The Convention on Business Integrity (CBi), in partnership with the Nigerian Stock Exchange (NSE) has established a Corporate Governance Rating System (CGRS) for listed companies in Nigeria. Membership is open to companies listed on the NSE. The current membership base spans:

• Financial institutions
• Multinational companies operating in Nigeria
• Local companies and business associations

The CGRS works towards the following objectives:

• Elevate existing corporate governance and corporate integrity practices in Nigeria, thus improving the overall perception and trust in the Nigerian capital market and business practices.
• Bring both integrity and transparency into the listed companies through the rating and ranking of the most compliant companies.
• Provide companies with an incentive to develop better governance practices.
• Provide an opportunity for companies to differentiate themselves in the marketplace.
• The ratings form part of the criteria for being listed on a Premium Board and Corporate Governance Index.

It scores companies on their compliance with various governance indicators from local and international standards organised along the following themes:

• Business Ethics & Anti-Corruption
• Transparency & Disclosure
• Stakeholder & Shareholder Rights
• Board Structure & Responsibilities
• Internal & External Audit & Control