Implementation of the SEC Code of Corporate Governance and Firm Transparency in Listed Consumer Goods Companies

This study investigates the implementation of the Securities and Exchange Commission's Code of Corporate Governance and its effect on firm transparency in listed consumer goods companies in Nigeria. The SEC code, last significantly revised to align with the National Code of Corporate Governance 2018, prescribes detailed obligations for boards, audit committees, and disclosure practices. Consumer goods companies, operating in a competitive and consumer-facing market environment, are expected to maintain high levels of transparency to sustain investor confidence and brand trust. Drawing on legitimacy theory and the governance compliance literature, this study evaluates the gap between code prescription and actual transparency practice in ten listed consumer goods companies over four years. Transparency is measured using a composite index encompassing financial disclosure completeness, governance report quality, and environmental and social disclosures. Content analysis of annual reports is supplemented by structured questionnaires administered to twenty audit partners with relevant sector experience. The study anticipates moderate to high compliance with financial disclosure requirements but lower compliance in governance narrative and ESG disclosure categories. Findings will assist the SEC, listed company boards, and audit firms in prioritising disclosure improvement areas. Keywords: SEC governance code, corporate governance, firm transparency, consumer goods, listed companies.