THE “CORE OPTION” - WHAT NIGERIA STOCK EXCHANGE, ACCESS BANK, ETISLAT , SEVEN ENERGY AND NIGERIA BREWERY PLC HAS IN COMMON

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THE “CORE OPTION” - WHAT NIGERIA STOCK EXCHANGE,
ACCESS BANK, ETISLAT , SEVEN ENERGY AND NIGERIA BREWERY
PLC HAS IN COMMON
Most organizations in Nigeria do not have an annual Corporate Social Responsibility Report.
Piece of their philanthropic activities and other social behaviours are passed as news on
newspapers, company’s website and other media platform; they are not documented or
articulated in a single report. The importance of a coordinated reporting system with
inherent advantages spurred the evolution of several reporting guidelines. The most
popular among them today is known as the GRI Reporting Guideline.
World Business Council for Sustainable Development (2002) defined Corporate
Sustainability as - “the commitment of business to contribute to sustainable economic
development, and to work with employees, their families, the local community and society
at large to improve their quality of life.” Reports on the fairness on this definition and
among others informed what is today known as Corporate Social Responsibility.
GRI is recognized as the standard for sustainability reporting. They are given as a practical
manual outlining reporting principles, disclosure standards, and approaches to drawing up
sustainability reports. Greater emphasis is laid on the materiality principle. The materiality

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principle state that report should cover Aspect that reflect an organization’s significant
economic, environmental and social impacts; or substantively influence the assessments
and decisions of stakeholders”. The Guidelines offer two options. They are the “Core” and
“Comprehensive option”. Both options can apply for an organization of any type, size,
sector or location.
Business Benefits of CSR
Some advocates of sustainability across the globe believe that integrated reporting is the way
forward. CSR should not be viewed as a drain on resources. It is opined that carefully
implemented CSR policies can help organization to: win new business, ensuring cordial
relationship with stakeholders, generate positive publicity and media opportunities due to
media interest in ethical business activities among others.
How these potential benefits turn out for Nigeria organization is a question for another day.
During a visit to several organizations, it is discovered that somany organization; private and
public entity are yet to come up with a corporate social responsibility report. The reports of five
corporate organizations domiciled in Nigeria was selected and previewed against compliance to
the GRI reporting framework dwelling on the adopted options; “Core” and “Comprehensive
option” irrespective of organization structure, type, size, sector or location in the country. The
selection was based on the organizations assertion and actual compliance to the 'in accordance'
with the “Core Option” of the GRI G4 guideline. The organizations are:
 Nigeria Stock Exchange Sustainability Report 2015
 Access Bank Plc Sustainability Report 2015
 Etisalat Nigeria Sustainability Report, 2015
 Seven Energy Nigeria, Sustainability Report 2015
 Nigeria Breweries Plc, Sustainability Report 2015
During the year 2016, the individual Sustainability Report as at 2015 of the above Organization
was prepared 'in accordance' with the Core Option principles of the GRI G4 guideline.

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The Access Bank Plc Sustainability Report 2015 was for Jan to 31st December, 2014 Material
event up to 26th of July 2015 have been considered. The bank adopted the guidelines of the
AA1000 Assurance Standards, and the Global Reporting Initiative (GRI) Sustainability Reporting
Guidelines. And, for the first time, since 2008 and prepared the sustainability report in
accordance with the GRI G4 Sustainability Reporting Guidelines – Core Option.
These companies have independently practiced some form of corporate social and
environmental responsibility on different projects, contributing to the well-being of the
relationship, communities and the larger society on which they depend.
By Nelson Obine , Email: nobine@p3mediaafrica.com, www,p3mediaafrica.com