ABSTRACT
Undoubtedly, the corporation has become one of the most powerful forces in twentieth century economies. It is both a method of property tenure and a means of organizing economic life. The corporation’s separation of ownership into component parts, control and beneficial ownership has brought into sharp focus the fundamental divergence between shareholder and management interests. With sole proprietorships, the owners are usually the same people who manage and operate the business. But in large companies, corporate officers manage the business on behalf of the owners. This separation of ownership and control creates a potential conflict of interests. In particular, managers may care about their salaries, fringe benefits, or the size of their offices and support staff; or perhaps even the overall size of the business they are running, more than they care about the shareholders’ profits. This agency problem caused by the separation of ownership and control has long been a great concern globally. This is particularly so in the wake of mass corporate scandals witnessed in the past couple of years. Just like any other country, Nigeria has faced the same problem. In Nigeria, the Companies and Allied Matters Act, Cap. C20, LFN, 2004, was enacted as the principal statute regulating the formation and management of companies. The central tenets of the Act have been accountability, efficiency and objectivity on the part of management. However, cracks are visible in many areas of the Act with gross attendant consequences for directors. It is found out that the exercise of the powers as conferred by the Act on the directors to direct and manage the business of the company is vulnerable to abuse. This is particularly the case when directors are partially permitted to deal in contracts with their own companies. There is therefore the need for amendment of the Act. This study examines the relevant provisions of the Companies and Allied Matters Act, 2004 as well as the two Codes of Corporate Governance for public companies in Nigeria using doctrinal method. The objective is to ensure that there is corporate accountability.
Abstract
Let Xn = { } 1,2,…,n be a finite n -element set and let Sn An and Dn , be the Symmetric, Alternating and Dihedral groups...
ABSTRACT
This study was carried out to examine the role of mediation in the Russian- Ukraine ...
Abstract
The need to focus on corporate governance has increased particularly in the wake of economic collapse and fina...
BACKGROUND TO THE STUDY
Labour is one of the vital resources required for high level productivity at bo...
ABSTRACT
This study was conducted to find out the social factors affecting effective teaching and learning in senior sec...
Abstract
This study assessed challenges faced by retirees in accessing pension fund in Nigeria: It was conducted in Abeokuta South LGA. M...
ABSTRACT
This research work is to find out the effects of manpower training on organizational development. The evolution...
Background of study
Gender and inequality have a complicated relationship. Gender norms throughout soci...
ABSTRACT
The study examined the influence of the “Not too Young to Run” campaign on Instagr...
BACKGROUND OF THE STUDY
Academics and practitioners have been striving to establish and agreed upon definitions of the c...