of our commitment to sustainable growth, in 2016,we launched our maiden sustainability report.
For IE, the report represents a milestone in our journey towards transformation of the Nigeria’s largest distribution company. It reflects our economic, social and environmental activities from January 1 to December 31, 2015. However, references are made to activities from November 2013, in order to provide an accurate image of the journey post-privatization.
It is a reflection of our activities since takeover, a celebration of our success and recognition of areas where we could have performed better. In addition to reflecting our focus on improving performance as an organization, it also represents our commitment to transparency, for the benefit of our key stakeholders.
The intended audience for this report are stakeholders such as our shareholders, customers, employees, suppliers, government and regulatory organizations. These stakeholders are directly and indirectly impacted by the activities of the organization.
Please click here to read a copy of the report.