By Abba -Eku Onyeka
Abuja
The Corporate Affairs Commission (CAC) and the House of Representatives have agreed to collaborate to explore ways to enhance the implementation of Corporate Social Responsibility practices in the country.
The collaborative approach also aims to promote transparency and accountability by encouraging companies to disclose their corporate social responsibility activities and performance.
The resolution was reached today in Abuja when the Chairman of the House of Representatives Committee on Corporate Social Responsibility, Honourable Professor Oby Lilian Orogbu, paid a courtesy call on the Registrar-General/CEO, CAC Hussaini Ishaq Magaji, SAN, in his office.
Honourable Oby Lilian Orogbu revealed that the committee was organising the first-ever National Summit on Corporate Social Responsibility.
She further explained that the proposed summit will assemble stakeholders, both public and private corporate bodies, to brainstorm on the effective solutions that can galvanize players in the CSR sector to embrace the culture of implementation of corporate social responsibility.
Responding, the Registrar-General/CEO, CAC Hussaini Ishaq Magaji, SAN, applauded the initiative, which he said would impact positively on the economic development of the country.
As the custodian of the companies database, Hussaini Ishaq Magaji acknowledged that the Commission will play a crucial role in the enforcement of the CSR regulation whenever it comes into effect as proposed by the legislature.
While expressing support towards actualising the proposed CSR Bill, the Registrar-General enjoined the House Committee to leverage the provisions of existing laws to ensure compliance with CSR requirements for companies operating in host communities across the country.
CAC News reports that the collaboration is also targeted at developing guidelines and standards by establishing clear guidelines and standards for corporate social responsibility reporting and implementation.
It will also focus on fostering partnerships between businesses, civil society organisations, and government agencies to address social and environmental challenges.