FRC Boss Olowo Bows Out As UNCTAD-ISAR Chair

The Executive Secretary and Chief Executive Officer of the Financial Reporting Council of Nigeria (FRC), Dr Rabiu Olowo, has 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), leaving behind an enduring legacy of global impact and leadership.

The formal handover ceremony, held on Wednesday, November 12, 2025, at the UN Palais des Nations in Geneva, marked the end of a chapter for both Nigeria and the international accounting community.

Olowo, who was elected Chair of UNCTAD-ISAR in November 2024, made history as one of the few Africans to lead the global body. His one-year tenure was marked by bold reforms, strengthened collaborations, and a clear focus on advancing sustainability and ethical standards in corporate reporting globally.

Speaking at the opening of the 42nd Session of ISAR, Olowo expressed gratitude to the UNCTAD Secretary-General, Ms Rebeca Grynspan, the ISAR Secretariat, and member states for their collective commitment to promoting transparency and high-quality sustainability reporting across jurisdictions.

Reflecting on his tenure, he said it was a privilege to serve, adding that his leadership was guided by two key priorities: harmonising sustainability and ethical reporting standards, as well as promoting digital integration in financial and sustainability disclosures.

“Over the past year, our collective efforts were guided by two central priorities: advancing the harmonisation and practical implementation of sustainability reporting, assurance, and ethical standards; and supporting the integration of financial and sustainability reporting through digitalisation,” Olowo stated.

“These priorities reflect our shared commitment to strengthening market trust, enhancing accountability, and supporting sustainable development.”

Under his stewardship, ISAR deepened global dialogue on interoperability among sustainability reporting frameworks, including the ISSB Standards and the European Sustainability Reporting Standards (ESRS), while also reinforcing ethical foundations through partnerships with the International Ethics Standards Board for Accountants (IESBA).

Olowo further highlighted regional and global consultative engagements such as the Africa Regional Partnership–IESBA Dialogue in May 2025, which helped strengthen assurance practices and promote integrity in sustainability information.

On digital transformation, he noted that the expanded use of the UNCTAD Sustainability Reporting Taxonomy and machine-readable formats had significantly enhanced the accessibility and comparability of reported information.

Another milestone of his tenure was ISAR’s stronger alignment with the United Nations Economic and Social Council (ECOSOC). Representing ISAR at the February 2025 Coordination Segment in New York, Olowo engaged with diplomats and development institutions to foster inclusive, science-based solutions for implementing the 2030 Sustainable Development Agenda.

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

Olowo also praised the ISAR Secretariat for its professionalism and technical expertise, describing the team as “the backbone of ISAR’s continued global relevance.”

“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,” he noted.