Exchange in Focus: MSE has published its first ESG Reporting Guidelines

5 May 2022

The Macedonian Stock Exchange (MSE) recently launched its first ESG Reporting Guidelines for listed companies. Developed with the European Bank for Reconstruction and Development (EBRD)’s technical assistance, the guidance responds to increasing demand from investors and other stakeholders for environmental, social and governance (ESG) information, as well as the incentives from policy-makers and regulators that are driving a growing share of global financial flows towards sustainable investment.  Sustainability reporting has become a core dimension of the development of modern capital markets. More transparency around the way issuers manage ESG-related risks is essential and taking actions to mitigate global challenges such as climate change and biodiversity loss has never been more critical. MSE's ESG Reporting Guidelines have been prepared in line with national legislation, European Union sustainable finance considerations, and international best practices while also taking into consideration the early stages of development of ESG reporting practices in North Macedonia. The reporting guidelines were also created based on the new Macedonian Corporate Governance Code published in October 2021. This guide is in line with the exchange's commitment to the UN SSE initiative to further sustainable financial markets. It explains the concepts usefulness of Corporate Social Responsibility and ESG Reporting, as well as the practical recommendations for their implementation taking into account the company's own challenges and specificities. MSE has become one of 64 exchanges members of the UN SSE to publish an ESG reporting guidance, a useful resource to aid issuing companies understand the context, characteristics and market best practices in ESG disclosure.  “MSE’s ESG Guidelines for Listed Companies are intended to be a practical tool for our listed companies in the area of ESG disclosure according to our Corporate Governance Code which was developed together with the Securities and Exchange Commission of the Republic of North Macedonia and the latest international standards in this area. These ESG Guidelines are created to assist MSE’s listed companies in their interactions with investors, to help them understand how to internally address ESG issues as a key component of investor relations and how to manage ESG factors and risks, as well as to assist them in enjoying more visibility as a benefit of their ESG commitment.” - said Ivan Shteriev, CEO of the Macedonian Stock Exchange.  Andi Aranitasi, EBRD Head of North Macedonia, commenting on the launch of the guide said: “The EBRD has been a reliable partner of North Macedonia for the past 30 years, as evidenced by more than EUR 2.2 billion provided in 154 projects and the substantial grant funding mobilised to date. In line with the EBRD’s target to increase its green financing, 61% of our investment in North Macedonia in 2021 was green. We are committed to continuing supporting the country in its transition to a low carbon and climate-resilient economy. Furthermore, we are strongly committed to improving the corporate governance standards in the country and are very pleased that, following the adoption by the MSE of an improved corporate governance code for listed companies, prepared with support from EBRD, the MSE has now prepared and released its ESG reporting Guidelines that will help Macedonian listed companies improve their governance and reporting further.”  “There is a growing demand globally for consistent and comparable ESG company data as investors increasingly seek long-term value and alignment with sustainability and climate-related objectives. As North Macedonia continues on its path towards EU accession, it will be essential to align national regulations and market practices with the EU sustainability framework and international best practices. The new Guidelines will increase issuers’ awareness of such practices and support them on their ESG journey.” – said Vesselina Haralampieva, Associate Director, EBRD.  The MSE and exchanges around the world have a powerful role in facilitating ESG information flow between companies and investors by fostering transparency, providing guidance and services, and raising awareness among its clients, stakeholders, and the broader group of market participants. To learn more about the MSE’s initiatives to promote a sustainable future, visit:   

SSE ESG Guidance Database

There are now 64 stock exchanges around the world that provide ESG disclosure guidance to their issuers. 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. 

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.