NSE Seeks 8 year Tenure For Investors Protection Fund Board Members

The Nigerian Stock Exchange, NSE, has proposed for an extension in the tenure of Board of Trustees of the Investors Protection Fund, IPF, to two terms of four years each.

The Exchange said the extension became necessary to allow for continuity in the Board, adding that the Securities and Exchange Commission, SEC has given a no objection to the proposal. Naira According to the Exchange, Rule 26.3 of the IPF Rules would be reviewed to enhance provisions for the governance and management of the Fund.

In a notification of amendment to the rules, the Exchange stated that though section 199(2) of the Investments and Securities Act, 2007 (ISA) provides for a tenure of four years for members of the Board of Trustees of the IPF, but it is silent on the re-appointment of Board of Trustees for another tenure. It said: “Following the reconstitution of the IPF in 2012, nine individuals were appointed to the IPF Board.

Photo Caption: NSE LOGO