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April 21, 2024
You are currently viewing Stakeholders advocate strategic approach for good governance, conducive business environment

Stakeholders advocate strategic approach for good governance, conducive business environment

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By Fortune Abang

Stakeholders in good governance have called for a strategic approach to creating an atmosphere conducive for businesses to thrive in Nigeria.

The stakeholders made the call during the official virtual launch of the transformational governance corporate toolkit with support from Oando Plc.

One of the stakeholders, Ms. Naomi Nwokolo, the Executive-Director of United Nations Global Compact Network Nigeria (UNGC-NN), said the call for a strategic approach was mainly because “the world is changing rapidly and how corporations operate needs to change too.”

Nwokolo noted that adherence to regulations is not enough, as businesses are expected to operate ethically, act responsibly, and contribute to the long-term sustainability of society.

According to her, the 2023 Sustainable Competitiveness Report ranked Nigeria 161st in Global Governance, saying effective corporate governance is not just an option, but a necessity for achieving the SDGs.

“The transformational governance self-assessment tool was designed to empower companies to evaluate their operations, identify areas of improvement, supply chains, stakeholders engagement and drive positive societal change.

“This tool equips companies to transform their operations within communities, Therefore a strategic corporate approach to governance is vital for attracting investment and fostering sustainable economic growth.

“Regulations mandating human rights due diligence are raising the standards, but due diligence must also consider political and geopolitical risks to support transformative governance.

“Transformational governance is not just about meeting legal requirements, it is about embracing principles. It is about accountability, ethics, inclusivity, and transparency.

“It challenges companies to look beyond internal operations, considering the broader impact on society, by aligning with SDG-16, centered on `Peace, Justice, and Strong Institutions’, to build a more peaceful, and a prosperous future,” Nwokolo said.

Corporate Affairs Mrs. Oluwasoromidayo George, Sustainability Director Coca-Cola HBC, and Chairperson UN Global Compact Network Nigeria, described the toolkit as a pivotal resource for reshaping the global business landscape.

According to George, the toolkit can be instrumental to ethical leadership and responsible business conduct.

“Our collective presence here underscores our shared commitment to shaping a new era of responsible business conduct, transparency, and ethical leadership.

“In today’s dynamic world, corporate governance is evolving rapidly, with stakeholders demanding transparency, accountability, and sustainability.

“Nigeria, with its vibrant private sector and ambitious economic goals, must prioritize strong governance to attract investment and foster innovation,” she said.

The News Agency of Nigeria (NAN) reports that the UNGC-NN is one of the 74 Local Networks country offices of the UN Global Compact. It is the world’s largest corporate sustainability initiative. (NAN) www.nannews.ng

Edited by Emmanuel Yashim

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