SPIN Calls for FRC to Focus on Sustainability Reporting

The Sustainability Professionals Institute of Nigeria (SPIN) has called on the Financial Reporting Council of Nigeria (FRC) to limit its role to regulating sustainability reporting. SPIN warned against the FRC positioning itself as the authority on sustainability practices or competing with the professionals it regulates.

In a statement issued on Monday, SPIN supported Nigeria's adoption of the International Sustainability Standards Board (ISSB) Sustainability Disclosure Standards, IFRS S1 and IFRS S2, viewing it as a positive step. However, SPIN expressed concern over the narrative equating these disclosure standards with the entire sustainability discipline, which it argues is broader and includes governance, environmental stewardship, and human rights, among other aspects.

SPIN emphasized that sustainability reporting is just one part of a larger field and should not be mistaken for sustainability practice itself. The organization maintained that while the FRC has a responsibility to regulate corporate reporting, it should not define sustainability as an academic discipline or professional practice.