Determined to see businesses flourish, Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has recommended sustainability models that will aid businesses and enterprises in realising their operational goals.
The recommendations were given during a recent sustainable procurement programme for its vendors themed, Understanding Sustainability And What It Means For Your Business.
The virtual event featured several industry experts, including Samuel Agbevem, Partner and West African Sector Lead, Climate Change and Sustainability Services, Ernst and Young, and Oludare Oloyede, Manager, Group Physical Security at Stanbic IBTC.
Speaking on the principles of sustainability, Samuel said, “Sustainability is the creation of financial and economic value as well as long-term environmental and social value for a wide range of stakeholders, with consideration for the needs of future generations.
It is a holistic approach that reflects ecological, social and economic dimensions, all of which must be well thought out to find lasting prosperity.”
According to him, the implementation of sustainability programmes by businesses will have lasting positive effects on the economy.
“Companies or businesses can reuse, recycle and reduce resources like paper, adopt energy-efficient appliances and energy-efficient practices to reduce energy consumption, and implement occupational health and safety procedures in the workplace” Samuel stated.
He also provided a framework that the vendors can use to incorporate sustainability into their businesses.
Addressing the issues of occupational health and safety as they relate to business sustainability, Oludare stated that the health and safety of workers are important to the current and future success of any organisation.
He said, “Effective management of environmental and social risks is another pillar in building a sustainable business model.
Successfully managing these risks can be achieved by developing policies focused on waste generation and disposal, developing and implementing health and safety procedures applicable to business operations, and implementing labour policies aligned to national laws so that people are not overworked.”
Speaking on the rationale behind the event, Omolola Fashesin, Head of Sustainability at Stanbic IBTC said: “The webinar was organised for Stanbic IBTC vendors to promote sustainability awareness and adoption of sustainability frameworks across the organisation’s supply chain.
This is in line with one of the priority areas of the Stanbic IBTC Sustainability Framework – Sustainable Procurement.
As a sustainability-driven organisation, Stanbic IBTC believes that a sustainable supply chain further advances the organisation’s intent to achieve positive Social, Environmental and Economic impact in the society.”