ICSAN Sector Governance study guide
ICSAN Sector Governance · Work through your exam, one topic at a time.
The ICSAN Sector Governance paper sits within the Institute of Chartered Secretaries and Administrators of Nigeria's examination structure, where governance is examined sector by sector rather than as one generic code. It suits people who already know basic company-secretarial mechanics and now need to reason about how governance is applied - and where it breaks down - in companies, listed entities, financial institutions, ministries and agencies, cooperatives and NGOs. The ICSAN Sector Governance study guide has 10 sections and about 2,712 words.
01Governance Frameworks, Codes and Regulation
This domain tests how Nigerian governance instruments fit together: statute, codes, regulator rules and company-level documents. Expect questions on the Nigerian Code of Corporate Governance (NCCG) 2018, issued by the Financial Reporting Council of Nigeria, and on sector codes.
292 words, about 1 min02Board Composition, Roles, Committees and Board Effectiveness
This domain examines board architecture: who sits on the board, how independence is determined, what the board reserves to itself, how committees work, and how effectiveness is evaluated. A unitary board typically mixes executive and non-executive directors.
292 words, about 1 min03Corporate Governance in the Private Sector: Companies, Listed Entities and Financial Services
This domain tests the governance chain from private companies to listed entities and regulated financial institutions. It covers directors’ duties, shareholder organs, market disclosure and prudential regulation.
278 words, about 1 min04Public Sector Governance: Ministries, Departments, Agencies and State-Owned Entities
This domain tests accountability in government. It covers the principal–agent chain between citizens, ministers, boards, accounting officers and SOE management, and the control statutes that constrain spending.
261 words, about 1 min05Risk Management, Internal Control, Audit and Compliance
This domain tests the control environment: how risk appetite is set, how controls are designed, and how internal audit, compliance and the audit committee provide independent assurance. The three lines model distinguishes management controls (first line), risk and compliance functions (second line) and internal audit (third line).
281 words, about 1 min06Governance of Not-for-Profits, NGOs, Cooperatives and the Third Sector
This domain tests governance where mission, donor trust and member ownership replace ordinary shareholder profit. It covers trustee duties, restricted funds, conflicts and cooperative principles.
281 words, about 1 min07Ethics, Integrity, Anti-Corruption and Whistleblowing
This domain tests ethical culture, bribery and corruption controls, conflicts of interest, gifts, facilitation payments and protected whistleblowing. Tone at the top matters: boards approve a code of conduct, model it, and require annual conflict declarations.
260 words, about 1 min08Stakeholder Engagement, Shareholder Rights and Board–Management Relations
This domain tests how the board accounts to shareholders and engages stakeholders, and where board oversight ends and management begins. Shareholders have rights to receive information, attend and vote at general meetings, appoint proxies, receive dividends when declared and challenge oppression of minorities.
261 words, about 1 min09Disclosure, Reporting and Transparency
This domain tests timely, accurate and balanced disclosure: annual reports, governance reports, related-party transactions, material board changes and inside information. Listed entities must disclose material information promptly under NGX and SEC rules.
235 words, about 1 min10Sector-Specific Governance: Family Businesses, SMEs, Oil and Gas, Telecommunications and Other Regulated Industries
This domain tests governance adaptation. The same principles apply, but ownership structure, size and regulator risk change the design.
271 words, about 1 min