Corporate Governance Codes and Board Independence: Compliance Assessment of Listed Firms in Ogun State

This study assesses the level of compliance with corporate governance codes regarding board independence among listed firms operating in Ogun State, Nigeria. Board independence is considered a cornerstone of effective governance, with independent non-executive directors expected to provide objective oversight of management activities. The Financial Reporting Council of Nigeria's revised governance code emphasises the importance of board independence, yet compliance levels across listed companies remain inconsistent. The study employs a descriptive research design and relies on content analysis of corporate governance reports embedded in annual statements of twenty-five listed firms with significant presence in Ogun State, covering a three-year period. An independence compliance index is constructed based on criteria derived from the FRC governance code. Descriptive statistics and frequency distributions are used to present compliance levels across firm categories. The study anticipates significant variation in compliance, with financial sector firms demonstrating higher adherence compared to industrial and agricultural sector companies. Findings will inform the Financial Reporting Council of Nigeria, the Securities and Exchange Commission, and company secretaries on areas requiring enhanced regulatory focus. This research contributes to the South West geopolitical zone's governance compliance literature and provides a baseline for future longitudinal compliance studies. Keywords: corporate governance codes, board independence, compliance, listed firms, Ogun State.