EXPLORATION OF CORPORATE GOVERNANCE: EVIDENCE FROM THE NIGERIAN CONTRIBUTORY PENSION INDUSTRY
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Date
2022
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Publisher
Department of Finance, University of Ilorin
Abstract
Despite the documented mixed impact of corporate governance on firms’ financial and non financial objectives, a considerable body of empirical findings, across sectors and countries, still
indicate that corporate governance impacts the achievement of the firms’ objectives. Yet, there
seems to be a limited insights about how corporate governance mechanisms facilitate the
achievement of the firms’ objectives. Therefore, this study explores how corporate governance
facilitate the achievement of the objectives of the contributory pension scheme in Nigeria. Nine in depth, one-on-one semi-structured interviews were conducted with managers and assistant
managers of contributory pension scheme operators in Nigerian. From the thematic analysis of the
interview transcripts, emergent themes revealed that corporate governance codes issued by the
National Pension Commission have facilitated the achievement of the contributory pension
scheme objectives by enforcing responsibility, protection of fund, competence, and due diligence
among the contributory pension scheme operators. Thus, the study recommended that the National
Pension Commission should constantly keep improving the corporate governance mechanisms of
the Nigerian contributory pension industry to ensure the operators render proper stewardship on
the pension funds in their care in the interest of various stakeholders.