SEC to implement ISSB sustainability standards in phases

By Obas Esiedesa, Abuja

The Securities and Exchange Commission (SEC) has announced plans to follow a phased implementation of the sustainability disclosure standards developed by the International Sustainability Standards Board (ISSB), nether the guidance of the International Organisation of Securities Commissions (IOSCO).

SEC’s Director General, Dr. Emomotimi Agama, made this known astatine an investors’ roundtable connected ISSB implicit the weekend. He explained that Nigeria, having contributed to the improvement of the standards, would proceed to enactment the 4 cardinal pillars connected which they are built.

Agama noted that Nigeria’s vulnerability to clime change, coupled with its ambitious sustainable concern agenda, makes it imperative for the state to clasp planetary sustainability disclosures.

However, helium stressed that the adoption would not beryllium a “copy and paste” exercise, but a tailored attack aligned with section realities.

“This means capableness building—working with issuers, auditors, and preparers to guarantee readiness; phased implementation—starting with larger listed entities earlier extending to others; assurance framework—building credible systems for verification of disclosures; and alignment with section realities portion maintaining planetary comparability,” helium said.

He added that the phased adoption would boost capitalist assurance and heighten the attractiveness of Nigeria’s superior market.

“Embracing this planetary baseline signals to planetary investors that we are superior astir transparency, governance, and semipermanent hazard management. The ISSB has provided the communal connection for sustainability disclosures, and we astatine SEC Nigeria person answered that call,” Agama stated.

He reaffirmed the Commission’s readiness to collaborate with some home stakeholders and planetary partners wrong IOSCO to guarantee effectual implementation.

“The planetary position is 1 of unity and decisive action. By adopting the ISSB standards, we are not conscionable pursuing a trend; we are gathering a much stable, transparent, and sustainable fiscal aboriginal for Nigeria, Africa, and the world,” helium said.

The station SEC to instrumentality ISSB sustainability standards successful phases appeared archetypal connected Vanguard News.