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CORPORATE GOVERNANCE

The global financial system is recovering from one of the most difficult periods in history. It is widely believed that some of these negative occurrences could have been averted if boards were a little more “hands-on” and better structured than they were.

 

As a result, a greater emphasis is being placed on the corporate governance in financial institutions as well as other industries, in order to revitalize economies across the globe and position companies for long-term and sustainable growth.

 

The board of SCMC is populated by highly qualified individuals that understand the importance of corporate governance and has made significant efforts to put structures in place to help ensure adherence to strict corporate governance guidelines with a view to transforming SCMC into the pre-eminent financial services group in Nigeria.

 

Board Composition

 

The Board is populated by individuals who have accomplished success in their professions and business and have the right kind of professional qualifications and experience. The members of the Board are individuals that do not hold multiple directorships in other companies which could potentially affect their independence, objectivity, judgement and ability to discharge their responsibilities to the Board and the company.

 

The Board of Directors is be led by the Chairman, whose role is distinguished from that of the Chief Executive.  The Board is made up of one executive director, two non-executive directors and one independent director. The membership of the Board would be a minimum of four (4) and a maximum of ten (10) members.

 

Corporate Governance Structures

 

Below is the corporate governance structures which we believe are essential and have been instituted.  These are outlined below:

 

A corporate government code has been subscribed to by all directors;

• Implementation of strong policies and good corporate governance values in line with what obtains at world class institutions;

• Provision of risk and risk management systems to protect and maximize shareholder wealth;

• Monitoring the effectiveness and adequacy of the internal and external control systems;

• Overseeing the information and communication network between SCMC and its stakeholders;

• Overseeing the implementation of succession and conflict of interest management policies;

• Ensuring periodic peer review of performance and compensation of the Board,

• Ensuring the existence of an annual evaluation process of members of Board to be monitored by the Chairman and discussed openly at Board Meetings;

• Protecting the integrity of financial reporting and maintenance of best ethical standards; and

• Ensuring compliance with the laws of the Federal Republic of Nigeria.

 

We have the following board committees, each be chaired by a non-executive director:

 

• Remuneration, Performance Evaluation and General Purpose Committee

• Audit Committee

• Investment, Risk management and Technology Committee.

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    INVESTMENT MANAGEMENT

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    INVESTMENT BANKING

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    SECURITIES

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