NGX RegCo Urges Listed Companies to Follow Best Practices

The Nigerian Exchange Regulation (NGX RegCo) Limited has appealed to companies listed on the NGX Limited to endeavour to follow best practices and guidelines across every facet of their operations.

At a capacity-building training for sustainability reporting and Environmental, Social, and Governance (ESG) disclosures for listed corporates on Thursday, the chief executive of the regulatory arm of the exchange, Ms Tinuade Awe, said her organisation would continue to further drive compliance and proper governance in the Nigerian capital market.

The workshop was organised by the NGX through its X-Academy in partnership with NGX RegCo and Global Reporting Initiative (GRI).

The event was designed by the exchange to build the capacities of stakeholders in the capital market on the business case for sustainability integration, reporting and ESG disclosures based on updates made to the NGX Sustainability Disclosure Guidelines and the revised GRI Sustainability Reporting Standards and global trends.

It explored the values of sustainability integration to listed companies, investors, and other stakeholders; barriers to integration; the role of business and sustainability reporting in enabling development; regulatory requirements; and the principles/concepts of sustainability reporting.

Ms Awe, represented by the Head of Listings Regulation at NGX RegCo, Mr Godstime Iwenekhai, emphasised the importance of sustainability reporting following the NGX Sustainability Reporting Guidelines and complying with ESG standards.

“From the business perspective, companies are increasingly becoming aware of the benefits associated with incorporating ESG frameworks into business operations, including strengthening corporate reputation, mitigating operational risks, attracting sustainable investors, and generating long-term value.

"We already have companies listed on the Premium Board of NGX, among others, that are committed to consistent sustainability reporting and ESG compliance.

"At NGX Regulation, we continue to encourage listed companies to follow best practices and guidelines in every part of their business," she said. "This is part of our effort to further drive compliance and good governance in the Nigerian capital market."

On his part, the Director of GRI Africa, Mr Douglas Kativu, noted that the GRI Standards were designed to help companies better communicate their sustainability initiatives and activities.

He enlightened stakeholders on driving sustainable business growth whilst ensuring every aspect of their supply and value chains aligned with the Sustainable Development Goals and their reporting under the GRI standards and the NGX Sustainability Disclosure Guidelines.

Source: Business Post

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