Quote:
Originally Posted by hispy99
I think they have become a big nuisance in many cases and instead of pursuing the interest of shareholders, they pursue the interest of the promoters of the association
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Yes, they can be. We all remember the antics of Sunny Nwosu and Boniface Okezie in the aftermath of the removal of the indicted CEOs and subsequent nationalisation of the banks. Of course, their actions were not helpful. However, it is not SEC's duties to determine who is "fit and proper" to lead/run or otherwise constitute a lobby group. CAC is vested with the authority to register companies, associations, special interest groups etc. CAC should decide this not SEC. SEC is "a government agency mandated to regulate and develop the Nigerian capital market". Any attempt to regulate or otherwise influence the activities of shareholder groups is uncalled for. Lest we forget, shareholder activism led by the late Asalu has had a positive impact on governance in listed companies.
SEC should instead focus on compliance with its directives on "unpublished price sensitive information", for example.
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hispy99
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