The Institute of Chartered Secretaries and Administrators of Nigeria, ICSAN, has launched and unveiled the Institute’s Practitioners stamp and Practitioners Guide.
The unveiling was done during the Institute’s twenty-twenty-two Governance Practitioners’ Day, themed “Practical steps to boosting relationship with regulators”.
The Day brought together professionals in governance field, who brainstormed on issues relating to their profession and come up with ideas to expand the frontiers of knowledge in governance field.
According to ICSAN President and Council Chairman, Taiwo Owokalade, the event is to brainstorm issues relating to the profession and how the profession has faired in the years past.
In his words, practitioners should not pretend that everything is okay, rather they should confront those fundamental issues so they can move forward.
According to Owokalade, practitioners are either Lawyers or Accountants, highlighting that others should find fulfillment in wanting to practice the governance profession.
He provoked the erudite faculty, assembled as keynote speakers and discussants, as he expects a new beginning to evolve from the discourse.
The president revealed that the Institute has earmarked a ten million naira fund to demonstrate its willingness to support indigent practitioners.
Chairman of the occassion, Editor-in-Chief/Managing Director, Punch Newspapers, Ademola Osinubi said the event will help in “building capacity; enhance skills and interface with regulators; and engender constructive engagements.
According to him, little things should not only count but should matter” to the practitioners of governance, as he congratulated ICSAN on its new practice guide and stamp of practice.
He stated that the instruments would confer “respectability and credibility” on practitioners.
In his keynote remark, the Registrar-General, Corporate Affairs Commission, Alhaji Garba Abubakar explained that an effective relationship with Regulators is critical to assuring an enabling environment for businesses to further their purposes and for regulators to preserve the integrity of the business landscape.
According to him, regulators are empowered by law to perform the mandates of their enabling instruments.
He noted that the mandates usually include registration, licensing and delicensing, monitoring, supervision, rulemaking, registry services, investigations, compliance enforcement and sanctioning.
The Registrar, also noted that there must be an understanding between the Regulator and the Regulations, engaging as a Solution with the Regulator and “Partnering the Regulator to Preserve the Integrity of the System.
He advised that Practitioners, who no doubt is an agent for the principal, should be professional and ethical and not undermine the integrity of the system while he also promotes full disclosures in reporting, and in accordance with applicable regulations.
He advocated that just as lawyers are said to be Ministers in the Temple of Justice, Practitioners should themselves be Ministers in the Temple of Regulations irrespective of the disposition of the principal or client.
This way, Practitioners can truly collaborate and boost their relationship with Regulators while deepening the culture of compliance in the Nigerian business environment.
Also, in his keynote remark, Executive Secretary/CEO, Financial Reporting Council of Nigeria, Ambassador Shuaibu Ahmed submitted that role of governance practitioners includes providing broader legal advice and guidance, for example, powers of attorney, work health and safety, employment law, anti-money laundering requirements, also advise, where required, on environmental issues, sustainability.
Speaking through Director/Head, Directorate of Accounting Standards, Private Sector, Titus Osawe, said Governance Practitioners must take practical steps to boost relationships with Regulators as there are immense benefits to both parties and the macro-economy at large.
He said Governance practitioners stand to gain key competitive advantages for their companies due to leverage gained by good relationships with Government whilst Regulators benefit by getting up to speed quickly with recent developments in the industry.
He asked ICSAN to continue to pilot the Governance practitioners in their journey to gain access to some Regulators by providing necessary assistance to establishing, maintaining, and boosting the relationships.