Vice-President Yemi Osinbajo on Tuesday urged corporate leaders to adopt and entrench high ethical standards as well as good governance to engender business sustainability.
The vice-president made the call on Tuesday in Lagos at the Institute of Directors (IoD) 2020 Annual Directors’ Conference, which took place physically and virtually.
The conference has “Business Ethics, Leadership and Sustainability as New Frontiers of Corporate Governance” as its theme.
Osinbajo said that the exhibition of good ethical behaviour, especially by those in positions of leadership, remained an indispensable factor in efforts to attain organisational success.
According to him, organisations with good corporate governance, maintenance culture and public relations will enjoy the unflinching support of stakeholders and prosper in the end.
He underscored the need for corporate organisations to be socially responsible and environmental friendly.
“Corporate organisations that give out false information to stakeholders and practise other unethical behaviours are bound to crash; they will 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 the 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, called for the faithful implementation of the new business and corporate ethics, as defined in various international and regional standards.
He blamed the current level of corruption in public and private sectors on the middle and professional classes that abandoned the ethical imperatives and impulses that should guide both professional and private life.
The IoD President urged business organisations to engage in corporate social responsibility projects, as a way of giving back to society, while building 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 signalled 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 the 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.
The conference has “Business Ethics, Leadership and Sustainability as New Frontiers of Corporate Governance” as its theme.
