The Financial Transparency Ranking and Awards ranks quoted companies based on the level of financial disclosure in their published annual reports.
Currently, the FTRA has separate indices for banks and non banks with a separate index for ranking the insurance sector still being worked out.
For banks, the FTRA will cover governance and risk management disclosure in their financial statements.The governance section covers the following items: Board Matters, Remuneration Matters, Accountability and Audit matters.
Ranking for quoted companies based on the level of financial disclosure and transparency in their published annual reports will improve the contents of annual reports in Nigeria.
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Source Capital, one of Nigeria's leading research and financial advisory firms and BusinessDAY, Nigeria's leading business paper have concluded a set of indices for analyzing and ranking transparency.
Nigerian banks and other quoted firms are to be ranked based on the level of financial disclosure and transparency in their published annual reports.
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