To equip businesses with the necessary tools and strategies for future success, the Institute of Directors-Ghana (IoD-Gh) in partnership with the International Finance Corporation (IFC), member of the World Bank Group and the Swiss State Secretariat for Economic Affairs (SECO), organized the inaugural masterclass on Environmental, Social and Governance (ESG) concepts on Wednesday, February 28, 2024. The session, themed “Empowering Companies for Tomorrow’s Success,” was held at the IFC Conference Room at the World Bank Group Country Office at Ridge.
The masterclass aimed to highlight the importance of ESG concepts and how businesses can leverage them to attract potential investments. Mr. Moez Miaoui, the IFC’s ESG Advisory Lead for North and West Africa, shared extensive knowledge on sustainable business practices, and the importance of integrating environmental considerations into corporate strategies. He explained the strategic significance of ESG and the Board’s critical role in oversight and integration into corporate strategy. He emphasized the need for businesses to adopt eco-friendly practices, highlighting the benefits of sustainability in fostering long-term resilience and profitability.
Ms. Catherine Engmann, Integrated ESG Consultant, IFC Ghana, spoke on “The Board’s Role and Functions for Sustainability”, she emphasized the key roles of the board as related to sustainability, the interdependence of the board, the company purpose, and sustainability and the different ways in which sustainability can be addressed on boards. She also touched on the nuances of social impact investing and the crucial role of social responsibility in corporate decision-making. Drawing from her experience, she shed light on the mutually beneficial relationship between companies and society, advocating for initiatives that promote community welfare and inclusivity. Ms. Engmann’s submission confirmed the notion that businesses can thrive when they prioritize the well-being of all stakeholders.
Ms. Damilola Sobo Smith, an ESG professional at the IFC Nigeria Office, led discussions on the significance of robust governance frameworks. With regulatory landscapes evolving rapidly, Ms. Sobo Smith underscored the importance of transparency, accountability, and ethical conduct in safeguarding corporate integrity. She outlined the business case for climate governance and provided insights into the Board’s responsibilities in managing climate-related risks and opportunities and aligning with a low-carbon economy transition. Her insights provided a roadmap for building resilient organizations equipped to handle ongoing ESG challenges.
Through this masterclass, participants were not only educated but encouraged to re-evaluate their approaches to business in the light of emerging trends and global mandates. The interactive nature of the sessions supported healthy debates and knowledge exchange, further enriching the learning experience for all involved.
Representatives from leading companies across various sectors of the Ghanaian economy attended the masterclass, eager to deepen their understanding of ESG frameworks and drive impactful changes within their organizations.
This first ESG masterclass by IoD-Gh and IFC with funding from SECO serves as a catalyst for businesses to embark on their sustainability journey. With the collective insights from the speakers and an active participation of industry leaders, attendees gained valuable insights into the pivotal role of the ESG framework to drive long-term success and create a positive impact on society. As companies continue to navigate the complexities of the modern business landscape, adopting sustainable practices, is not just a strategic imperative but a moral obligation towards building a more resilient and equitable future for all.
