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NIRC pushes governance performance through integrated reporting

By Victor Gbonegun
25 December 2019   |   4:13 am
The Nigerian Integrated Reporting Committee (NIRC), has said plans are underway to create awareness on the importance of integrated reporting by engaging critical stakeholders on how it would promote corporate governance performance in the country.

The Nigerian Integrated Reporting Committee (NIRC), has said plans are underway to create awareness on the importance of integrated reporting by engaging critical stakeholders on how it would promote corporate governance performance in the country.

Integrated reporting explains how an organisation creates value over time to benefit stakeholders, and shows how its business model interacts with the external environment including, financial, intellectual, relationship and natural capital and others.

NIRC, at its recent meeting in Lagos, identified three pillars pivotal to the adoption and development of integrated reporting. These include awareness/advocacy, engagement, and capacity building.

The Committee Chairman, Dr. Innocent Okwuosa, who gave an insight into the committee’s strategic action plan in a chat with journalists, explained that the three pillars have actionable programmes that have been further grouped into short, medium, and long-term plans.

Okwuosa, who is a Council member of the Institute of Chartered Accountants of Nigeria (ICAN), and a member of Africa Integrated Reporting Council (AIRC), further said awareness and advocacy programmes will see NIRC engaging with both private and public sectors in Nigeria, including listed companies and ministries, departments and agencies (MDAs).

He said, “NIRC will meet and address top management and policymakers of corporate reporting regulators like, Financial Reporting Council of Nigeria (FRCN), Securities and Exchange Commission (SEC), Nigerian Stock Exchange (NSE), Central Bank of Nigeria (CBN), National Insurance Commission (NAICOM), National Pension Commission (PenCom), Corporate Affairs Commission (CAC), Federal Inland Revenue Services (FIRS), Ministry of Finance, Accountant General Office, and Auditor General Office, among others.”

Okwuosa also revealed that the Committee would author two documents that will provide conceptual clarification of integrated thinking and reporting, and how organisations in Nigeria should approach it.

ICAN President, Nnamdi Okwuadogbo, inaugurated the NIRC in October, sequel to the approval granted by the Governing Council in 2018, to establish the Committee.