Does corporate governance improve energy information disclosure among Nigeria listed manufacturing firms?

This paper investigates the influence of corporate governance on  energy information disclosure. Board size, CEO duality,  institutional ownership, and foreign ownership are the measures of corporate governance used. A set of criteria derived from the Global Reporting Initiative is used to measure energy disclosure. An individual disclosure score is derived through content analysis of annual reports for a set of 60 manufacturing firms in Nigeria over 10 years, 2012-2021. Using a panel data regression model, we find that the presence of foreign ownership is the only determinant driving manufacturing firms to engage in energy disclosure behaviour. Energy disclosure is also more likely to be affected by factors unique to the company, such as firm size or whether or not it has been certified as meeting certain energy efficiency standards. Regulators should require manufacturing companies to include detailed financial and non-financial information on energy issues in their periodic report, and it should also place more emphasis on strengthening corporate governance, in order to improve energy disclosure.