The Chief Executive Officer of NGX Regulation Limited, Ms Tinuade Awe, said there is a need for corporate bodies to adopt robust procedures to report on their environmental and social impact.
A statement said she spoke at a webinar hosted by the Corporate Secretaries International Association to explore how companies and organizations could take a comprehensive, 360-degree approach to market disclosure.
It focuses on how businesses can comply with regulations and standards. The theme of the program was “Unlocking ESG for Boards, from Strategy to Disclosure”.
Speaking on the importance of measuring and reporting sustainability performance for businesses, Awe said: “Our world today faces major sustainability challenges, including inequality, overpopulation , climate change and several environmental risks.
“By recognizing that capital allocation has a real impact on the environment and society as a whole, investors can reap sustainable long-term investment decisions through investments in ESG-themed investments.
“Furthermore, adopting an ESG lens in our approach to investing is essential for investors to identify companies that implement a forward-looking approach to manage long-term risks and capitalize on opportunities that ensure long-term economic, environmental and social responsibility.”
Awe encouraged companies to adopt best practices in their ESG disclosure by ensuring that their sustainability reports contain relevant sustainability information that is relevant to their stakeholders.
In recommending critical disclosures that should be included in a sustainability report, she said: “Historically, sustainability reporting has covered a company’s approach to managing the triple bottom line of people, profit and planet. . However, the information contained in sustainability reports has evolved over the years to meet the needs of a wide range of stakeholders.
“When publishing their sustainability reports, companies should consider a number of relevant information, including materiality, sustainability risks and opportunities, as well as a detailed explanation how companies manage risks and exploit opportunities.
“In addition, a sustainability report should include information about how sustainability is governed by the board, senior management, and designated managers responsible for managing the organization’s impact.”
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