NGX approves Julius Berger’s 2023 Sustainability Report
...The company has demonstrated strong commitment to global best practices
...Managing Director: We‘re creating legacies that inspire future generations
Leading listing and trading federal agency, Nigerian Exchange, NGX has approved the 2023 Sustainability Report of Julius Berger Nigeria Plc dealing with qualitative and quantitative information concerning Environmental, Social, Economic and Governance, ESG issues.
Lauding the Report, the NGX described it as in alignment with Global Standards, saying, the report demonstrates a strong commitment to global best practices by aligning with various sustainability benchmarks such as the Nigerian Stock Exchange (NGX) Sustainability Disclosure Guidelines, the United Nations Global Compact (UNGC), and the Sustainable Nut Initiative (SNI).
Stating that the company and its subsidiaries are committed to publishing its sustainability reports annually to provide transparency in reporting and showcase its continuous improvement, the Report highlighted the company’s commitments, progress and achievements towards sustainable and responsible business practices for the reporting period, January 2023 to December 2023. Thus, the 2023 Sustainability Report is meant to serve as a companion piece to Julius Berger’s Annual Report and Financial Statements, which provides a detailed picture of financial performance for the same reporting period.
According to the NGX, Julius Berger did a detailed Materiality Assessment of their business during the period under review saying, the company has conducted a comprehensive materiality assessment to identify and prioritize key ESG issues. This is a best practice as it ensures that the report focuses on the most relevant and impactful topics for both the business and its stakeholders.
Regarding the Governance structure of the company, the NGX stated that the report provided detailed information, including the roles and responsibilities of the highest governance body. This transparency is crucial for accountability and aligns with best practices in governance reporting, the regulating body added.
On Stakeholder Engagement, the Body said Julius Berger successfully outlined various methods of stakeholder engagement, including emails, letters, workshops, and seminars, adding, this demonstrates a commitment to maintaining open lines of communication with all relevant stakeholders.
Stating that the Sustainability Report adheres to the Global Reporting Initiative (GRI) Standards, which are widely recognized as best practice for sustainability reporting, the inclusion of a GRI Index, it continued, enhances the Report's credibility and comparability.
The NGX appraised the coverage of topics in the Report and stated that, the report covers a wide range of ESG topics, including economic performance, environmental impact, social issues, and governance, adding that this holistic approach is in line with best practices for comprehensive ESG reporting.
While pointing out areas for improvement in future Reports, the NGX concluded that, overall, Julius Berger Nigeria Plc's 2023 ESG report aligns well with many best practices in sustainability reporting. The company's commitment to global standards, comprehensive materiality assessment, and detailed governance structure are significant strengths.
At a recent event, Chairman of the Board of Julius Berger’s Directors, Mr. Mutiu Sunmonu said that, at Julius Berger Nigeria Plc, we recognize that environmental responsibility is not a trend, but an imperative for long-term business success. We are committed to minimizing our environmental footprint and contributing to a more sustainable future. We actively integrate sustainability considerations into every aspect of our operations and every stage of our projects, from material selection and waste management to energy efficiency and renewable energy exploration. Julius Berger acknowledges the urgency of climate change and is actively working to reduce our greenhouse gas emissions. This includes investing in alternative energy sources (LNG , CNG and Solar) where viable.
Adding that, Julius Berger goes beyond building physical structures, Sunmonu said as a partner for progress, we are dedicated to building a better future for the communities where we operate. We invest in and support various initiatives, with a focus on bridging gaps in health and education, with medical interventions and educational programs, including scholarships for underprivileged students and construction or renovation of school facilities.
Julius Berger is constantly striving to push the boundaries of innovation in the construction industry. In 2023, we explored advancements in the use of innovative and sustainable materials and technologies in our projects such as prefabricated building components made from recycled materials.
For the company’s Managing Director, Engr. Dr, Lars Richter, as a leading corporate at the forefront of Nigeria’s business landscape, Julius Berger views itself as more than just a construction company, but a frontrunner and exemplar in driving sustainability standards in Nigeria. We prioritize sustainability in every aspect of our operations, striving to create not just positive outcomes, but legacies that inspire future generations. This commitment fuels Julius Berger’s drive to become a champion for sustainable practices, both on site and off site, throughout Nigeria and beyond.
He highlighted some milestones achieved by the company in this direction thus: I am proud to highlight two significant mile- stones that solidify its position as a sustain- ability leader, not just within Nigeria, but on a global scale: our subsidiary, Julius Berger International GmbH, subscribed to the EcoVadis sustainability assessment and achieved a remarkable silver award. This prestigious recognition places us within the top 8% of sustainable companies in our industry across all four key areas: Labour and Human Rights, Environment, Corporate Ethics, and Sustainable Procurement. This achievement underscores our dedication to responsible practices across our group of companies and motivates us to continuously improve.
NGX is licensed under the Investments and Securities Act, ISA and is regulated by the Securities and Exchange Commission, SEC of Nigeria.
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