Stakeholders in the economy have tasked organizations in the telecommunications (telecoms) and Oil and Gas sectors to embrace good sustainability practices by adopting the International Financial Reporting Standard, IFRS, International Sustainability Standards Board, ISSB, S1 and S2.
They took this position yesterday at a two days awareness workshop on the implementation of ISSB's IFRS S1 and S2 for Oil and Gas and Telecoms industries organized by Financial Reporting Council (FRC), Nigeria and Nigeria Integrated Reporting Council, NIRC in Lagos.
In his address, the Executive Secretary/Chief Executive Officer, FRC, Dr. Rabiu Olowo, said that the workshop was in furtherance of a resolve to ensure that oil & gas and telecoms institutions know their onions when it comes to sustainability reporting before the mandatory period.
Represented by the Coordinating Director of FRC, Dr. Iheanyi Anyahara added: "FRC will expect Best Practices in sustainability reporting such as accurate sustainability reports linking both financial performance reporting and sustainable practices performance; Materiality assessment, focusing on significant Economic, Social and Governance, ESG issues; Stakeholder engagement, involving customers, employees, and communities; Performance metrics and targets, tracking progress; And assurance and verification, ensuring report accuracy.
"I urge you to use this workshop to embrace sustainability reporting, leveraging global frameworks and local guidelines, to demonstrate your commitment to a sustainable future for Nigeria and the world.
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" Let us take advantage of this opportunity to shape the future of sustainability reporting and create long-term value for our organizations, stakeholders, and the environment."
In her remarks, member ISSB of IFRS Foundation, Dr. Ndidi Nnoli-Edozien mentioned that one of the biggest problem in Nigeria is energy and power noting that the Oil and Gas sector plays a critical role in making sure that the nation is moving towards a synonymous sources of energy and power for driving its economy.
She added: "The truth is if you are not thinking sustainability, not thinking resilience and alternative energy sources and non-renewal energy sources your access to capital is challenged and so this is one of the things that we really want to address".
On his part, the President of the Institute of Chartered Accountants of Nigeria, ICAN, Dr. Innocent Okwuosa noted that the adoption of ISSB's IFRS S1 and S2 would lead to business behaviour and boost capital".
