David Kiyingi speaking to ACCA Uganda members at the 2024 Convention at the Speke Resort in Munyonyo on Thursday.
Accountants attending the ACCA Uganda Members Convention 2024 have been urged to put in place measures that take into account Environmental, Social, and Governance (ESG) aspects in their businesses.
The convention is happening at Speke Resort in Mynyonyo under the theme: Empowering finance professionals for a sustainable future.
During a panel discussion on Thursday, David Kiyingi Nyimbwa, Head Sustainable Public Procurement Unit, Ministry of Finance, Planning and Economic, asked finance professionals to “move away from unsustainable practices.”
“Gov’t wants you to use strategies that are sustainable. Accountants think ESG is very expensive. Yes. But in the long run, it is not. So, adapt sustainability practices. Let’s not look at this as a cost to the organization. There is no turning back,” said Kiyingi.
According to Ann Marie Mwaka Sabano from aBi Finance Trust, finance professionals are central to financial feasibilities, and as such, they (professionals) need to look at the life cycle of the business.
“Finance people have a role to play. Planning and resource allocations, among others,” said Sabano.
She, however, warned that “ESG is very fluid.”
“Your staff need to be trained. Standardization is key. Value matters,” added Sabano.
Peter Muliisa, Chief Legal Officer & Company Secretary, UNOC, on the other hand, said, “We must do ESG in a structured governance system. Data collection is important once you set the stage for ESG.”
He tipped finance professionals to “look at what affects you and what is in the communities that affects your business.”
He added, “Understand what factors of ESG are important to you.”
The 3-day convention concludes today, Friday.
