FRC Boss, Olowo Ends Historic Tenure as UNCTAD-ISAR Chair, Leaving Legacy of Global Impact

The Executive Secretary/CEO of the Financial Reporting Council of Nigeria (FRC), Dr. Rabiu Olowo, on Wednesday, 12 November 2025, formally concluded his tenure as Chair of the 41st Session of the United Nations Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR) at the United Nations Palais des Nations in Geneva, Switzerland.

Olowo leaves a legacy of global impact at the UN body as Nigeria once again affirmed its leadership in advancing global financial and sustainability reporting standards.

The ceremony, which was marked by the conduct of the elections and formal handover of the ISAR Chairmanship, constituted the conclusion of a record milestone of remarkable achievements by the FRC boss.

Olowo was in November 2024, elected as the Chair of the 41st session of the UNCTAD-ISAR. The prestigious appointment was a testament to Olowo’s exceptional leadership and expertise in corporate reporting, which he had used in transforming and repositioning the FRC.
His emergence and successful tenure as Chair of UNCTAD-ISAR was a historic milestone of leadership at that level of global corporate reporting discourse.

In his speech at the opening of the 42nd Session of ISAR in Geneva, Switzerland on Wednesday, Olowo, while expressing appreciation to the Secretary-General of UNCTAD, Ms. Rebeca Grynspan, the ISAR Secretariat, and all Member States for their continued commitment to advancing high-quality, transparent, and decision-useful financial and sustainability reporting across jurisdictions, highlighted the achievements of the global body under his leadership.

Reflecting on his tenure as chair of ISAR-41, he stressed was a privilege.

Olowo explained: “Over the past one year, our collective efforts were guided by two central priorities: Advancing the harmonization and practical implementation of sustainability reporting, assurance, and ethical standards; and Supporting the integration of financial and sustainability reporting through digitalization.

“These priorities reflect our shared commitment to strengthening market trust, enhancing accountability, and supporting sustainable development. The past year has demonstrated what is possible when countries, institutions, and experts work together with a unified sense of purpose.”

Listing his key achievements, he stated: “Advancing Harmonization of Sustainability Reporting Frameworks: ISAR-41 significantly deepened the global dialogue on interoperability among sustainability reporting frameworks, including the ISSB Standards and the European Sustainability Reporting Standards (ESRS).

“Strengthened collaboration with the International Ethics Standards Board for Accountants also reinforced the ethical foundations that underpin credible sustainability assurance. Together, these efforts reduced fragmentation and improved consistency in global reporting practice.
“Strengthening Assurance and Ethical Standards: Regional and global consultative engagements, including the Africa Regional Partnership–IESBA dialogue in May 2025 and the IPSASB consultative meeting on climate-related disclosures, supported the development of high-quality, independent sustainability assurance practices.

“These initiatives enhanced user confidence and promoted integrity in sustainability information.

“Promoting Digital Integration in Reporting: ISAR-41 further recognized digitalization as a vital enabler of integrated reporting. The expanded use of the UNCTAD Sustainability Reporting Taxonomy and structured, machine-readable formats is improving the accessibility, comparability, and analytical value of reported information—strengthening evidence-based decision-making across public and private sectors.”
Others include Strengthening Linkages with the United Nations System through ECOSOC:

“I also had the distinct honour of representing ISAR at the February 2025 Coordination Segment of the United Nations Economic and Social Council (ECOSOC), held at the United Nations Headquarters in New York. In addition to contributing to the policy dialogue, I engaged with the UN Financing for Sustainable Development Office and held consultations with diplomats from various Member States.

“The discussions focused on advancing coordinated, inclusive, science-based and evidence-driven solutions to accelerate implementation of the 2030 Agenda; promoting coherence in sustainability reporting within broader UN development frameworks; and supporting integrated approaches to financing, partnerships, and capacity-building.

“These engagements reinforced ISAR’s role in informing high-level policy guidance across the UN system.”

In the aspect of Expanding and Institutionalizing Regional Partnerships, Olowo stated that, “During 2025, ISAR’s Regional Partnerships continued to mature into coordinated platforms that support peer learning, knowledge sharing, and sustained capacity-building across regions.

“Across Africa, Asia, Latin America, Eurasia, and the Gulf, countries advanced the practical implementation of sustainability and corporate reporting practices through technical workshops, capacity-building initiatives, and efforts to align with global standards.

Commendation of the ISAR Secretariat

“I wish to acknowledge the professionalism and strategic leadership of the ISAR Secretariat. Their analytical rigor, coordination, and technical expertise continue to ensure that ISAR remains a credible, respected, and globally relevant forum.

“The Continuing Relevance of ISAR

At a time of global environmental stress, economic uncertainty, and heightening stakeholder expectations, the relevance of ISAR’s work is more essential than ever. Robust reporting is not merely a compliance obligation—it is a foundation for trust, fair markets, responsible investment, and sustainable development.”

Dr. Olowo pointed out that as part of the agenda before the 42nd session, building on the extensive deliberations and outcomes of the 41st Session, the 42nd Session has been structured to advance two key thematic priorities that emerged from those engagements, which include, “review of developments in the harmonization of sustainability reporting requirements and their practical implementation – to review progress, enhance comparability, and support effective application across jurisdictions.

“Integrating biodiversity and human capital considerations into sustainability reporting – recognising their importance to long-term value creation and the need for clearer reflection in reporting frameworks.

“These discussions reaffirm our shared commitment to advancing coherent, high-quality, and decision-useful sustainability reporting.”
In conclusion, Olowo noted that, “ the achievements of the past year were made possible through partnership, shared purpose, and collective resolve.

“I am grateful for the trust placed in me to serve as Chair, and I remain confident that the work undertaken here will continue to shape a more transparent, accountable, and sustainable global economy.

“As we begin this Session, let us move forward with clarity, unity, and commitment—knowing that the decisions we shape here contribute to the integrity of global financial systems and to the well-being of societies everywhere.”

Indeed, Olowo’s exemplary performance not only elevated Nigeria’s visibility within the United Nations system but also demonstrated the country’s capacity for thought leadership in financial and sustainability reporting.

By delivering excellent results and upholding the highest standards of professionalism, younger professionals can aspire to and excel in similar international roles, reinforcing the message that competence, integrity, and dedication can position Nigeria prominently on the global stage.