Kuwait: Solidifying its position as a leading advocate for Environmental, Social and Governance (ESG) reporting and implementation, Boursa Kuwait launched its new ESG guide to raise awareness and drive the embrace of Corporate Sustainability in the Kuwaiti capital market. The guide aims to introduce the ESG universe to companies listed on the stock exchange and highlight the benefits of ESG disclosure and best practices.
The guide 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 Sustainable Stock Exchanges (SSE) initiative, which Boursa Kuwait has been a proud member of since 2017.
The ESG guide includes recommended sustainability metrics and a set of indicators that will assist market participants in understanding where they currently stand as well as how to improve and set future goals. The guide also explains the different types of ESG reporting, allowing companies to choose and decide on the format that is most suited for them. These metrics and indicators are designed to help listed companies to accelerate their transition towards more environmentally conscious and sustainable business operations. The guide also aims to aid market participants gain a sound understanding of the many benefits of ESG reporting including a greater ability to make informed decisions and meet the growing needs of their various stakeholders for transparent and regular information.
The launch of the ESG reporting guide stems from Boursa Kuwait’s commitment to advance Corporate Sustainability within the company and the wider capital market. Boursa Kuwait has been reporting on ESG through its annual reports and undertaking several initiatives promoting sustainable practices as part of its Corporate Sustainability strategy.
Commenting on the announcement, 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.”
Boursa Kuwait’s Head Of Markets Noura Al-Abdulkareem also commented on the launce of the ESG Reporting Guide, saying, “The launch of the ESG guide comes as part of Boursa Kuwait’s commitment to help listed companies identify and adopt best practices in ESG reporting. As an exchange as well as a listed company, we aim to lead by example in ESG disclosure and implementation.”
As part of its Corporate Sustainability strategy, Boursa Kuwait has launched many initiatives in partnership with local and international organizations. The initiatives focused on support for nongovernmental organizations and charity programs, financial literacy and capital market awareness, the empowerment of women, environmental protection as well as safety and preventive measures against Covid-19. Over the past year, the company has conducted a series of webinars on wide-ranging topics including the assessment metrics and benchmarks of MSCI ESG Ratings and investor relations practices.
ABOUT BOURSA KUWAIT
Since it was established by the Capital Markets Authority to take over the responsibilities of the Kuwait Stock Exchange in 2014, Boursa Kuwait has worked diligently to build a progressive exchange platform based on efficiency and transparency, with a view to creating long-term value for the company’s stakeholders in the economic, social and environmental dimensions.
Guided by a mission-driven strategy that focuses on developing the market in line with international standards, Boursa Kuwait has successfully introduced innovative investment tools, reinforced transparency, and restructured the market to increase its competitiveness and liquidity. The company’s market developments and enhancements have contributed to the reclassification of the Kuwaiti capital market to “Emerging Market” status in the world’s top three indices, strengthening Kuwait’s position as a leading financial center in the region. A self-listed exchange, Boursa Kuwait is the first government entity in the country to successfully undergo privatization.
For more information about Boursa Kuwait’s initiatives and its latest developments, please visit www.boursakuwait.com.
© Press Release 2021
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