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ICMR INVESTITURE 2020

Seyi ICMR
The Institute of Capital Market Registrars on Thursday 20th of February 2020 had an event to inaugurate the new members and council of the Institute. Mr Bayo Olugbemi handed over the baton to Seyi Owoturo as the new Chairman, President of ICMR encouraging him to create further value by developing more opportunities in the Capital Market. The event was attended by the DG, Securities & Exchange Commission Ms, Mary Uduk, MD Nigerian Stock Exchange, Oscar N Onyeama, President NSE, Otunba Abimbola Ogunbanjo amongst other dignitaries

Seyi Owoturo Speech

Ladies and Gentlemen,

I would like to begin by expressing my sincere appreciation for the honor I have been given as President and Chairman of the Council of the Institute of Capital Market Registrars. Let me assure you, it is a role of utmost importance to me. I was informed that the theme for this occasion is: Service with integrity – A promise that must be kept.

I’ve been in the financial industry for over 20 years and have been privileged to witness monumental changes in the industry. The effect of Fintech on the way we manage our finances cannot be downplayed and the registrar business is one that has been influenced by the rise of financial technology.

Who is a registrar? A registrar is an institution that is responsible for keeping the records of holders of securities after an issuer offers securities to the public. They are an extension of a company secretary’s office, and the reason I say that is because company secretaries are often tasked with keeping a register of all shareholders, past and present, and their share holdings.

In a private company, the company secretary can handle this task, but once a company issues an Initial Public Offering (IPO), the registrars come into the picture. This is done for two specific reasons; Governance and Independence.

Registrars are expected to be independent bodies, carrying out their duties to their clients in an ethical manner. Fundamental to the work of a registrar is proper governance, and the core principles of our governance is accountability, responsibility and sensitivity to the interest of shareholders. Understanding the rules and regulations that guide the practice and ensuring transparency in our relationship with all stakeholders, because we are accountable to them.

The role of the registrar transcends record keeping, as we are the gatekeepers of governance, and the bedrock of governance is trust. Our clients expect us to carry out our duties with integrity, to provide excellent and innovative service to their shareholders, and depend on us to be up to date on the laws in our industry.

There are complexities in overseeing and managing a corporation’s business, coupled with the challenges from operational, regulatory and compliance perspectives. Regulatory bodies are constantly updating their laws, increasing the regulatory burdens imposed on public companies.

As you can imagine, the registers of these major companies are extensive, and the memberships keep changing as shares are bought and sold each day in the secondary market. We are all aware the world is going digital and everyday there is a technological invention designed to solve a problem and ease our lives as humans.

With the integration of technology into the finance industry, we stand the chance to improve the quality of service we provide for our clients and their shareholders. Some may then wonder, why should registrars continue existing in the presence of Fintech? And the answer to that question is simple, Governance.

How many of you watch football? Despite the implementation of VAR and other technologies in football, there is still an on-field referee. Why is that? It’s simply because of the complexity of the sport. And just like football the complex process required to manage the registrar of these companies cannot be handled by software and machines alone.

At this juncture it is integral to remind us that these advanced technological solutions are only there to ease the process, they are incapable of taking over the responsibility when it comes to ethics and governance. Machine Learning and Artificial Intelligence have not advanced enough to manage issues of complex human ethics and governance.

As incoming President and Chairman of the council, my main objective is to educate and inspire. To continue from where my predecessor Mr. Bayo Olugbemi stopped, ensuring that as registrars, we leave a positive mark in the minds of our various stakeholders. It is imperative we elevate our thinking and our mindset. That we put the right structures in place to properly situate responsibility in order to ensure we deliver the trust expectation of stakeholders. To carry out our duties in a satisfactory manner whilst remaining within the boundaries of the Law.

How do we do this? Through innovation and strategy. Innovation is the creation of new value and strategy is configuring resources in a unique way to develop and deliver that value. As a leader, you are better prepared when both innovation and strategy are combined into a competitive advantage.

The world is changing, and we must change with it. We must therefore continuously ask ourselves ‘What is the best possible way to achieve our objectives whilst maintaining our integrity?’

It has been a pleasure to have addressed the people in this room today. It is indeed a special day, and I would like to take this opportunity to thank everyone who made it possible. Thank you.
The Institute of Capital Market Registrars on Thursday 20th of February 2020 had an event to inaugurate the new members and council of the Institute. Mr Bayo Olugbemi handed over the baton to Seyi Owoturo as the new Chairman, President of ICMR encouraging him to create further value by developing more opportunities in the Capital Market. The event was attended by the DG, Securities & Exchange Commission Ms, Mary Uduk, MD Nigerian Stock Exchange, Oscar N Onyeama, President NSE, Otunba Abimbola Ogunbanjo amongst other dignitaries

Seyi Owoturo Speech

Ladies and Gentlemen,

I would like to begin by expressing my sincere appreciation for the honor I have been given as President and Chairman of the Council of the Institute of Capital Market Registrars. Let me assure you, it is a role of utmost importance to me. I was informed that the theme for this occasion is: Service with integrity – A promise that must be kept.

I’ve been in the financial industry for over 20 years and have been privileged to witness monumental changes in the industry. The effect of Fintech on the way we manage our finances cannot be downplayed and the registrar business is one that has been influenced by the rise of financial technology.

Who is a registrar? A registrar is an institution that is responsible for keeping the records of holders of securities after an issuer offers securities to the public. They are an extension of a company secretary’s office, and the reason I say that is because company secretaries are often tasked with keeping a register of all shareholders, past and present, and their share holdings.

In a private company, the company secretary can handle this task, but once a company issues an Initial Public Offering (IPO), the registrars come into the picture. This is done for two specific reasons; Governance and Independence.

Registrars are expected to be independent bodies, carrying out their duties to their clients in an ethical manner. Fundamental to the work of a registrar is proper governance, and the core principles of our governance is accountability, responsibility and sensitivity to the interest of shareholders. Understanding the rules and regulations that guide the practice and ensuring transparency in our relationship with all stakeholders, because we are accountable to them.

The role of the registrar transcends record keeping, as we are the gatekeepers of governance, and the bedrock of governance is trust. Our clients expect us to carry out our duties with integrity, to provide excellent and innovative service to their shareholders, and depend on us to be up to date on the laws in our industry.

There are complexities in overseeing and managing a corporation’s business, coupled with the challenges from operational, regulatory and compliance perspectives. Regulatory bodies are constantly updating their laws, increasing the regulatory burdens imposed on public companies.

As you can imagine, the registers of these major companies are extensive, and the memberships keep changing as shares are bought and sold each day in the secondary market. We are all aware the world is going digital and everyday there is a technological invention designed to solve a problem and ease our lives as humans.

With the integration of technology into the finance industry, we stand the chance to improve the quality of service we provide for our clients and their shareholders. Some may then wonder, why should registrars continue existing in the presence of Fintech? And the answer to that question is simple, Governance.

How many of you watch football? Despite the implementation of VAR and other technologies in football, there is still an on-field referee. Why is that? It’s simply because of the complexity of the sport. And just like football the complex process required to manage the registrar of these companies cannot be handled by software and machines alone.

At this juncture it is integral to remind us that these advanced technological solutions are only there to ease the process, they are incapable of taking over the responsibility when it comes to ethics and governance. Machine Learning and Artificial Intelligence have not advanced enough to manage issues of complex human ethics and governance.

As incoming President and Chairman of the council, my main objective is to educate and inspire. To continue from where my predecessor Mr. Bayo Olugbemi stopped, ensuring that as registrars, we leave a positive mark in the minds of our various stakeholders. It is imperative we elevate our thinking and our mindset. That we put the right structures in place to properly situate responsibility in order to ensure we deliver the trust expectation of stakeholders. To carry out our duties in a satisfactory manner whilst remaining within the boundaries of the Law.

How do we do this? Through innovation and strategy. Innovation is the creation of new value and strategy is configuring resources in a unique way to develop and deliver that value. As a leader, you are better prepared when both innovation and strategy are combined into a competitive advantage.

The world is changing, and we must change with it. We must therefore continuously ask ourselves ‘What is the best possible way to achieve our objectives whilst maintaining our integrity?’

It has been a pleasure to have addressed the people in this room today. It is indeed a special day, and I would like to take this opportunity to thank everyone who made it possible. Thank you.

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