UN SSE welcomes Pakistan Stock Exchange
6 June 2022
The UN Sustainable Stock Exchange initiative welcomes The Pakistan Stock Exchange (PSX) as a new member. PSX has solidified its commitment to transparency and sustainability by becoming a partner exchange of the UN SSE initiative. The newest partner joins a network of 115 stock exchanges around the world that are committed to promoting sustainable development.
The SSE works with stock exchanges through technical assistance, consensus building, and research to contribute to the achievement of the United Nations Sustainable Development Goals (SDGs) and to stimulate investment for a sustainable future. Exchanges around the world partner with the SSE to work towards a common objective of fostering financial markets that support the growth of sustainable and responsible business practices.
Upon Pakistan Stock Exchange’s joining the SSE Initiative, the MD & CEO PSX, Farrukh H. Khan, stated, “I would like to acknowledge and thank the UN for leading this extremely important initiative and PSX is proud to be part of this global movement. Pakistan is committed to ESG and PSX looks forward to playing a key role in the development of ESG standards, reporting and dialogue in the country. By joining the SSE Initiative, PSX will now be supported in its efforts to effectively take forward the discourse for ESG and encourage listed companies to report on ESG and SDGs. As such disclosure increases and more data becomes available, this will allow investors to support companies which are striving to meet the global ESG standards, while the Exchange will be able to introduce products like ESG indices to guide companies and investors.”
The SSE Initiative’s goal is capacity building of stock exchanges and securities market regulators around the world to promote responsible investment in sustainable development and help improve corporate performance on Environmental, Social and Governance (ESG) issues, including the financing of the UN Sustainable Development Goals (SDGs). The SSE Initiative is an effort to achieve this goal through maintenance of a Sustainable Stock Exchanges Database, ESG Disclosure Guidance Database, and further guidelines on how stock exchanges can embed sustainability within their operations, grow green finance, and advance gender equality, among other activities.
“This is a significant development for Pakistan and for Pakistan Stock Exchange whereby PSX, the national stock exchange of the country, has become a member of the Sustainable Stock Exchange Initiative. PSX , as the frontline regulator, is proud to join this prestigious UN initiative.” said the MD & CEO PSX, Mr. Farrukh H. Khan.
He further stated, “Under the leadership of PSX Chairperson, Dr. Shamshad Akhtar, PSX, along with other key stakeholders, has formed an ESG Taskforce to lead the development of ESG reporting standards, advocacy, policies and discourse in Pakistan. Through this affiliation, PSX will be better equipped to champion and lead the ESG narrative for Pakistan’s listed companies and for PSX. While we had already taken the initial steps in this regard, the SSE membership will help to guide the direction to be taken by PSX and the ESG Task Force in terms of creating ESG reporting standards and procedures. This will enable analysts, fund managers and other investors to better asses the performance of listed companies, along with guiding our efforts on constructing the ESG or Sustainability Index for the Pakistan market. I would like to acknowledge and thank the UN for leading this extremely important initiative and PSX is proud to be part of this global movement. Pakistan is committed to ESG and PSX looks forward to playing a key role in the development of ESG standards, reporting and dialogue in the country. By joining the SSE Initiative, PSX will now be supported in its efforts to effectively take forward the discourse for ESG and encourage listed companies to report on ESG and SDGs. As such disclosure increases and more data becomes available, this will allow investors to support companies which are striving to meet the global ESG standards, while the Exchange will be able to introduce products like ESG indices to guide companies and investors.”
To learn more about PSX sustainable initiatives visit: www.psx.com.pk
SSE Stock Exchange Database
To learn more about what exchanges are doing to promote ESG disclosure and sustainable finance, visit the SSE’s database of stock exchange sustainability activities. Currently, the database has data on 117 stock exchanges and tracks progress on key activities where exchanges are promoting sustainable business and investment practices. It is the largest data set of its kind and the data is freely accessible.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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