5.4 Objective 4: Ensure that corporations treat all their stakeholders (Shareholders, Employees, Communities, Suppliers and Consumers) in a fair and just manner. 5.4.1 Under this objective, the Federal Government of Nigeria undertook the following Activities: Establishment of Shareholders Associations: In order to encourage public participation in the ownership of public corporations, and to ensure that Nigerians have representation and a voice in the running of the affairs of firms in which they invested, government facilitated the establishment of many shareholders associations. Initially, the associations were funded from interests earned on deposits of shares pending allotment but now, they are funded by the Nigerian Stock Exchange through a per capita levy placed on quoted companies. These levies are determined by the SEC and NSE based on the number of shareholders in each company. Presently, a number of independent shareholders associations have emerged as a function of location and focus, and have registered with the CAC. This shows that Nigerian investors are no longer interested in the economic values of their shares only, but also in the right which share ownership gives them to influence corporate strategy and management. 5.4.2 The increase in shareholders activism and the increased number of vocal shareholders associations are testimonies of the Companies and Allied Matters Act (CAMA) 2004 provisions in the encouragement and protection of shareholders’ interests. The shareholders’ associations have been active in educating and enlightening their members on their rights and responsibilities, promoting solidarity among shareholders, and stimulating interest in the activities of their companies. Numerous court cases have been initiated by shareholders as a result of discontent arising from actions of Board of Directors. 5.4.3 CAMA also protects minority shareholders from oppressive conduct of a majority shareholder. Generally, voting in Nigerian corporations is governed by 79