Sharjah – The Pearl Initiative, a business-led non-profit organization promoting greater corporate accountability and transparency in the private sector across the Gulf region, today announced a new partnership with Marsh, the world’s leading insurance broker and risk advisor.

As the first insurance broker and risk advisor to partner with the organization, Marsh will work with the Pearl Initiative to establish a framework of engagement focusing on environmental, social and governance (ESG) risks.

With over US$130 trillion of private capital committed towards achieving carbon neutrality, more companies are focusing their efforts on achieving ESG targets and metrics along with paving the way for better ESG-investing in the financial markets worldwide.

Christos Adamantiadis, CEO, Middle East and Africa, Marsh, commented: “Marsh is pleased to be part of the Pearl Initiative’s quest to reshape the approach to ESG across the Gulf region, by supporting organizations in improving their approach to corporate governance, better understanding their ESG performance, and realizing better risk management outcomes. Our joint efforts will also assist Middle East organizations in tackling the current challenges they face, as well as building resilience and overcoming any adversities they may encounter in the future."

Bassam Al-Bader, CEO, Marsh Saudi Arabia, added: “Businesses and societies can reap great benefits from more transparent, accountable, inclusive and diverse corporate governance structures. By developing robust diversity and inclusion strategies that incorporate targeted recruitment and sourcing, training, and development programs that nurture home-grown talent, Middle East organizations can also create strong pathways towards achieving sustainability and prosperity."

Ranya Saadawi, Executive Director of the Pearl Initiative, said: "With digital commerce estimated to grow to US$800 billion by 2024, there are a lot of significant opportunities and risks for a more-connected world. Having a robust corporate governance framework that encompasses the principles of ESG will provide businesses across the region with a strong foothold in global markets. We are very pleased to be closely working with Marsh in ensuring our network of businesses across the Gulf region are better prepared to evaluate, mitigate and manage risks."

To support organizations in managing their ESG risks, Marsh launched its ESG Risk Rating in March 2022. A free assessment tool, the ESG Risk Rating can measure an organization’s ESG performance, which enables them to identify their most critical sustainability and climate-related risks, and gain access to additional insurance market capacity.