The Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) says its 60th annual conference will examine how businesses can balance profitability with purpose and sustainable practices amid growing economic pressures.
The Vice President of ICSAN, Mr Francis Olawale, gave the assurance at the institute’s pre-conference press briefing in Lagos on Tuesday, ahead of the annual conference and 60th anniversary celebration.
The conference will have the theme, “Balancing Profit and Purpose: Advancing Sustainable Business Practices in Emerging Economies”.
It is expected to bring together governance professionals, economists, tax practitioners, business leaders and other stakeholders to examine challenges confronting businesses in emerging economies.
Olawale said the theme was relevant to Nigeria’s current economic environment, where businesses were contending with inflation, interest rates, taxation, regulatory requirements and other pressures that could affect their survival and profitability.
He said the conference would seek to address the apparent tension between the need for businesses to remain profitable and the obligation to operate ethically, comply with applicable laws and maintain sound corporate governance.
According to him, businesses can pursue profitability while remaining compliant with laws and adhering to ethical standards.
“You can be compliant. You can run by the rules and still pursue your profits,” he said.
Olawale said many Nigerian businesses were currently operating in survival mode, making it necessary to provide practical guidance on how they could remain commercially viable without compromising governance principles.
He said that the commercial viability without compromising governance principles was important to national development because businesses were major players in the economy.
The vice president said that ICSAN’s cardinal pursuit remained nation-building, noting that its members operated across the public, private and not-for-profit sectors.
He said economic prosperity was an essential component of nation-building, stressing that the state of the economy had a direct impact on the welfare and livelihoods of citizens.
Olawale said the conference would therefore focus on issues affecting businesses and the wider economy, particularly the relationship between good governance, responsible business practices and sustainable economic development.
Addressing pressures on businesses, Olawale identified interest rates, inflation and taxation as some of the major issues that would feature prominently in discussions at the conference.
He said businesses had to navigate the pressures while meeting their regulatory obligations and maintaining profitability.
On taxation, he said the conference would examine the distinction between legitimate tax planning and tax evasion, as businesses sought ways to manage their obligations while remaining sustainable.
He said experts from professional services firms, including PwC and Deloitte, as well as tax practitioners, would contribute to discussions on the implications of tax reforms for corporate governance, transparency and business sustainability.
According to him, the objective is to ensure that participants gain better understanding of the principles required to remain “business ready” in a changing economic environment.
He said the conference would also examine the broader role of corporate governance in helping businesses to survive and grow responsibly.
Concerning governance as a tool for sustainable growth, Olawale said the role of corporate governance professionals had evolved significantly beyond traditional administrative functions.
He said governance professionals were increasingly involved in risk management, compliance oversight, board evaluation and other responsibilities critical to the effective running of organisations.
He said ICSAN had contributed to the development of corporate governance in Nigeria through participation in committees and policy processes, including those that produced the National Code of Corporate Governance in 2018.
Olawale said the institute had also worked with government agencies and sub-national governments on policy development and advocacy relating to corporate governance.
He said such interventions were aimed at creating an environment in which businesses could operate effectively while maintaining appropriate governance standards.
The vice president said the institute also played a role in developing governance professionals through continuous training and capacity development.
On human capacity and national development, Olawale said sustainable national development could not be achieved without investing in human capacity.
He said that the strength of a nation was determined not only by its natural resources but also by the capacity of its people to convert those resources into economic value.
He said ICSAN had, therefore, focused on developing professionals from the student level through university partnerships, professional training and continuing capacity development for members.
He added that the institute provided training and capacity-building support to government institutions.
According to him, strengthening human capacity would improve the quality of decision-making within organisations and ultimately contribute to economic prosperity.
Olawale cited policy advocacy as another avenue through which ICSAN contributed to national development.
He said the institute routinely provided government with professional perspectives on policies affecting businesses and the economy.
He recalled that during the COVID-19 pandemic, ICSAN contributed to the development of policy documents addressing issues surrounding virtual meetings and corporate operations, which helped companies to navigate the disruption.
Olawale said the conference would also provide an opportunity for ICSAN to reflect on its 60-year contribution to corporate governance and professional development in Nigeria.
He said the institute had evolved from a profession that was often misunderstood as being primarily administrative to one that played a significant role in governance, risk management, compliance and board effectiveness.
He identified public perception of the profession as one of the challenges the institute faced over the years.
According to him, the word “secretary” in the institute’s name had sometimes led to misconceptions about the professional responsibilities of its members.
He said ICSAN had a bill before the National Assembly seeking to change its identity to Chartered Governance Institute of Nigeria.
Olawale said the institute had also expanded its geographical reach, particularly into northern Nigeria, strengthening its position as a national professional body.
He said the 60th anniversary theme, “Six Decades of Excellence, Shaping Governance and Empowering Futures”, reflected the institute’s history, its contributions to corporate governance and its commitment to preparing professionals for the future.
Olawale said the conference would feature keynote and technical sessions, panel discussions, professional development sessions, networking and mentoring opportunities.
He said the keynote address would be delivered by renowned economist, Dr Biodun Adedipe, Principal Partner at Adedipe Associates, who would draw on his experience in economics, banking, academia and government advisory.
He said a representative of PwC would speak on tax reforms in Nigeria and their implications for corporate governance, transparency and business sustainability.
Mr Alawusa Adewuyi, Fellow of the Institute and Company Secretary of Keystone Bank, will speak on professional development and capacity enhancement for ICSAN members, according to Olawale.Â
He said the second day of the conference would feature the anniversary gala and awards, including the institute’s regular professional awards, and special recognition of individuals who contributed significantly to its 60-year journey.
He said new fellows and honorary fellows would be inducted as part of the anniversary activities.
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