Exchange in Focus: Boursa Kuwait launches new ESG reporting guide
9 September 2021
Boursa Kuwait has launched a new ESG Reporting Guide to support listed companies on Environmental, Social, and Governance (ESG) implementation and reporting. Solidifying its position, the Boursa Kuwait ESG guide raises awareness and drives the embrace of Corporate Sustainability in the local capital market. To meet the growing needs of stakeholders, as investors, customers, and regulators for sustainable development focus and transparent information. The guide aims to introduce the ESG universe to companies listed on the stock exchange and calls attention to the benefits of ESG disclosure and best practices.
Commenting on the guide launch, Boursa Kuwait’s Chief Executive Officer, Mr. Mohammad Saud Al-Osaimi, said: “We have been witnessing significant growth in the adoption of corporate sustainability and an increasing inclination towards sustainable and climate-integrated investments, which is a promising trend. Inspired by this momentum, Boursa Kuwait, armed with its ESG readiness and its well-thought-out Corporate Sustainability strategy, has remained at the forefront of the efforts to promote environmentally conscious business practices in Kuwait’s capital market.”
The new ESG guide named ‘Unified Direction for a Sustainable Future’, proposes an initial set of sustainability indicators that correspond with the United Nations’ Sustainable Development Goals (SDGs), the Global Reporting Initiative (GRI) framework, and the State of Kuwait’s sustainable development ambitions as set out in the Kuwait National Development Plan and the “New Kuwait” vision for 2035. It is also aligned with the recommendations of the World Federation of Exchanges (WFE) and the United Nations Sustainable Stock Exchanges Initiative (SSE), which Boursa Kuwait made a formal commitment to drive Sustainable Development in its financial market by becoming a member at the end of 2017.
Mr. Mohammad Saud Al-Osaimi, also highlights that “Boursa Kuwait continues to engage all stakeholders and help market participants adopt best-in-class standards and practices, specifically in the area of ESG reporting. We are also keenly endeavoring towards reinforcing the role of capital markets in achieving the targets of Kuwait’s National Development Plan and the UN’s Sustainable Development Goals (SDGs). To that end, we have developed a guide for sustainability disclosure that proposes an initial set of indicators that are in line with the United Nations’ SDGs and the State of Kuwait’s sustainable development ambitions as set out by the Kuwait Vision 2035 and the National Development Plan “New Kuwait”, as well as being aligned with the recommendations of the Sustainable Stock Exchanges Initiative (SSE) and the World Federation of Exchanges (WFE).”
Part of a global trend
Boursa Kuwait is part of a group of 60 stock exchanges around the world that have written guidance on ESG reporting. The SSE ESG Guidance Database contains a comprehensive list of all stock exchange ESG guidance documents in the world so that other stock exchanges can learn from their peers. The database is updated to include an analysis of major ESG reporting instruments referenced in stock exchange guidance documents. To learn more, check our press release about the new database.About the SSE
The SSE initiative is a UN Partnership Programme organised by UNCTAD, the UN Global Compact, UNEP FI and the PRI. The SSE’s mission is to provide a global platform for exploring how exchanges, in collaboration with investors, companies (issuers), regulators, policymakers and relevant international organizations, can enhance performance on ESG (environmental, social and corporate governance) issues and encourage sustainable investment, including the financing of the UN Sustainable Development Goals. The SSE seeks to achieve this mission through an integrated programme of conducting evidence-based policy analysis, facilitating a network and forum for multi-stakeholder consensus-building, and providing technical assistance and advisory services.
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