The Securities and Exchange Commission (SEC) has announced a plan to consider a gradual implementation of the global sustainability disclosure standards developed by the International Organisation of Securities Commission (IOSCO).
This was disclosed at the investors’ roundtable on the International Sustainability Standards Board (ISSB).
The Director General of SEC, Dr Emomotimi Agama, said that Nigeria, having participated in the taskforce that developed the standards, would continue to support the four pillars on which they were built.
Commending the ISSB framework, he emphasised that Nigeria would not just make an “alternative” to the standards but would adopt a carefully tailored approach.
To ensure a smooth and effective gradual implementation of the IOSCO sustainability standards, Agama explained methods that have been put in place.
“Capacity building, working with issuers, auditors, and preparers to ensure they understand and are ready for the new requirements; phased implementation, considering a graduated approach, perhaps beginning with larger, listed entities before expanding to others.
“Also, assurance framework developing a robust system for the verification of disclosures to guarantee their credibility; and alignment with local realities, as well as ensuring the global baseline is applied in a way that is appropriate and proportional for our market, while maintaining the core goal of global comparability,” he said
He noted that this method will help Nigeria effectively integrate the IOSCO sustainability standards while supporting the growth of a transparent and sustainable financial ecosystem. He stated that it has also transformed the ISSB from a promising new definitive global framework for sustainability disclosure.
