The Nigerian Stock Exchange (NSE) has removed NEM Insurance Plc, Continental Reinsurance Plc and Diamond Bank Plc, from its Corporate Governance (CG) index with effect from January 1, 2019.
The Corporate Governance index of the Nigerian Stock Exchange (NSE CG Index) was launched during the inaugural Corporate Governance Rating System (CGRS) certification ceremony held in Lagos on February 22, 2018,
In a press statement by the NSE, it explained that the Index Governance Committee of the Exchange (the Index Committee) resolved to remove NEM Insurance from the NSE CG Index following the suspension of the CGRS rating of the company by the Steering Board of the CGRS on November 19, 2018.
It added that in view of the recent governance issues with Diamond Bank, the Index Committee has decided to remove the Bank from the NSE CG Index. “The Index Committee also decided to remove Continental Reinsurance from the NSE CG Index following the company’s application to the Exchange to delist from the Daily Official List of the Exchange,” it stated.
The NSE CG Index tracks the performance of CGRS rated companies using their market capitalization, free float and corporate governance rating scores. The Index is reviewed on a bi-annual basis at which point other companies that have become CGRS rated in the interim may be added to the Index or companies that have had their ratings suspended or withdrawn may be removed.
The Index is expected to be an important tool for investors keen on investing in well governed companies as well as corporates eager to distinguish themselves on the ground of governance.
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