Borodo charges directors to integrate ESG into boardroom operation
26 September 2023 |
3:38 am
The President of the Chartered Institute of Directors Nigeria (CIoD), Tijjani Borodo, has charged directors to incorporate Environmental, Social and Governance (ESG) principles into their various boardrooms,
The President of the Chartered Institute of Directors Nigeria (CIoD), Tijjani Borodo, has charged directors to incorporate Environmental, Social and Governance (ESG) principles into their various boardrooms,
He argued that this serves as a strategy to drive sustainable growth. He stated this at the institute’s new members’ induction in Lagos with the theme: ‘Driving Sustainable Growth: Integrating ESG Principles into Boardroom Strategies’.
He urged that the move was paramount, especially now that there has been an increasing emphasis on the adoption and implementation of ESG sustainability principles globally, by companies to drive growth and ensure long-term business success.
He said the world has faced many environmental challenges, such as climate changes resulting in many variants of weather abnormalities, which have been directly connected to industrialisation and pollution.
According to him, governance issues, such as corruption and corporate transparency are under greater scrutiny than ever before, hence the importance of ensuring good corporate governance as a sustainability principle.
The CIoD chief said that a well-structured ESG framework could assess the performance of an organisation, especially, considering such factors as the impact on the environment, the society and the way they are run and managed.
Similarly, he said there is an increasing awareness of the importance of social issues such as gender inequality and inclusiveness, among others, which have a direct impact on social sustainability principles.
In her presentation, Board Member, the International Financial Reporting Standards (IFRS), Ndidi Nnoli-Edozien, said corporate organisations and even the government needed to integrate ESG in their businesses to drive economic growth.
Noting that the incorporation of the International Sustainability Standards Board (ISSB) standards was a critical part of governance, she said the ISSB standards are designed to ensure that companies provide sustainability-related information alongside financial statements—in the same reporting package.
She said ISSB standards could deliver for investors and financial markets to contribute to long-term financial stability.
According to her, a company’s ability to deliver financial value for investors was inextricably linked to the stakeholders with whom it works and serves, the society in which it operates and the natural resources upon which it draws.
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