Nestle MD advocates strong governance for organisational growth

The Managing Director, Nestlé Nigeria Plc, Mr. Dharnesh Gordhon, has stressed the importance of strong and effective governance for the growth and success of companies.

Gordhon said this in Lagos on Monday when he led members of the company’s management on a courtesy visit to the Nigerian Stock Exchange.

He explained that the company was taking good governance seriously as it works to achieve its goals, which revolve around creating long-term value and ensuring strong returns on investments.

The visit was Gordhon’s first to the Exchange since he succeeded Martin Woolnough, who retired from the company in May this year, as MD.

He told stockbrokers on the floor of the Exchange that under his leadership, the objectives of the company included creating employment, having sustainable economic model and ensuring a viable and responsible production process.

He added that in addition to effective governance, the company was also working to sustain its growth as that was vital to its quest to create value for stakeholders.

He said, “Our proven ability to bring innovative products and services to our consumers allows us to deliver in the short term while at the same time, we create the right conditions for continued success over the long term.

“That will be the basis of our solid results in 2013 and, I am convinced of our success in 2014 and beyond.”

The Chief Executive Officer, NSE, Mr. Oscar Onyema, who welcomed the team to the Exchange, commended the company for being consistent over the years in terms of performance and good fundamentals.

According to him, these factors played a significant role in helping the company to sustain its share price over time.

Onyema, however, urged the company to work more closely with the Exchange and to participate in its programmes.

Stressing that the capital market was driven by information, he urged the Nestlé management to come and present its ‘Facts behind the figures’ to capital market operators and other stakeholders.

Nestlé Nigeria had declared a profit after tax of N17.1bn for the nine-month period ended September 30, 2013; representing an 11.1 per cent rise on the N15.3bn it declared in the corresponding period of 2012.

The company also declared a 12.2 per cent rise in revenue, and 11.5 per cent rise in profit before tax for the third quarter of 2013.

Its shares, however, fell by 0.25 per cent or N3 on Monday to close at N1.197 per share.

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