December 11, 2024, marked a historic gathering at Strathmore University as the revered Dr. James Boyd McFie graced the Microsoft Auditorium for a much-anticipated session on Sustainable Reporting and Environmental, Social, and Governance (ESG) Standards. Organized by the School of Accountancy-Strathmore Institute (SOA-SI) Alumni Chapter, the lecture dubbed, #OneMoreClass, united alumni, staff, and students to celebrate the legacy of one of East Africa’s most influential accounting educators.

Dr. McFie, renowned for his incisive intellect and engaging style, captivated his audience with a seamless blend of humor, historical anecdotes, and actionable insights. His ability to draw connections between historical principles and modern day ESG challenges reaffirmed why he remains an enduring figure in the academic and business worlds.

In his lecture, Dr. McFie embarked on a journey through the history of socially responsible investing (SRI), tracing its origins to the Quakers and John Wesley’s seminal 1703 sermon on ‘The Use of Money.’ Wesley’s call to avoid harmful business practices laid the foundation for today’s ESG principles, proving that the ideals of ethics and accountability are timeless.

Fast-forward to modern times, he highlighted the Exxon Valdez oil spill as a wake-up call that birthed the Valdez Principles, a foundation for today’s sustainability frameworks like the Global Reporting Initiative (GRI). His commentary on ESG frameworks and the triple bottom line concept, balancing People, Planet, and Profit, underscored the necessity of integrating sustainability into modern business practices.

Dr. McFie brought these principles to life with practical examples. He highlighted East African Breweries Limited (EABL) as a trailblazer in Kenyan sustainability reporting, referencing their pioneering efforts in 1999. This example served as a springboard for discussing Integrated Reporting, a model encompassing financial, manufactured, intellectual, human, social, and natural capitals.

In a candid moment, Dr. McFie said, “If you can make a profit, you must also do good,” highlighting that ESG compliance not only enhances organizational reputation but also drives profitability.

In his engaging style, he weaved in lessons from Dr. Martin Luther King Jr., emphasizing integrity, hard work, and lifelong learning as pillars for personal and professional success. These ideals, he argued, align seamlessly with the Sustainable Development Goals (SDGs), which are critical to global equity and environmental stewardship.

To those who attended the lecture, it served as a powerful reminder of the evolving nature of financial reporting and the growing importance of sustainability in modern business practices. As organizations worldwide grapple with ESG requirements, Dr. McFie’s insights provided a timely roadmap for navigating these complex waters while maintaining ethical business practices.

Dr. Caesar Mwangi, Executive Dean, Strathmore Business School, reflected on his own experience as Dr. McFie’s student in 1995, crediting him for his success in passing the CPA examination on his first attempt, a feat achieved by only 10% of candidates. Dr. Mwangi lauded him for instilling enduring principles of integrity and excellence.

The SOA-SI Alumni Chapter added a heartwarming touch by presenting a cheque of Kshs. 500,000 towards the SOA-SI Endowment Fund. This contribution symbolizes the chapter’s commitment to nurturing future leaders who embody Dr. McFie’s values.

Article written by Stephen Wakhu