Governance experts have urged young directors on the adoption of sustainability reporting framework to enhance business trustworthiness, drive organizational transparency and attract potential investors.
They spoke at the Chartered Institute of Directors (CIoD) Young Directors Forum Conference in Lagos with the theme: “Building a Sustainable Business: The Place of Sustainability Reporting”.
Mrs Omobolanle Victor-Laniyan, the Head, Group Sustainability, Access Holdings Plc, noted that sustainability reporting was not a paperwork exercise but the backbone of sustainable businesses.
“It is a dynamic and evolving process that reflects an organization’s commitment to the world it inhabits, and an acknowledgment of the responsibility it holds,” she said.
Victor-Laniyan added that navigating the intricate landscape of sustainability reporting helps business emerge stronger, more responsible, and better prepared for the future.
“Sustainability reporting is a blueprint for a better future as it is our way of saying, “Yes, we’re in this for the long run, and we’re doing our part for the planet and society.
“Sustainability reporting is a vital tool for fostering transparency and accountability within an organisation as it provides stakeholders with a clear and comprehensive account of the organisation’s performance.
“By openly sharing data and progress, businesses demonstrate their commitment to being responsible stewards of the environment, society, and governance.
“Businesses must hence begin to foster a corporate culture that values sustainability and integrates it into the core of the business,” she said.
Alhaji Tijjani Borodo, the President, CIoD, said the place of sustainability reporting had become crucial to tracking and communicating the environmental, social, and governance performance of organizations.
Borodo explained that sustainability reporting was the practice of disclosing and measuring an organization’s impact on society and the environment, along with its efforts to mitigate negative impacts and promote positive change.
He urged the young directors to take advantage of the many available sustainability reporting framework to drive organizational goals.
Borodo restated the commitment of the institute to strengthening and expanding the reach of the young directors in the much needed grounding in corporate governance practice.
“The CIoD young directors represents a vibrant network of emerging leaders who aspire to be leaders that will shape the corporate world landscape and contribute meaningfully to society.
“The institute aspires to raise generations of successful young directors who will, in turn, mentor and guide others through a well-structured coaching and mentoring system.
“We believe in the power of knowledge and experience sharing, which is why we foster strong peer networks among our members across various industries.
“This interaction will facilitate the exchange of ideas and the development of initiatives that push the boundaries of business and leadership,” he said.
Mrs Folasade Akinmusire, Chairperson, YDF, said the theme was important because it addressed the current economic hardship and the unfavorable business climate ravaging small businesses in the country.
She said directors would be equipped with the required strategies to ensure their businesses take advantage of the benefits imbedded in sustainability reporting for organizational growth, relevance and continued existence in the future.
