ICSAN Urges Firms to Leverage Tax Incentives for CSR

Omolabake Fasogbon

Organisations have been tasked on the judicious use of  tax incentives made available by both States and federal governments. 

This was reiterated at a summit by the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), Lagos Chapter.

The institute further advised firms to channel proceeds from incentives to enhance their CSR Initiatives. 

The summit with the theme: ‘Governance and Business Innovation in Contemporary Times’,  underscored effective governance in organisations, noting that the approach to governance must be innovative to build resilience and positive outcomes.

Speaking, the Chairman of ICSAN Lagos Chapter, Efosa Ewere, called for a balance between corporate governance and profitability, highlighting the need for organisations to prioritise  people and planet  as they  strive for gains. 

She advised further on effective stakeholder communication and engagement to drive sustainable business practices. 

She said, “To achieve this, much is expected from government in terms of policies and tax incentives  to encourage companies to adopt sustainable and socially responsible business models.”

In fostering sustainable practices,  Ewere hinted on moves by ICSAN to propose a bill to the National Assembly, to mandate organisations to balance profit with environmental and social responsibility.

She further tasked members on the need to redefine governance such that others can embrace it as a catalyst for responsible innovation and driver of future prosperity. 

“Innovation is not just a buzzword; it is a necessity for survival in today’s competitive landscape. As professionals and stakeholders in governance, we must leverage governance frameworks to encourage creativity while safeguarding stakeholder interests. we must also ensure that our innovative pursuits align with ethical standards and contribute positively to society. 

“We all have a collective responsibility to foster an ecosystem that nurtures both innovation and accountability,” he said. 

Earlier in his keynote address, a business leader, Stanley Jacob, pointed out how technology could be used to enhance corporate governance, especially as it relates to work. 

He enjoined professionals to focus more on tech opportunities and not its limitations.