The Governance Platform has launched a roadmap to guide organisations in integrating sustainability into their operations, aligning with the outcomes of COP28.
The roadmap is based on insights from the book “Sustainability and COP28: What It Means for Boards,” co-authored by Professor Fabian Ajogwu, SAN, and Dr Onajite Newton.
The roadmap was unveiled during a recent executive breakfast session in Lagos, where the book was launched.
C-level executives from various multinationals and local corporations attended the event, engaging with the co-authors to gain valuable insights on enhancing sustainability awareness within their companies.
The co-authors emphasised the need for customised approaches to sustainability, balancing the 3Ps of people, profit, and performance, and establishing metrics for success.
They also addressed concerns about the perceived financial burden of adopting environmentally friendly business practices, highlighting the long-term benefits and investor preference for sustainable companies.
The President of the Society of Corporate Governance, Mallam M.K. Ahmad, presented the book, emphasising the need for directors to internalise the concept of sustainability and its implementation in their organizations.
According to Ajogwu, inculcating sustainability into the operations of companies necessitates customised approaches, as there is no universal solution for organizations.
He noted: “For a company to be sustainable, close attention needs to be paid to the industry they operate in, how they need to survive the environment, and changes they need to make.
Boards need to be more aggressive in taking their agenda and particularizing it in the sectors they work in and to sustain the purpose for which the entity was set up.”
Newton stated that she was motivated to write the book in order to change people’s mindset about sustainability.
He stated that educating the mindset of boards by prompting them to evaluate their current positions and chart a clear pathway to achieving sustainability in their business operations was integral to the book’s development.
Newton emphasised the importance of assisting boards in establishing metrics for success as a crucial aspect discussed in the book.
“Materiality assessment is extremely crucial when transitioning into a sustainability-focused organisation as there is no one-size-fits-all approach to it. As the first step, materiality assessment helps engage all stakeholders within an organisation to better understand where they see the company and acquire the key steps that need to be taken,” Newton added.
