The Executive Secretary/Chief Executive Officer of Financial Reporting Council of Nigeria (FRC), Rabiu Olowo, has enjoined operators in the oil and gas and telecommunications industries to embrace sustainability reporting as way to demonstrate their commitment toward responsible corporate principles, sustainable practices, risk management and sustainable finance opportunities.
Olowo made this call yesterday in Lagos during the “Awareness Workshop on the Implementation of ISSB’s IFRS S1& S2 for Oil and Gas/Telecommunications Industries.”
According to him, sustainability reporting is the practice of organisations disclosing their environmental, social, and governance (ESG) performance and impacts caused by their everyday activities.
He said: “It is a disclosure to the various stakeholders on the impact of action taken in the present has upon the options that are available in the future. For oil & gas and telecoms institutions, sustainability reporting is crucial as it enables them to demonstrate their commitment towards responsible corporate principles, sustainable practices, risk management and sustainable finance opportunities.
“Globally, sustainability reporting is crucial for the oil and gas industry as it faces increasing pressure to address environmental and social concerns.”
