FRC CEO completes tenure as UN ISAR chair, hands over to Philippines’ SEC chief

Rabiu Olowo, the chief executive officer (CEO) of the Financial Reporting Council of Nigeria (FRC), 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).

In a statement on Wednesday, the FRC said the executive secretary handed over to Rogelio Quevedo, the commissioner of the Philippines’ Securities and Exchange Commission.

The handover ceremony was said to have held at the United Nations Palais des Nations in Geneva, Switzerland, marking the formal end of Olowo’s ISAR chairmanship.

The FRC said Nigeria’s participation in the global body reaffirmed its leadership in advancing financial transparency and sustainability reporting standards.

“Olowo was, in November 2024, elected as the Chair of the 41st session of the UNCTAD-ISAR,” the statement reads.

“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.”

Speaking at the opening of the 42nd session of ISAR, Olowo expressed appreciation to Rebeca Grynspan, secretary-general of the UN conference on trade and development (UNCTAD).

He also thanked the ISAR secretariat and member states for their continued commitment to promoting transparent and high-quality financial and sustainability reporting across jurisdictions.

“Over the past one 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,” he said.

“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.”

Olowo highlighted ISAR-41’s key achievements, including a deepened global dialogue on interoperability among sustainability frameworks such as the ISSB standards and the European Sustainability Reporting Standards (ESRS).

The FRC boss said enhanced collaboration with the international ethics standards board for accountants (IESBA) strengthened the ethical foundations of sustainability assurance, while new initiatives supported digital integration in reporting through the adoption of UNCTAD’s sustainability reporting taxonomy and structured, machine-readable formats.

Further speaking, Olowo said he represented ISAR at ECOSOC’s coordination segment earlier in 2025, where discussions centred on promoting coherence in sustainability reporting and advancing the 2030 agenda for sustainable development.

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

‘ISAR’S WORK WOULD CONTINUE TO STRENGTHEN ACCOUNTABILITY IN GLOBAL MARKETS’

Looking ahead, Olowo said the 42nd session would build on previous outcomes by focusing on two key themes: reviewing progress in the harmonisation and implementation of sustainability reporting requirements, and integrating biodiversity and human capital considerations into sustainability reporting.

He expressed confidence that ISAR’s ongoing work would continue to strengthen accountability and transparency in global markets.

The FRC CEO urged participants to approach the new session with clarity, unity, and dedication, emphasising that the outcomes of their deliberations would strengthen the integrity of global financial systems and enhance the wellbeing of societies worldwide.