Here’s a quick rundown of what’s making headlines:
- Beyond Profit: Union Bank MD emphasizes directors’ role in sustainable growth.
- Ethical Governance: Sound governance is key to profitability.
- CSR is Vital: Companies should dedicate a portion of earnings to Corporate Social Responsibility.
- ESG Integration: Directors urged to integrate Environmental, Social, and Governance (ESG) considerations.
- New Members: Chartered Institute of Directors (CIoD) inducts 210 new members.
The New Role of Directors: More Than Just Bean Counters
Mrs. Yetunde Oni didn’t mince words at the Chartered Institute of Directors (CIoD) New Members Induction Dinner in Lagos. She stressed that directors aren’t just guardians of financial success anymore. They’re the masterminds behind sustainable growth. It’s all about creating value that extends far beyond the bottom line.
“Directors are no longer just custodians of financial success but architects of sustainable growth which translates to looking beyond profit,” she declared. That’s right, folks! It’s time to ditch the short-sighted thinking and embrace a more holistic approach.
Building a Foundation for the Future
So, what’s the secret sauce for sustainable growth? According to Mrs. Oni, it’s all about:
- Solid Structures and Policies: Building frameworks that can withstand the test of time.
- Continuous Learning: Staying ahead of the curve and adapting to changing times.
- Corporate Social Responsibility (CSR): Investing in initiatives that benefit the community.
She emphasized that CSR isn’t just a cost; it’s an investment in the future. It’s about planting seeds that will blossom into long-term benefits for both the company and society.
CIoD’s Vision for the Future
Alhaji Tijjani Borodo, President of CIoD, echoed Mrs. Oni’s sentiments. He highlighted the importance of excellence in leadership and corporate governance. He noted that 2025 is a pivotal year for the institute as they implement changes outlined in the CIoD Nigeria Establishment Act of 2023.
“Directors play a pivotal role in driving sustainable organisational growth by actively integrating Environmental, Social, and Governance (ESG) considerations into strategic decision-making,” Borodo explained. It’s about creating long-term value for everyone involved – employees, customers, communities, and the planet.
ESG: The New Buzzword in Corporate Governance
You might be wondering, what exactly is ESG? It stands for Environmental, Social, and Governance. These are the three pillars that companies are increasingly using to measure their ethical impact and societal contributions.
- Environmental: Reducing carbon footprint, conserving resources, and promoting sustainable practices.
- Social: Ensuring fair labor practices, promoting diversity and inclusion, and supporting community development.
- Governance: Implementing transparent and ethical business practices, ensuring accountability, and promoting responsible leadership.
210 New Members Join the Ranks
The CIoD inducted 210 new members at the event, all of whom share a passion for promoting excellence in leadership and corporate governance. These individuals are ready to take on the challenge of building a more sustainable and responsible future for Nigerian businesses.