• Thursday, April 18, 2024
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UN unveils new toolkit for businesses

UN unveils new toolkit for businesses

The United Nations (UN) Global Compact Network Nigeria has launched the Transformational Governance Corporate Toolkit, a comprehensive resource designed to empower businesses to embrace ethical, responsible, and impactful practices.

The toolkit was developed in collaboration with partner organisations across the world and the participating companies of the UN Global Compact Think Lab on transformational governance.

In 2022, the Think Lab brought together 20 companies from five regions to shape and define thought leadership on key issues related to transformational governance, address key business challenges, identify policy advocacy opportunities, and scale up learnings through the networks of the UN Global Compact.

Oluwasoromidayo George, director, corporate affairs and sustainability, Coca-Cola HBC and Chairperson, UN Global Compact Network Nigeria, said that ESG principles are no longer a trend but an imperative.

“As stewards of Nigerian businesses, we must recognise that ESG is not a buzzword; it is our compass for sustainable growth,” she said.

Naomi Nwokolo, executive director, UN Global Compact Network Nigeria, said that the toolkit aligned with SDG 16 (Peace, Justice, and Strong Institutions).

“This tool equips companies to transform their governance not only internally but also within the communities they operate in,” Nwokolo said.

Ayotola Jagun, chief compliance officer and company secretary, Oando Plc, said that strong corporate governance is vital for attracting investment and fostering sustainable economic growth.

“The journey towards transformational governance is continuous, requiring commitment, collaboration, and ongoing evaluation,” said Jagun, who is also a board member and co-thematic lead, anti-corruption and governance, UN Global Compact Network Nigeria.

She said further that both corporate and transformational governance play crucial roles in fostering accountability, transparency, and ethical business practices.

The toolkit comes with a user-friendly online transformational governance self-assessment tool, which provides a framework for companies to engage with and apply the principles of transformational governance.