By Doris Obinna
Exciting investor and stakeholder engagement opportunities await organisations and professionals keen on leveraging the sustainability performance of businesses.
However, as calls for increased transparency in performance and impact measurement heightened, Nigeria has adopted the IFRS Sustainability Disclosure Standards, IFRS S1 and S2.
The Lagos Business School (LBS) Sustainability Centre on Thursday, February 1, 2024 hosted an Executive Meeting on Corporate Sustainability themed ‘Collaborating in the Changing Reporting Landscape.’
An engagement for business executives and sustainability practitioners to understand the demands of this changing landscape, collaborate for more robust reporting, deploy responsible business practices and avoid green washing.
Speaking, Director, Financial Reporting Council of Nigeria, Dr Iheanyi Anyahara, walked attendees through the evolution of sustainability reporting in Nigeria and the globe, citing the needs that prompted it in the first instance.
He said: “CSR reports put together by companies were never standardised, hence, the need for standardised ESG reporting.
“Sustainability brings about innovation which in turn accelerates development. Little wonder, investors and stakeholders rely on accurate and transparent sustainability reporting to unlock capital, attract Foreign Direct Investment (FDI) and implement FEC 2010 directives.”
Associate Director, PwC Nigeria, Marilyn Obaisa-Osula, gave sustainability insights for organisations and individuals who seek to get it right by ticking the right boxes for performance measurement of impact across critical materialities and metrics.
She said: “The aim of sustainability is to drive value. Sustainability reporting offers a genuine competitive advantage, and businesses that take the time to learn about and implement sustainability reporting now, will be well-placed to succeed in the long term ahead of compliance and regulations.
“We must look at the opportunities sustainability provides through a local lens, and oftentimes, when we do, they become adopted as globally accepted frameworks. Sustainability does not wipe out profit but tells you to look at your business growth beyond profit. Accountants now see sustainability and understand it because they see the opportunity in it and the funds that can be unlocked from it.”
Director, Climate Change & Sustainability, Ernst & Young, Eunice Sampson, made the session impactful by facilitating the question and answer session. She harped on the need for practitioners to stay ahead of regulation by being up to date with new requirements and trends in the industry to keep their organisations afloat.
“Businesses mostly fail not because of financial issues but because of ESG issues. They lose reputational capital; they lose customer base, and many other things, etc which ultimately lead to business failure. Financial failure is a symptom.
“Ethics, integrity, accountability and transparency are all governance issues in sustainability. You must have your business case for sustainability,” she added.
Former Managing Director, Nigeria Liquefied Natural Gas (NLNG), Dr Godwin Ihetu, also gave his remarks, highlighting the importance of sustainability in the oil and gas sector, and its intersection and interconnectedness with climate change and energy transitions.
While, Research Affiliate at the LBS Sustainability Centre, Jonathan Ikeolumba, compeered the event, Senior Associate, LBS Sustainability Centre, Theresa Akpoveso, gave the vote of thanks.