Institute of Chartered Secretaries and Administrators of Nigeria, ICSAN has resolved to propose a bill to the National Assembly that will require organisations to balance profit with environmental and social responsibility.
This is part of the resolutions of its one-day summit on ‘’Governance and Business Innovation in Contemporary Times’’ organised recently by the Lagos State Chapter of the institute in Lagos.
Over the years, environmental issues have taken centre stage globally with climate change, natural resource depletion, pollution and erosion prompting urgent calls for action.
Considering the dangers of environmental degradation, the summit demanded that organizations should align governance practices with Environmental Social and Governance, ESG, principles and sustainability goals.
Speakers at the forum emphasized the need for effective stakeholder communication and engagement to ensure sustainable business practices. They highlighted the significance of considering the people and planet in addition to profitability and the importance of proper structuring and execution of projects.
The role of government policies and tax incentives in encouraging companies to adopt sustainable and socially responsible business models was also discussed. It also resolved that organizations should embed sustainability across departments.
Read also: ICSAN president proffers ways to tackle unemployment, lingering minimum wage crisis
The summit also appealed to regulators to strengthen enforcement of corporate governance standards. The institute promised to provide more education on emerging corporate governance trends for members.
The meeting which had in attendance, corporate governance practitioners focused on the future of corporate governance, trends, insights, and strategies for businesses, with a particular emphasis on the importance of effective governance, talent retention, and cultural paradigms.
Discussants looked at emerging trends in corporate governance, including AI, executive compensation, board committee systems, succession planning, and risk management and underscored the importance of infrastructure investments in Nigeria and the role of communication strategies in ensuring transparency.
Speaking earlier, chairman of ICSAN Lagos state Chapter, Efosa Ewere said in today’s rapid evolving world, governance and innovation no longer exist in isolation, rather there is interplay that shapes, not only the resilience and success of organisations but also has a broader impact on the society.
Efosa reminded the audience that effective governance is the backbone of any successful organization as it provides the structure in which objectives are set, risks are managed and performance is monitored.
Stanley Jacobs, keynote lecturer challenged ICSAN members to sharpen their skills on the execution of environmental sustainability, and risk management. He said sustainability is a big issue and digitization is firmly tied to it. Company secretaries should champion this course.
He tasked secretaries to be aware of new technologies and be able to recommend the best tools.
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