GLOBALIZATION AND CONTEMPORARY PRACTICES IN CORPORATE GOVERNANCE: AN APPRAISAL
The era of information technology in which we live has turned the world into a global village. This encourages uniformity in the ways and practices of corporate governance. The concept of corporate governance has in recent times assumed global dimensions. This is made inevitable because of certain factors. The first is the present era of the giant public corporation with subsidiaries and off-shoots in various countries whose sheer size in terms of assets are larger than most nation-states. The second is that the corporate governance structure and practices of these companies must, of necessity be uniform and meet a minimum standard wherever the companies operate. These therefore dictate the need for certain measure of uniformity and consistency in corporate governance strategies and rules all over the globe. This work shall provide a framework for analyzing and understanding these trends. It shall offer a conceptualization of globalization that captures its historical process; its cross-disciplinary character, the distinction between types of globalization and the contrasting nature of its impact. The efficiency and accountability of the corporation is now a matter of both private and public interest and governance has thereby come to the forefront of the international agenda. This work therefore will attempt to exray the essence of “corporate governance”, its nature, framework and the impact of the concept of globalization in corporate governance. Necessary deductions and findings are hoped to be achieved which will assist in the improvement of the entire corporate governance framework in Nigeria in line with global trends. This work is arranged in seven parts. Chapter one presents details of the nature and scope of globalization, chapter two presents details of the meaning of corporate governance and its objectives, chapter three deals with the laws and institutions regulating corporate governance in Nigeria, whereas chapter four dwells on the impact of globalization on contemporary corporate governance practices, in chapter five the impact/effect of contemporary corporate governance practices to the Nigerian economy is discussed. Chapter six discusses the dilemma of globalization and the fear of local market. While chapter seven deals with the recommendation and conclusion.
The method adopted in this research consists of the examination of relevant textbooks, statutes, newspaper, articles, and the internet report, case law of courts both within and outside Nigeria, comparative analysis between the laws and institutions regulating corporate governance in Nigeria, United States, Brazil and other countries were equally focused upon in the cause of this research.