Despite global developments that have influenced corporate governance practices and the rise of governance professionals, a significant deficit persists, according to the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN).
The institute pointed out that Nigeria, as an oil-rich country, was grappling with environmental devastation in its oil-bearing communities. According to it, there are widespread human rights abuses, social inequality, corrupt practices, gender imbalance, and systematic discrimination against the physically challenged.
An adjunct professor at the University of Ibadan, Bayo Adaralegbe, said this at the ICSAN members summit in Lagos, where he spoke on ‘Unlocking Opportunities for Governance Professionals’.
Going down memory lane, he stressed the global developments that have influenced corporate governance practices and the emergence of the governance professional, emphasizing corporate sustainability.
However, despite being global, he said there is a huge deficit in Nigeria that makes their services necessary. He said there are also business failures, and despite a perpetual life, businesses hardly survive the lifespan of their promoters.
Still on the opportunities, the don said that with more foreign direct investment (FDI) needed in the country, institutional investors are attentive to the ESG compliance of the company that they propose to invest in.
Adaralegbe, who is also a Partner of Babalakin and Co., said the challenges present huge opportunities for the institute because the area is new, evolving, and essential even as companies want to be seen to be compliant not only for the optics and perception but because it is a requirement for reporting and allows investment.
He also mentioned that it was an opportunity because the institute’s governance professionals are well equipped with the right skill set, even as the area is quite vast.
He said corporate sustainability rests on three pillars – Environmental, Social, and Economic by creating long-term value for shareholders, ensuring financial stability, and promoting responsible business practices.
While he spoke on companies’ governance compliance in Nigeria, Adaralegbe stressed the inherent opportunities for governance professionals such as ICSAN. To take full advantage of the opportunities, the don said they must be conscious of the fact that the profession is universal while its job description covers both the traditional role of interface between board and shareholders that includes governance.
President and Chairman of Council, ICSAN, Funmi Ekundayo, enthused that with the institute’s advocacy groups, members were making waves across boards and in different sectors of the economy.
In the corporate governance space, she said there are many opportunities inherent for members to latch on to, urging them to continue to upgrade their skills even in emerging areas, especially as the institute is on the verge of changing its name to offer more fields of practice and product offerings for members.
The ICSAN boss said the summit, among other programmes, has continued to sustain the institute’s reputation as a beacon of light on governance matters, pledging the institute’s commitment to continue to engage members on quality value propositions through symbiotic gestures.
