posted October 6, 2023
Nigeria has become the first African country to adopt the International Sustainability Standards Board (ISSB).
The ISSB standards build significantly from existing reporting frameworks and standards.
At their core, the ISSB standards will enable investors and other capital market participants to make informed investment decisions by providing information about companies’ sustainability-related risks and opportunities.
This was disclosed by the Executive Secretary/CEO of the Financial Reporting Council ofNigeria (FRC) Ambassador Shuaibu Adamu Ahmed at the 2023 Annual Corporate Governance Conference.
Speaking under the theme “ESG and Corporate Governance: Aligning Strategies for Sustainable Success”, Amb. Ahmed, the guest Speaker, said that the world of corporate governance has undergone tremendous change due to the emergence of Environmental, Social, and Governance (ESG).
He stresses that with the ESG, the Corporate Governance world has now taking a look at issues of the environment, and labor, and has been reviewing social responsibility more seriously.
Furthermore, he disclosed that a road map for the implementation of ESG in the Nigeria public sector will soon be launched.
Another keynote speaker Dr. Jackie Chimhanzi, noted that human rights, labour, environment, and anti-corruption are problems associated with corporate governance, which ESG addresses together with the present-day challenges.
Earlier, the President of the Society for Corporate Governance Nigeria, Mr. Muhammed K. Ahmad stated that issues around environmental responsibility are no longer things of choice for corporate organizations because it affects them.
Other discussants at the event included Mark Hoffman, Mrs. Chioma Afe, Ngozi Edozien, and Adebayo Amzat.
The event had in attendance the Director General/ CEO of the Institute of Directors (IOD) Mr. Tijjani Borodo, together with Alhaji Garba Abubakar, and Mr Ibrahim Dasok Arabi, amongst others.