As the world is becoming more Sustainability/ ESG conscious, the ability of an organisation to imbibe Sustainability/ ESG culture and practices in its operations is key for brand growth and reputation amongst other benefits. As the expectations on corporate responsibility increase, and as transparency becomes more prevalent, companies are recognising the need to act by integrating Sustainability/ ESG in their strategy. Professional communication and good intentions are no longer enough. A well-defined and authentic corporate purpose is no longer an optional extra, it is a business essential.
In Nigeria, the Securities and Exchange Commission (SEC) approved Nigerian Stock Exchange’s Sustainability/ ESG Disclosure in November 2018, for listed companies. The guidelines include a stepped approach to integrating Sustainability/ ESG into organisations, indicators to be considered for annual disclosure and relevant timelines. The guidelines further made Sustainability/ ESG reporting mandatory for companies listed on the Premium Board of the Exchange with an overall deadline of September 2020 depending various year ends of these companies. In the same light, the Financial Reporting Council (FRC) of Nigeria released the Nigerian Code of Corporate Governance (‘the Code”) on January 15, 2019.
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