The Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) has underscored the critical role of governance professionals in driving ethical business practices, corporate transparency, and compliance with global best practices, particularly in light of evolving regulatory landscapes. At the ICSAN Members’ Summit themed “Unlocking Opportunities for Governance Professionals,” the institute emphasized the need for professionals to adapt to emerging trends, such as sustainability, environmental, social, and governance (ESG) standards, and the integration of artificial intelligence (AI) into corporate governance frameworks. This commitment to modernization underscores ICSAN’s proactive approach to equipping governance professionals with the necessary tools and knowledge to navigate the complexities of the modern business environment. The summit served as a platform for in-depth discussions on how these evolving areas impact corporate governance and how professionals can leverage them to enhance their roles within organizations.
ICSAN’s President, Funmi Ekundayo, highlighted the transformative shift in the role of governance professionals, especially company secretaries. They are no longer confined to administrative duties but are increasingly recognized as strategic partners in corporate decision-making. This evolution necessitates that governance professionals embrace a broader skill set encompassing compliance, sustainability, and transparency. Ekundayo emphasized the global trend towards a more strategic approach to corporate governance and the imperative for professionals in Nigeria to align with these global standards. This alignment not only strengthens individual organizations but also contributes to the overall health and integrity of the Nigerian business landscape.
Keynote speaker Professor Bayo Adaralegbe stressed the importance of remaining abreast of global developments in corporate governance. He noted that the Companies and Allied Matters Act 2020 formally recognizes company secretaries as governance professionals, underscoring the need for them to expand their expertise in areas like risk management, corporate sustainability, and compliance frameworks. Adaralegbe emphasized that adapting to these evolving requirements is crucial for maintaining relevance in an increasingly complex regulatory environment. By embracing ethical leadership, sustainability, and corporate responsibility, governance professionals contribute to enhanced investor confidence and long-term business success.
The integration of AI into corporate governance frameworks is another critical aspect of ICSAN’s forward-looking strategy. By preparing to host the 2025 Company Secretaries and Registrars Forum, ICSAN demonstrates its commitment to exploring the potential benefits and challenges of AI implementation. This initiative recognizes the transformative potential of AI in various aspects of corporate governance, from enhancing data analysis and decision-making to streamlining compliance processes and improving overall organizational efficiency.
The summit, therefore, served as a crucial platform for fostering dialogue and knowledge sharing among governance professionals. It highlighted the evolving landscape of corporate governance and provided valuable insights into how professionals can adapt to emerging trends. By focusing on key areas such as sustainability, ESG standards, regulatory compliance, and the integration of AI, ICSAN aims to empower governance professionals to play a more strategic and impactful role in their respective organizations.
Ultimately, ICSAN’s commitment to strengthening corporate governance and sustainability in Nigeria reflects a broader recognition of the crucial role that good governance plays in fostering economic growth, investor confidence, and long-term business success. By equipping governance professionals with the necessary skills and knowledge to navigate the complexities of the modern business environment, ICSAN is contributing to a more robust and transparent corporate landscape in Nigeria. The emphasis on adapting to global best practices and integrating emerging technologies like AI further underscores ICSAN’s dedication to ensuring that Nigerian companies are well-positioned to thrive in a competitive global marketplace.
