Wednesday, October 05, 2021 / 12:12 PM /Ottoabasi Abasiekong for WebTV / Header Image Credit: WebTV 

At the 2021 Annual Society for Corporate Governance Nigeria conference,stakeholders believed the nation had a lot to gain from fully adopting the newInternational Corporate Governance Network (ICGN) principles and theemerging trends in the environment, society, and governance (ESG), diversityand digital transformation.

Theapproach covers the sustainability of organizations, the efficiency of theboards, strategic operations, viability of corporations, and improvedstakeholder relations, which will positively impact the economy.

Givinghis opening remarks, Mr. Muhammad K. Ahmad, OON, President of the Society forCorporate Governance Nigeria (SCGN), said the theme "Emerging Trends inCorporate Governance" was appropriate and timely as it provided an opportunityfor stakeholders to discuss issues like ESG, regulations diversity and digitaltransformation is shaping businesses.

Hesaid the SCGN was committed to improving corporate governance practice acrosscorporations and companies in Nigeria, including critical sectors of theeconomy.

Deliveringthe keynote address, Ms. Kerrie Waring, CEO ICGN, London, said there had beensignificant changes to the components of corporate governance, from leadership,diversity, evaluation, activities of the boards, capital allocation, taxavoidance, audit and shareholder participation.

Shecalled on companies to have a clear purpose, which will guide the discussionsand engagement with key stakeholders across all sectors.

KerrieWaring also made a strong case for effective risk oversight covering ecologicalissues, social inequality and digital transformation.

Sheadded that proper sustainability governance is a must-have for companies,organizations and institutions in the country.

Atthe panel session moderated by Mr. Olufemi Shobanjo, Head, Broker-Dealer, NGXRegulation Limited, his contribution said the capital market had witnessed 4issuances of the green bond. The transactions in the green bond market,according to him, accrued to N40bn.

Henoted that the green financing market has been very competitive while theSecurities and Exchange Commission, SEC has issued sustainable guidelines forquoted companies.

Inthe opinion of Ms. Rose Lumumba, a Corporate Governance Specialist,International Finance Corporation (IFC), companies must map stakeholders totheir operations.

Lumumbaalso stressed the need for companies to understand and explore how to managethe interests of government, employees and other stakeholders in the industry.

Sheadvised companies to be proactive in engaging with the government andregulators in policies and fiscal issues like tax.

Ms.Rukaiya El-Rufai, a Partner with PWC Nigeria, re-emphasized the need forcompanies, corporations and organizations to prioritize people, the planet andprosperity.

The PwC expert believed that companies need an effective corporategovernance strategy to create value in the market and economy and achievesustainability in their operations.

She also described the International Corporate Governance Network, ICGNprinciples as robust enough for companies to adopt for societal and companyvalue.

All the panellists at the conference agreed that investments inEnvironment, Society and Governance (ESG) were critical for corporations andsociety.

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