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NameJohannesburg Stock Exchange (JSE)
CountrySouth Africa
Number of listed companies297
Domestic market capitalization1,150,028 million US$
SSE Partner ExchangeYes
Has annual sustainability reportYes
ESG reporting required as a listing ruleYes
  • Requires (on an apply and explain basis) that listed companies annually report the extent to which they comply with the King Code. King IV includes sustainability reporting as well as integrated reporting. (Source).
  • JSE also has mandatory governance disclosure requirements beyond the principles of King.
Has written guidance on ESG reportingYes
  • JSE Sustainability Disclosure Guidance - This paper is issued as a guidance tool that may be used by issuers on a voluntary basis to: - Assist local companies to navigate the global sustainability and ESG landscape - Provide for South Africas specific sustainability challenges - Improve the quality of sustainability and ESG information available to enable more informed investment decisions - Drive improved sustainability performance, accountability, and business leadership.
  • The JSE Sustainability Disclosure Guidance Narrative Disclosures and Metrics is aligned with, and draws on, the most influential global initiatives on sustainability and climate change disclosure including the GRI Sustainability Reporting Standards, the Taskforce on Climate-related Financial Disclosures (TCFD) recommendations, and the IIRCs International (IR) Framework as well as an extensive range of other frameworks and standards (Annex 1), and the Sustainability/ESG guidance of various peer exchanges. This Disclosure Guidance is not intended to replace any of these global initiatives but rather seeks to help companies navigate the landscape of reporting standards, and to provide explicitly for the South African context.
  • The JSE is a member of the standing King Committee. King III and King IV are available online.
  • From an investment tool perspective, the FTSE/JSE Responsible Investment (RI) index series was introduced in October 2015 and replaced the SRI Index that had been running since 2004. The methodology measures eligible companies ESG strategies and performance, thus also influencing the way companies should operate and provides a model for the kinds of ESG data companies should be disclosing. (Source).

Offers ESG related trainingYes
In 2021, JSE provided training on Climate-related Financial Disclosures (TCFD recommendations) in collaboration with the SSE, CDP and IFC. (source)

JSE Training Academy provides courses on ESG-related topics.

Market covered by sustainability-related indexYes

Has sustainability bond listing segmentYes

Has SME listing platformYes

Women on boards mandatory minimum ruleNo
Additional information

Organizational model of stock exchange
  • Listed company for profit; demutualized in 2005 and listed in 2006.

Regulatory bodies

Regulatory modelStrong Exchange Self-Regulatory Organisation (SRO) Model

  • Because of the level of authority possessed by the exchange.
  • The JSE is the frontline regulator for the exchange, setting and enforcing listing and membership requirements and trading rules. The Financial Services Board (FSB) supervises the JSE in the performance of its regulatory duties.
  • The regulatory landscape is set to change significantly in the future, as South Africa looks to implement a twin peaks model of oversight. Under the new system, prudential supervision will be transferred to the South African Reserve Bank (SARB) and market conduct regulation will be led by a bolstered FSB.

About the stock exchangeLocation: Johannesburg, South Africa

  • The Johannesburg Stock Exchange (JSE) offers secure, efficient primary and secondary capital markets across a diverse range of securities, supported by our post-trade and regulatory services. We are the market of choice for local and international investors looking to gain exposure to the leading capital markets in South Africa and the broader African continent. The JSE is currently ranked the 17th largest stock exchange in the world by market capitalisation and the largest exchange in the African continent. The JSE was formed in 1887 during the first South African gold rush. Following the first legislation covering financial markets in 1947, the JSE joined the World Federation of Exchanges in 1963 and upgraded to an electronic trading system in the early 1990s. The bourse demutualised in 2005 and listed on its own exchange in 2006. In 2003, we launched an alternative exchange, AltX, for small and mid-sized listings, followed by the Yield X for interest rate and currency instruments. The JSE acquired the South African Futures Exchange (SAFEX) in 2001 and the Bond Exchange of South Africa (BESA) in 2009. Today we offer five financial markets namely Equities and Bonds as well as Financial, Commodity and Interest Rate Derivatives. (Source).