How Enterprise Value Creation Supports Sustainable Development - Prof Mervyn King

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Monday, May 24, 2021 / 2:48 PM / Ottoabasi Abasiekong for WebTV / Header Image Credit: Nam Economist


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Emphasis on Enterprise Value Creation is part of the critical elements organizations and corporations can leverage to achieve sustainability. Professor Mervyn E. King, SC the Chairman Emeritus of the International Integrated Reporting Council (IIRC) said this as the guest speaker at the 2021 Biennial Lecture of the Institute of Directors, Nigeria.


The lecture discussed the theme "Enterprise Value Creation" and was an opportunity for members of the Institute, stakeholders, and elder statesmen to gain insight into the dynamics of leadership, governance, and stability in organizations.


According to King, there has been an expeditious movement of corporate governance alongside the drive to achieve sustainable development goals (SDGs) within the corporate context of environment, social, and governance (ESG) principles.


Citing the 17th goal of the SDGs which emphasized "Collaboration", he acknowledged the fact that there has been an improvement in the level of collaboration amongst companies on ESG.


Speaking further he said the conscience of leaders is key to shaping the direction of a company, stressing the importance of leadership and governance.


"Quality governance on the sustainability of corporations & institutions is key. This calls for the harmonization of standards on corporate reporting" he observed.


He noted that financial reporting has become complicated and incomprehensible, which is the very reason why the establishment of the International Sustainability Standards Board (ISSB) is crucial.


Professor King asserted that "|Enterprise Value Creation" should be adopted as the driver of harmonized sustainability standards.


He added that "The drivers of connection between sustainability performance and financial risk and return. The two drivers have created a sense of urgency to establish an ISSB; as a stepping stone to a global comprehensive reporting system".


In his opening remarks the President and Chairman of Council of the Institute of Directors (IoD) Nigeria Chief Chris Okunowo, F.IoD said the 2021 biennial lecture focus on "Enterprise Value Creation" brought to the fore the need to understand the connection between financial reporting, resilience, and the society.


The IOD Nigeria President admitted that the COVID 19 pandemic exposed many leadership blind spots amidst the challenges of climate change, racial inequality, income disparity, and political inequality.


He believed "Enterprise Value Creation" was a huge guarantee for attaining sustainable development for organizations and society, stressing the importance of leaving a clean planet for future generations.


Watch Highlights of the 2021 IoD Nigeria Biennial Lecture

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