At a seminar on October 12, Dr. Abiodun Isiaka of the School of Business & Entrepreneurship (SBE) presented a research paper that surveyed the impact of sustainability reporting on the African economy regarding integrity and profit.
The research is based on multiple organizations in Africa, comparing those that voluntarily engage in sustainability report on their company with those that do not engage in reporting.
The survey shows that apart from being socially responsible, companies that disclose can boost financial outcome. This is because, by sustainability reporting, stakeholders can come up with a measure of an organization's performance, thereby invest more.
Dr. Isiaka said her research aims to "sensitize other organizations that are not reporting, to start engaging in disclosure so that consumers can be aware of the organization's progress, thereby boosting profit."
She reiterated that as Africa is developing, it needs to understand how sustainability reporting impacts on its economy and hopes that this research in progress will help to contribute to the existing practice of sustainability reporting on the continent.
Besides contributing to the economy, the professor believes that students of SBE can also benefit from the work she has begun. "If any student is interested in disclosure and corporate responsibility, this is an opportunity to build on it and take it further."
An economics major, Mohammed Muazu, who attended the presentation, described the research as impressive and helpful for his area of interest. "I wanted to get an expansive knowledge on research methodology, and I enjoyed the presentation."
Sustainability reporting is a non-financial measure which organizations and businesses use to communicate their impact concerning issues like human rights, gender, social policies, and environmental practices to stakeholders.
This disclosure scheme was launched by the Global Reporting Initiative, an independent standard organization, in 2000. It has the framework of helping both private and governmental organizations, to identify, gather, and report information in a clear and comparable manner, using their G4 standard guideline.
Reported by Tina Bitrus