Advancing Towards A More Effective Stakeholder Engagement By Multinational Companies In Nigeria

Abstract

Sustainable Governance is a concept whereby companies integrate
social and environmental concerns in their business operations and
their interactions with their stakeholders on a voluntary basis.
Stakeholder engagement and reporting on non-financial issues,
which allows the company to demonstrate that it understands the
concerns of the society and explains how it is addressing them with
its social and environmental policies is currently incoherent,
haphazard and without regulation in Nigeria. The on-going social
upheavals in the Niger Delta Region of Nigeria is an attestation of
failure of
effective stakeholders‘ engagement
by
the
Multinational Companies (MNCs), This paper examined the
concept of stakeholder engagement as a solution to these conflicts, its importance to sustainable corporate governance and the global practice and standards. This paper further appraised the adequacy of the current laws, regulations, policies and practice for regulating stakeholder engagement by MNCs in Nigeria, a mandatory legal, more effective disclosure regime and regulations of stakeholder engagement is advocated.