Nigeria’s Vice President, Prof Yemi Osinbajo, has charged corporate leaders on the adoption and entrenchment of high ethical standards and good governance to engender business sustainability.
Osinbajo gave the charge at the Institute of Directors (IoD) 2020 Annual Directors’ Conference which was held both physically and virtually on Tuesday in Lagos.
The Conference had as its theme:” Business Ethics, Leadership and Sustainability as New Frontiers of Corporate Governance.”
Osinbajo said that good ethical behaviour, especially by those in positions of leadership, remained an indispensable factor for organisational success.
According to the Vice-President, organisations with good corporate governance maintenance culture and great stakeholder’s relationship will enjoy the unflinching support of stakeholders and organisational prosperity.
He stressed the need for corporate organisations to be socially responsible and environmental friendly.
“Corporate organisations that give out false information to stakeholders and practice other unethical behaviours are bound to crash and are bound not to attract favour.
“On the other hand, organisations that uphold good governance and carry all stakeholders along are bound to obtain or receive the favour of the stakeholders.
“We must pay close attention to good corporate responsibility and its impact on society,” he said.
Osinbajo also commended the IoD for its exemplary role in standardising the code of corporate governance in Nigeria.
Chief Chris Okunowo, President and Chairman of Governing Council, IoD urged faithful implementation and vigorous commitment to the new business and corporate ethics as defined in various international and African regional standards.
Okunowo blamed the level of corruption in public and private sectors on middle and professional classes abandoning the ethical impulses and quadrails that should anchor both professional and private life.
The IoD President urged business organisations on corporate social responsibility as a way of giving back to society, to build a better, egalitarian, humane, just and kind society.
“When set against the challenges of the COVID-19 pandemic and the events of the past four weeks, which signaled the revolt of the youth, it beckoned on the IoD to design and pursue imaginative and pragmatic responses through which to channel our collective will in service to nation and society.
“For this reason, I believe that this conference is taking place at a critical crossroad in the history and development of both our country and IoD.
“Businesses and Nigeria need to take a closer look and critically examine the various aspects of corporate governance and proffer sustainable solutions.
“This would address emerging leadership and sustainability gaps in our business and public sector spheres,” he said.