Corporate Governance Disclosure in the Nigerian Insurance Industry 2016 - 2021

This paper examined the corporate governance practices of listed Nigerian insurance companies. Given the ongoing interest in corporate governance, the paper sought to establish if there is significant improvement in the adoption of the Nigerian Code of Corporate Governance 2018 recommended corporate governance practices between 2016 and 2021. The paper examined the literature surrounding corporate disclosure, using the classical corporate governance theories of agency, stakeholder, and legitimacy theory. The study utilised the Corporate Governance Index based on information in the final annual accounts of 15 insurance companies over six years. Even though there are areas where additional effort is required to surpass the average calculated industry performance of 71%, a significant level of improvement in adoption and disclosure of recommended practices among the various companies was observed. This study has implications for participants in the insurance industry because it reveals the state of corporate governance performance and improvement opportunities.