Gulf Exchanges Committee launches unified ESG metrics

KUWAIT: The GCC Exchanges Committee launched a unified optional package of standards for disclosure of governance and social and environmental responsibility for listed companies. In a press statement, Kuwait Boursa said that the package comprises of 29 standards aligned with the UN sustainable development goals, including categories for GHG emissions, energy and water usage, gender pay, employee turnover, data privacy, ethics and more.

“The metrics, which are optional and do not replace existing ESG disclosure guidelines, are an important step towards standardizing ESG disclosure across the GCC region’s capital markets, serving as a guide for companies wishing to disclose ESG-related performance”, the statement explained.

Mohammed Saud Al-Osaimi

Chief Executive Officer of Boursa Kuwait Mohammad Saud Al-Osaimi hailed the release of the GCC guide saying, “Boursa Kuwait supports the development of the Kuwaiti capital market and its regional counterparts for the benefit of investors and market participants”. “It plays an important role in fostering the long-term economic development of Kuwait as a partner and supporter of the United Nations’ Sustainable Stock Exchange initiative.”, he added.

The optional GCC Environmental, Social, and Governance (ESG) metrics are a valuable tool for encouraging regional issuers to provide information for investors, helping them assess listed companies more soundly in order to make responsible and smart investment decisions. Boursa Kuwait is currently collaborating with the Capital Markets Authority (CMA) on the implementation of the requisites of sustainable finance, which aims to make the Kuwaiti capital market more sustainable according to the best standards and practices described by the International Organization of Securities Commissions (IOSCO) and in support of the United Nations’ Sustainable Development Goals.

The GCC Exchanges Committee is comprised of Boursa Kuwait, Saudi Tadawul, Bahrain Bourse, Qatar Stock Exchange, Muscat Stock Exchange, Abu Dhabi Securities Exchange and Dubai Financial Market. The committee aims to support the development of regional capital markets, create an advanced capital market ecosystem in the GCC region, and elevate their position on the global stage. – KUNA


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