Lagos, Nigeria, March 5, 2024 — The UN Global Compact Network Nigeria today launched the Transformational Governance Corporate Toolkit, a comprehensive resource designed to empower businesses to embrace ethical, responsible, and impactful practices. The hybrid event, hosted with support from Oando PLC, brought together chief legal officers, sustainability heads, governance and compliance executives,and legal professionals from the private sector.
The toolkit was developed in collaboration with partner organisations across the world and the participating companies of the United Nations Global Compact Think Lab on Transformational Governance, including Oando PLC. In 2022, the Think Lab brought together 20 companies from 5 regions to shape and define thought leadership on key issues related to transformational governance, address key business challenges, identify policy advocacy opportunities, and scale up learnings through the networks of the UN Global Compact.
In her welcome remarks, Oluwasoromidayo George, Corporate Affairs and Sustainability Director Coca-Cola HBC and Chairperson, UN Global Compact Network Nigeria, asserted that ESG principles are no longer a trend but an imperative. “As stewards of Nigerian businesses, we must recognise that ESG is not a buzzword; it is our compass for sustainable growth.”.
Naomi Nwokolo, Executive Director, UN Global Compact Network Nigeria, emphasised that the toolkit aligned with SDG 16 (Peace, Justice, and Strong Institutions): “This tool equips companies to transform their governance not only internally but also within the communities they operate in. For us, strong corporate governance in Nigeria is vital for attracting investment and fostering sustainable economic growth.“
“The journey towards transformational governance is continuous, requiring commitment, collaboration, and ongoing evaluation,” said Ayotola Jagun, Chief Compliance Officer and Company Secretary, Oando Plc. & Board Member and Co-Thematic Lead, Anti-Corruption and Governance, UN Global Compact Network Nigeria. She further averred that both corporate and transformational governance play crucial roles in fostering accountability, transparency, and ethical business practices.
The event culminated in a group discussion moderated by Uto Ukpanah, Company Secretary, MTN Nigeria Plc, & Board Member and Co-Thematic Lead, Anti-Corruption and Governance, UN Global Compact Network Nigeria, giving participants the opportunity to address gaps, exchange insights, and explore innovative ideas regarding transformational governance (TG) and other environment, social, and governance (ESG) considerations in Nigeria.
The toolkit comes with a user-friendly online Transformational Governance Self-Assessment Tool, which provides a framework for companies to engage with and apply the principles of transformational governance. It also allows businesses to assess their baseline on the spectrum of transformational governance and identify key gaps in their current approach, mapped against relevant SDG 16 targets.
About United Nations Global Compact Network Nigeria
The UN Global Compact Network Nigeria is one of the 74 Local Networks (country offices) of the United Nations Global Compact, the world’s largest corporate sustainability initiative. Guided by The Ten Principles and the 17 SDGs, we support companies and stakeholders in understanding what responsible business means within a global and local context, and provide guidance to translate sustainability commitments into action. The UN Global Compact Network Nigeria stimulates and facilitates the creation of local connections and serves as a catalyst for companies and stakeholders to achieve Agenda 2030.
For more information, visit us at www.unglobalcompactng.org.
About the UN Global Compact
As a special initiative of the United Nations Secretary-General, the UN Global Compact is a call to companies worldwide to align their operations and strategies with Ten Principles in the areas of human rights, labour, environment and anti-corruption. Our ambition is to accelerate and scale the global collective impact of business by upholding the Ten Principles and delivering the Sustainable Development Goals through accountable companies and ecosystems that enable change. With more than 20,000 participating companies, 5 Regional Hubs, 62 Local Networks covering 67 countries and 15 Country Managers establishing Networks in 34 other countries, the UN Global Compact is the world’s largest corporate sustainability initiative — one Global Compact uniting business for a better world.