1. The position of Chief Executive Officer and Chairman of the Company’s Board of Directors should not be occupied by one individual.
2. Ensure that there is tenure of office for Chief Executive Officer to prevent self perpetuation.
3. Every company should be headed by an effective Board of Directors.
4. There should be formal, rigorous and transparent procedure for the appointment of new directors to the Board.
5. All directors should be submitted for re-election at regular intervals subject to continued satisfactory performance.
6. No individual should hold unduly large number of shares. The percentage should be pegged.
7. The relationship between internal and external auditors should be formal and transparent to prevent compromised financial practices leading to ‘book cooking’.
8. In the preparation of financial records, up-to-date accounting standard must be consistently applied.
9. The rules of corporate democracy and corporate sovereignty should always be observed in reaching corporate decisions.
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