• Thursday, February 29, 2024
businessday logo

BusinessDay

Xcellon Capital defies odds, admitted to UN Global Compact

Xcellon Capital defies odds, admitted to UN Global Compact

…As CEO pledges to keep firm on global best practices path

Nigeria is highly perceived as a corrupt country, ranking 150 out of 180, yet, a Nigerian company, Xcellon Capital, has been admitted into the highly respected UN Global Compact, a group that operates with clean methods.

Despite the pains of operating along those ethos in Nigeria, Xcellon Capital Advisors (XCA) said at the weekend it was pleased to announce its admission into the UNCG through a letter signed by the UN Secretary General, Antonio Gutierrez.

The Executive Chairman of XCA, Rivers-born Chamberlain Peterside, in a statement, stated that it has now been admitted into the global elite of corporate citizens that are bound by the ideals of pursuing sound corporate charter that encompass several key aspects.

Read also: Nigeria, other UN members call for “humanitarian truce” on Gaza resolution

Some of the aspects, according to the statement, include Sustainable Development Goals to drive business awareness and achieve long-term growth. Such companies around the world are said to be committed to abiding by operating principles that should help shape a better global environment.

The UN Global Corporate Compact is said to consist of over 17,000 companies around the world with 23,615 participants operating in 167 countries and 62 local networks. The group was created several years ago on the mandate of the General Secretary to help companies navigate the emerging complex operating ecosystem.

According to Peterside who was once the Rivers State Commissioner of Finance who pushed the state to many international ratings, the key guiding principles are: Human rights, Labour, Environment, and Anti-corruption. “It is expected that all companies admitted into this elite business group must make a commitment to not only abide by but implement such ethos in their business operations to help make the world a better place.

“Our participation in the UNGC will actively allow us undertake projects to advance the broader development goals of the United Nations, particularly the corporate action to achieve the 2030 Sustainable Development Goals such as: Gender Equality (equal representation), Finance

and Investment (Establish a corporate financing strategy that is linked to ESG investments and performance, and report on the amount and proportion of such ESG finance), and living wage (100 percent of employees across the organization earn a living wage by 2030).”

Participation and leadership across all levels of management by 2030, he explained, contribute to a just transition by taking concrete actions that address social impacts of climate change mitigation and adaptation measures, in partnership with actors such as with workers, unions, communities and suppliers and establish a corporate financing strategy that is linked to ESG compliant financing model, taking cognisance of Environment, Social and Governance factors.”

According to the Executive Chairman, “We welcome the admission and approval by the UN Secretary General, Antonio Gutierrez, and feel quite honored to be accorded such rare privilege. We consider ourselves truly outstanding and standing out in the midst of such an elite group of corporate entities around the world”.

Peterside expressed his company’s strong commitment to live and operate according to the philosophy espoused by the UN Global Compact.

Explaining the implication of the feat to BusinessDay, Peterside said their company would gain no direct financial reward from this membership. “However, its activities align with our corporate philosophy and values, which is to operate in a responsible manner with regard stakeholders interests based on the ESG principles.”

He further stated that Nigeria however would gain a lot when corporate entities commit to operate under sound principles as responsive and good corporate citizens.

He revealed that there are many notable corporations in Nigeria that committed and were admitted as members of the UN Global Compact, saying the NNPC PLC recently became a member and that Sahara Energy has been a long-standing member.

He went on: “Corporate ethics is a tough but necessary choice for business sustainability and committed to all stakeholders. We must take a stand to be different and fair in our operations to ensure that we sleep well at night with clear conscience, knowing that we are doing the right thing, even when no one is watching us.

Read also: Reps urge NNPC to revisit bioethanol project

“In the next 5 years, our company intends to embed in its operations the ‘Xcellon Principles’ which is an embodiment of our core values and the guiding mandates of the Global Compact. We will seek to maintain gender balance, implement financial advisory strategies that are in compliance with the Environmental, Social and Governance (ESG) regulations.

“We will also continuously offer educational, social and economic opportunities to members of the communities where we operate or citizens that are less privileged, without discrimination based on ethnicity, religion or other parochial considerations.”