This month includes news from Abu Dhabi Securities Exchange, Borsa Istanbul, Boursa Kuwait, London Stock Exchange, and more. Monthly news highlights are compiled by the SSE to give an overview of the capital markets' sustainability news from that month.
This newsletter combines June and July 2023. You can subscribe to our monthly news highlights by clicking here.
SSE INITIATIVE NEWS & EVENTS
SSE addresses journalists at Guayaquil Stock Exchange’s second sustainable finance workshop
4 June 2023
For the second time in 2023, the Ecuadorian stock exchange Bolsa de Valores de Guayaquil (BVG) held a journalist in-person workshop with the theme of "Sustainable finance: introduction to ESG factors and opportunities in the issuance of thematic bonds in Ecuador."
SSE training featured in FEAS year book
7 June 2023
The Federation of Euro-Asian Stock Exchanges highlighted its training with the SSE Academy in its 2023 FEAS Annual Yearbook 2022.
20 June 2023
"The SSE initiative has become the premier global platform for collaboration between stock exchanges, capital market regulators, investors, issuers and financial service providers to meet the SDGs," Download the full report to read more.
Stock exchanges welcome new ISSB Standards; UN SSE announces related capacity building activities
27 June 2023
The International Sustainability Standards Board (ISSB) this week launched two inaugural sustainability disclosure standards to meet the information needs of capital market participants, one focused on general disclosure requirements and one focused on climate-related disclosures.
UN Climate Change High-level Champions Approve Exchange Group’s Net Zero Target Framework
27 June 2023
The Exchange Group within the Net Zero Financial Service Providers Alliance (NZFSPA), is proud to announce that its net zero target-setting framework (the Framework) has been officially approved by the UN Climate Change High-level Champions overseeing the Race to Zero campaign.
UN SSE Q2 Webinar – Net Zero, TNFD and SDG Impact Standards
27 June 2023
This quarter’s webinar focused on a range of exciting sustainability activities. The agenda included: Launch of the Net Zero Financial Service Provider’s (NZFSPA) Exchange Target Setting Guidance; An update from the Taskforce on Nature-related Financial Disclosure (TNFD); Presentation by UN Development Programme (UNDP) on the SDG Impact Standards.
UN SSE delivers first pilot training on Gender Equality
29 June 2023
Module 1: Sustainable Performance – Using Finance for Gender Equality was delivered on 29 June. To provide markets with high-quality training on gender equality for capital market participants, this pilot training was developed in collaboration with the IFC and in strategic collaboration with UN Women and Columbia University’s Sustainable Investing Research Initiative. This module provides an overview of how companies can enhance performance on gender equality, supporting both companies and investors in understanding how to integrate gender equality considerations into their performance measurements.
UN SSE delivers second pilot training on Gender Equality
13 July 2023
Module 2: Sustainable Finance – Gender Equality Investments was delivered on July 13. The module looks at this topic from a market perspective by providing an overview of the current state of gender equality in markets and by discussing what stock exchanges and regulators are doing to promote gender equality investments, providing a macro-level view of the topic. To evaluate the impact at the company level, the module additionally provides guidance on the business and human rights cases for gender equality and provides an overview of gender-lens financial products. To put these guidelines into practice the module further narrows down into gender equality market indices with a guest speaker from Bloomberg Gender Equality Index, digs deeper into the gender-bond market with a guest speaker from Luxembourg Stock Exchange’s LGX Academy, and discusses the growing overlap of climate and gender finance.
UN SSE Events at the UNCTAD World Investment Forum
17 October 2023
This year, the WIF 8th edition will take place in Abu Dhabi National Exhibition Centre (ADNEC) in Abu Dhabi, United Arab Emirates (UAE), from 16 to 20 October. During the forum, the SSE initiative, in collaboration with its partners, will hold several sessions.
EXCHANGE NEWS
Boursa Kuwait joins fight to beat plastic pollution on World Environment Day
5 June 2023
Kuwait: Boursa Kuwait joined the fight to beat plastic pollution on World Environment Day 2023, reiterating its commitment to being a responsible and sustainable company that enters into strategic partnerships to support environment protecting initiatives and projects.
Abu Dhabi Securities Exchange and the Luxembourg Stock Exchange sign Memorandum of Understanding
8 June 2023
The purpose of the MoU is to establish a framework of cooperation between the two institutions to facilitate the dual listing of a broad range of financial instruments, maximise access to European, Middle Eastern and international investors for the parties’ respective issuers, expand pre- and post-listing services, provide access to training programmes to foster awareness around sustainable debt products, and leverage ESG data to enhance issuer and investor engagement both in the Middle East and Europe.
Publication of the WFE Annual Sustainability Survey 2023
12 June 2023
The WFE Sustainability Survey 2022 is the ninth annual edition of this comprehensive questionnaire, which collects information from WFE members and affiliates, including stock and derivatives exchanges, from developed to frontier markets. The survey aims to capture the progress and achievements of the exchange industry in its engagement with Environmental, Social, and Governance (ESG) issues as well as the challenges it faces in achieving its ESG goals.
PSX and Karandaaz launch GEM Board, a viable option for capital raising
15 June 2023
Growth Enterprise Market (GEM) Board is a listing platform aimed at facilitating growth-oriented businesses, whether small, medium or greenfield businesses, to raise capital to fund their growth and expansion plans. GEM Board offers companies flexible listing requirements in recognition of the company’s growth phase.
IFC-NGX Nigeria2Equal Celebrates Private Sector Companies At Gender Leader Awards
20 June 2023
Multiple private sector companies have been recognised in the recent Gender Leader Awards ceremony organised by the International Finance Corporation in partnership with the Nigerian Exchange Limited for their efforts in promoting women’s participation in leadership, employment and entrepreneurship.
22 June 2023
It provides an insight into buy-side institutions around the globe regarding digital assets and ESG investing.
PNGX Introduces New Corporate Governance Code To Enhance Standards For Listed Companies
26 June 2023
PNGX, Papua New Guinea’s national stock exchange, has adopted a new Corporate Governance Code for Listed Issuers following public consultation.
28 June 2023
The Stock Exchange of Thailand (SET) and partners jointly organized the 2nd “SET Sustainability Forum: From Sustainability Ambitions …to Action” on Wednesday, June 28, 2023. In the event, executives from leading local and international organizations were invited to share roles of organization leaders in driving sustainable visions into tangible practices.
Sustainable Investment Awards 2023 Stock exchange of the year: London Stock Exchange
28 June 2023
2022 saw the launch by the London Stock Exchange of the world-first Voluntary Carbon Market designation, which enables companies to channel capital into climate change mitigation projects worldwide to help increase the global supply of “high-quality” carbon credits.
30 June 2023
On June 27, SZSE and China Energy Conservation and Environmental Protection Group (CECEP) signed a strategic cooperation agreement in Beijing. SZSE’s Party Committee Secretary and Chairman Chen Huaping and CECEP’s Party Committee Secretary and Chairman Song Xin attended the signing ceremony and had a discussion on how to give play to the functions of the capital market to better serve the reform of state-owned enterprises (SOEs) and promote the development of green and low-carbon industries.
ATHEX ESG Data Portal: The New Digital Platform for ESG Disclosures
20 July 2023
The Athens Exchange Group, as part of its ongoing efforts to enhance transparency and disclosure and promote sustainable investments in the Greek capital market, announces the launch of the ATHEX ESG Data Portal, a new digital ESG data collection tool.
27 July 2023
The Divisional Head, Capital Markets at Nigerian Exchange Limited (NGX), Jude Chiemeka, has highlighted the importance of Environmental, Social, and Governance (ESG) compliance and the democratization of data in attracting investments and enhancing stock liquidity in the Nigerian capital market.
REGULATORS AND STANDARD SETTER NEWS
IFC: Promoting Interoperability Across Environmental and Social Risk Management Frameworks
1 June 2023
The European Union’s (EU) taxonomy for sustainable activities has become a recognized benchmark for such approaches. This research report, conducted in partnership between IFC and the Equator Principles Association, explores linkages and provides practical comparisons between the EU Taxonomy’s DNSH and minimum safeguards requirements, and the IFC Performance Standards and World Bank Group Environmental, Health, and Safety (EHS) Guidelines.
NGX RegCo, ISSB, FRC To Champion Sustainability Disclosures Reporting Amongst Companies
6 June 2023
NGX Regulation Limited, the International Sustainability Standards Board (ISSB) as well as the Financial Reporting Council (FRC) of Nigeria have all said they remain committed to championing the drive of sustainability and climatic disclosure reporting among companies to ensure investors in the Nigerian capital market are protected.
13 June 2023
The International Sustainability Standards Board (ISSB), Financial Reporting Council of Nigeria (FRCN), and NGX Regulation Limited (NGX RegCo), recently organized five webinars to prepare companies for the imminent release of the ISSB’s first two IFRS Sustainability Disclosure Standards, better known as IFRS S1 (General Requirements for Disclosure of Sustainability-related Financial Information); and IFRS S2 (Climate-related Disclosures).
22 June 2023
Dato’ Seri Dr. Awang Adek Hussin, Chairman of the Securities Commission Malaysia (SC), opened the SRI 2023 Conference by saying that Malaysian companies in global networks and supply chains must adopt good corporate practices. “Malaysian PLCs should be ahead of the curve since they have been reporting on sustainability since 2015, and Bursa Malaysia’s sustainability requirements are in line with ISSB standards.”
UNDP, GLEIF and MAS to Embark on Project Savannah to Digitise Basic ESG Credentials for MSMEs
22 June 2023
The United Nations Development Programme (UNDP), Global Legal Entity Identifier Foundation (GLEIF), and Monetary Authority of Singapore (MAS) today signed a Statement of Intent to embark on a collaborative initiative to develop digital Environmental, Social, and Governance (ESG) credentials for micro, small and medium-sized enterprises (MSMEs) worldwide.
FSB welcomes publication of ISSB disclosures standards
26 June 2023
The Financial Stability Board (FSB) welcomes the publication today by the International Sustainability Standards Board (ISSB) of its final standards on general sustainability-related disclosures and on climate-related disclosures, which are based on the recommendations of the FSB’s Task Force on Climate-related Financial Disclosures (TCFD).
26 June 2023
The IFRS Foundation Monitoring Board (Monitoring Board) welcomes the publication of the final standards on General Requirements for Disclosure of Sustainability-related Financial Information (IFRS S1) and on Climate-related Disclosures (IFRS S2) by the International Sustainability Standards Board (ISSB).
ISSB issues inaugural global sustainability disclosure standards
26 June 2023
The International Sustainability Standards Board (ISSB) has issued its inaugural standards—IFRS S1 and IFRS S2 —ushering in a new era of sustainability-related disclosures in capital markets worldwide. The Standards will help to improve trust and confidence in company disclosures about sustainability to inform investment decisions.
Nigeria: FRC to Launch IFRS 1, IFRS 2 in Lagos June 26
26 June 2023
The first two IFRS Sustainability Disclosure Standards (IFRS S1 and IFRS S2 Standards) of the International Sustainability Standards Board (ISSB) to be launched on Monday, June 26, 2023. The exercise would be performed at the Nigerian Exchange (NGX) Group complex in Lagos by the Financial Reporting Council (FRC) of Nigeria in collaboration with the NGX Regulation (NGX RegCo) Limited.
27 June 2023
The ASEAN Capital Markets Forum (ACMF) today marked the launch of the International Sustainability Standards Board’s (ISSB) two inaugural IFRS Sustainability Disclosure Standards (ISSB Standards) with a Joint Conference and Technical Training in Singapore on 27 and 28 June 2023.
CFTC Announces Second Voluntary Carbon Markets Convening On July 19
27 June 2023
Washington, D.C. — Commodity Futures Trading Commission Chairman Rostin Behnam today announced the second voluntary carbon markets convening will be held on Wednesday, July 19 at 11:30 a.m. (EDT) at the CFTC's Washington, D.C. headquarters.
27 June 2023
The Green and Sustainable Finance Cross-Agency Steering Group (Steering Group) welcomes the International Sustainability Standards Board’s (ISSB) publication of the International Financial Reporting Standards (IFRS) Sustainability Disclosure Standards.
28 June 2023
The Monetary Authority of Singapore (MAS) today launched a public consultation on an industry code of conduct for providers of Environmental, Social, and Governance (ESG) ratings and data products. This is part of a proposed approach centered on an industry code of conduct that was co-created by MAS with industry players.
29 June 2023
The Race to Zero campaign is proud to announce that the Exchange Group, a part of the Net Zero Financial Service Providers Alliance (NZFSPA), has become its latest partner. This key endorsement from the UN Climate Change High-Level Champions validates the Exchange Group’s pledge to support a sustainable, net zero economy.
29 June 2023
Paris, France: Dr. Sultan Al Jaber, COP28 President-Designate, Kristalina Georgieva, Managing Director of the International Monetary Fund, Ajay Banga, President of the World Bank Group, and Mark Carney, UN Special Envoy for Climate Action and Finance and Co-Chair of the Glasgow Financial Alliance for Net Zero (GFANZ), today co-chaired a roundtable discussion as part of the Summit for a New Global Financing Pact at the Palais Brongniart.
6 July 2023
The Accounting and Corporate Regulatory Authority (ACRA) and Singapore Exchange Regulation (SGX RegCo) have launched a public consultation on the recommendations by the Sustainability Reporting Advisory Committee (SRAC) to advance climate reporting in Singapore.
13 July 2023
The FSB welcomes the publication of the ISSB’s final standards, which will serve as a global framework for sustainability disclosures. Responsibility for monitoring progress on firms’ disclosures will transfer from the TCFD to the ISSB in 2024.
17 July 2023
The Board of the International Organization of Securities Commissions today published a final report on Compliance Carbon Markets (CCMs), which aims to support IOSCO members seeking to establish new or to enhance their existing CCMs.
Pakistan: SECP amends regulations for election of independent directors and female directors
17 July 2023
ISLAMABAD, July 17: To address practical difficulties faced by the listed companies in election of directors, and to promote diversity in boards of the companies, the Securities and Exchange Commission of Pakistan (SECP) has introduced amendments in the Listed Companies (Code of Corporate Governance) Regulations, 2019 and the Companies (Postal Ballot) Regulations, 2018.
The Securities and Futures Commission (SFC) welcomes the endorsement by the International Organization of Securities Commissions (IOSCO) of the IFRS Sustainability Disclosure Standards published by the International Sustainability Standards Board (ISSB).
The Monitoring Group (MG) is responsible for the overall governance of the international audit, assurance, ethics and independence standard-setting system, including conducting periodic effectiveness reviews. In July 2020, the MG issued its recommendations
Strengthening the International Audit and Ethics Standard-Setting System
(MG Recommendations).
27 July 2023
The Technical Committee for ESG Evaluation and Data Providers
(chaired by Tetsuo Kitagawa, Professor Emeritus of Aoyama Gakuin University and Specially Appointed Professor of Tokyo Metropolitan University) extensively discussed the current status of ESG evaluation and data, challenges faced by stakeholders in the appropriate provision and use of ESG evaluation and data, and future developments, and compiled the "Report of the Technical Committee for ESG Evaluation and Data Providers" on July 12, 2022.
UK And Singapore Enhance Cooperation In Sustainable Finance And FinTech - HM Treasury And Monetary Authority Of Singapore Joint Statement On The Eighth Meeting Of The UK-Singapore Financial Dialogue
27 July 2023
The United Kingdom (UK) and Singapore held the 8th UK-Singapore Financial Dialogue in London yesterday. The Dialogue facilitated a useful exchange of views, and identified opportunities for further collaboration on joint projects, in priority areas such as sustainable finance and FinTech and innovation.
ESG INDICES AND PRODUCTS
The UAE COP28 Presidency and the Glasgow Financial Alliance for Net Zero (GFANZ) co-hosted a high-level roundtable on Voluntary Carbon Markets (VCMs), as an official side event to the Summit for a New Global Financing Pact.
GPW Launches Warsaw Sustainable Segment
29 June 2023
The Warsaw Stock Exchange (GPW) is launching the Warsaw Sustainable Segment, a dedicated section on the website www.gpwcatalyst.plThe section will present information on bonds issued by companies and public administration bodies, listed on markets organised by GPW, where the money raised is used to finance sustainability projects.
Five green and sustainable bonds listed on the NSX
7 July 2023
In this edition, Namibian Stock Exchange CEO, Tiaan Bazuin gives an update on the green bonds listed on the NSX.
ICE Expands UN SDG Offering For Corporate Bonds And Equities - ICE UN SDG Data Set Now Available For Corporates As Well As Municipal Bonds
26 July 2023
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology, and market infrastructure, today announced a collaboration with Util, the award-winning provider of evidence-based sustainability data, to expand its UN Sustainable Development Goals (SDG) data offering for corporate bonds and equities.
GENDER EQUALITY
World Bank Group Gender Thematic Policy Note Series: Evidence and Practice Note
9 June 2023
This note contributes to an increased understanding of the importance of gender-diverse leadership for inclusive and sustainable economic growth.
Sanwo-Olu, SEC, NGX, IFC renews call for gender-focused initiatives
19 June 2023
The Governor, Lagos State, Mr Babajide Sanwo-Olu, the Securities and Exchange Commission (SEC), Nigerian Exchange Limited (NGX) and the International Finance Corporation (IFC) have all renewed calls for more gender-focused initiatives that will create increased opportunities for women in leadership, employment, and entrepreneurship in the Nigerian private sector.
Borsa İstanbul’s Opening Bell Rang for TEB Portfolio Women First Variable Fund
20 June 2023
Aiming to make the most of the opportunities offered by domestic and foreign capital markets with its innovative asset management approach, TEB Asset Management held an Opening Bell Ceremony at Borsa İstanbul for its women-themed variable fund "TEB Portfolio Women First Variable Fund".
