The Chartered Institute of Stockbrokers (CIS) has inaugurated a committee on Code of Ethics and Standard of Professional Conduct to strengthen professionalism amongst its members, as well as enhance relationship management with investors, according Mr Olatunde Amolegbe, the Institute’s President.
In a statement made available to the News Agency of Nigeria (NAN) on Monday, in Lagos, Amolegbe said that the committee, which comprises eight members, was established to specifically restore confidence in the capital market.
“The committee has been asked to play a major role in the development of the capital market. The outcome of the activities of the committee, in particular, will go a long way in restoring investors’ confidence in the market”, he said.
He added that it was also inaugurated to review the existing code of ethics, which had been operational for ten years, and to update it in line with the present realities in the global financial market.
“The present code of ethics was instituted about 10 years ago. Our hope is that the committee will be able to bring those codes to the 21st Century for us and our members to work with.
“Beyond that, we shall put in place a programme that will enable us renew the rules and codes on a more regular and proper basis,” Amolegbe said.
The CIS president described the committee’s members as professionals, charging them to leverage their education, experience and professionalism, to produce a revamped ethical codes for the institute, that would be based on its business model, and guided by its core value of integrity.
“Stockbrokers need to be guided especially in the aspects of the code of ethics and standard of operations because they will be judged by the ethical standard of their operations.
“We realise that things are changing and new events are arising. This requires that some of these programmes are looked into for necessary changes”, Amolegbe said.
Mr Ariyo Olushekun, Chairman of the committee, said the ethical code was indeed due for renewal, considering the current realities in the capital market ecosystem, as well as for CIS to operate in line with global best practices.
“The committee will look at the current Code of Ethics and make changes and also add new codes based on the committee members’ knowledge, experiences and the record of the institute’s operations.
“We shall work to get all of them updated to serve the institute and members in the future,” Olushekun added.
The committee included, Mr Ariyo Olushekun, Chairman, Mr Jude Chiemeka, Vice Chairman, Alhaji Isyaku Tilde, Prof. Helen Andow, Dr Tayo Bello, Mr Mai Moustapha Muhammed, Mr Olasunkanmi Iranloye with Mr Adedeji Ajadi as its Secretary. (NAN)