The Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) has pledged to support the initiatives and blueprint of Financial Reporting Council of Nigeria (FRC) geared towards promoting sustainability reporting framework in Nigeria.
The institute’s honorary Financial Treasurer, Mr Francis Olawale, gave the assurance in an interview with the News Agency of Nigeria (NAN) on Friday in Lagos.
Olawale stated that the pledge for support was in reaction to the FRC’s newly unveiled blueprint under the current administration of its current Chief Executive Officer, Dr Rabiu Olowo.
NAN reports that Olowo, at a stakeholders forum, presented a “Renewed Hope for a Stronger Economy” blueprint aimed at ensuring credibility of financial statements and providing assurance for investors.
The ICSAN treasurer said the move also by the FRC to unveil a code of corporate governance for the Public Sector and the Not-For-Profit Organisations in the first quarter of 2024 was commendable.
He assured of ICSAN’s unwavering support for the council’s initiatives, saying the Institute as a leading voice in corporate governance, was ready to offer any support required in that area.
“ICSAN is willing to support in the designing of templates for sustainability reporting and development of framework to infuse sustainability reporting into the current reports rendered to the council.
“Beyond the technical capacity to prepare credible financial statements by those who prepare it, compliance with proper filing requirements will always be a function of the tone from the top in every entity.
“Boards must provide necessary behavioural and ethical leadership to ensure compliance with codes and regulations, hence the need to conduct board and corporate governance evaluation and file appropriately,” he said.
Olawale added that ICSAN was willing to provide support in improving the existing filing framework while collaborating in the areas of capacity building.
He said the initiative of stakeholders’ engagement by the FRC would foster healthy relationship between the council and stakeholders.
“However, there’s need to commit ample time for awareness and sensitisation of stakeholders before commencement,” he said.
Source: News Agency of Nigeria