SYPNOPSIS ON IOD NIGERIA – AFRIKAIROS WORKSHOP
STAKEHOLDERS’ WORKSHOP ON OPERATIONALIZING SUSTAINABILITY & CIRCULAR ECONOMY: MEASURING, MONITORING, REPORTING, IMPACT INVESTING, ESG RATINGS.
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A sustainability report provides information on an organization’s health, including economic, environmental, and social performance against set guidelines or an established framework. Over the past few decades, business performance is increasingly being approached from a multi-dimensional perspective. This is because a pro-active corporate sustainability reporting system for assessing the performance of an organization should address impacts within and beyond the organization on stakeholders, including the host community, supply chain actors and resulting or associated impacts on people, planet and profits.
The reporting of the business implication of climate change in sustainability reporting becomes even more significant as we celebrate Earth day on April 22nd. The potential financial implications of climate change are receiving increasing attention and recognition, with investors and other stakeholders encouraging companies to identify, assess and report publicly on the financial implications of climate change on their businesses
This is evident in numerous forums and initiatives, for example the Carbon Disclosure Project (CDP) and Institutional Investor Group on Climate Change (IIGCC) and other initiatives of the World Economic Forum (WEF). With the Increasing public awareness and concern, taking action on climate change is also starting to become a reputational and strategic issue for companies. This requires organizations to be intentional about ensuring the Sustainability reporting is all encompassing. Approaches to be explored include the SevenPillars® to prepare corporates for integrated reporting/ESG Ratings.
In other words, sustainability reporting is an instrument capable of helping companies become aware of their strengths and weaknesses, better manage corporate risk, improve regulatory compliance, innovate and identify potential synergies and interdependencies across their value chain and supply chain.
The Nigerian Corporate Governance Code includes a comprehensive section on sustainability, and requires that Boards “establish policies and practices regarding its social, ethical, safety, working conditions, health and environmental responsibilities as well as policies addressing corruption.” Boards are also responsible to monitor the implementation of these policies. Sustainability also takes the form of “ESG Ratings”, “Circular Economy Initiatives” and “Integrated Reports”, which introduce environmental, social and governance KPIs to enhance the positive impact that companies have on society. This also feeds into an ongoing research study for SBI Africa, UoE.
Specifically, the Institute of Directors Nigeria and Afrikairos have been involved in advocating for the adoption of sustainability reporting, and the operationalization of sustainability across business functions, as a core part of the tenets for good corporate governance. This quest inspired this webinar.
To summarize: with sustainability becoming more institutionalized as part of the corporate governance best practices, and with the IoD Nigeria having a significant role to play to raise awareness and build the capacity of its members and non-members to set high standards for sustainability governance in Nigeria, the Institute has partnered with Afrikairos GmbH, supported by Circular Economy Innovation Partnership (CEIP) and Growing Businesses Foundation (GBF), to bring together corporate Nigeria and relevant regulators in a half-day stakeholder workshop. Our aim is to provide insight into global trends, variances in levels of adoption, brainstorm on strategies to incorporate SMEs, guage levels of corporate interest and capability within corporate organizations and draw on the insights of academia and regulators operating in this space. This webinar introduces a range of perspectives on sustainability, circular economy, ESG Ratings and Integrated Reporting and also paves the way for a series of future workshops to be delivered by IOD and Afrikairos in Q3, 2021.
- To introduce, identify global trends and emphasize the importance of sustainability reporting, circular economy, integrated reporting and ESG Ratings to Nigerian corporates and corporate governance.
- To provide tools for directors to meet their sustainability responsibilities
- To explore how sustainability reporting can be useful to build organizational resilience
- To gain insight on the requirements and benefits of sustainability reporting
- To understand the level of adoption of sustainability reporting by stakeholders in Nigeria
- To gain insight on board practice of sustainability reporting: lessons from domestic and international perspectives
- To be able to apply concepts of sustainable reporting to address sustainability challenges in organisations
- To be able to identify, act on, and evaluate professional and personal actions with the knowledge and appreciation of interconnections among economic, environmental, and social perspectives
- To have a deeper understanding of social responsibility and impact, both as directors and citizens
- To be able to embrace and improve sustainability and business performance
- To be able to motivate and engage directors and management towards adopting sustainability reporting and ESG Ratings
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The Finance Act 2020: The Good, The Better and All in-between
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