Bahrain Kuwait Insurance Company moves to set up ESG framework

Insurer aims to create shared value and inclusive growth; mitigate environment risks such as climate change

  

MANAMA: Bahrain Kuwait Insurance Company (BKIC) yesterday announced it has taken an initiative to embed 32 metrics and indicators of Environmental, Sustainability and Governance (ESG) in business functions and share transparent and balanced information about performance through annual ESG reporting.

The insurer said through the initiative it aims to: Create shared value and inclusive growth; mitigate environment risks such as climate change, carbon emission and waste; contribute towards sustainable development of community; and enhance transparency in ESG performance.

Dr Abdulla Sultan, chief executive of BKIC, said: “Setting up a robust ESG compliance function at BKIC has been a top priority for the company considering the strategic outlook of the kingdom in terms of Vision 2030. In fact, the latent practice and spirit of ESG has been present in the culture and strategy of the company, since its formation, in one form or the other. However, this initiative of setting up the company’s first ESG framework, that is measurable in terms of quality and quantity, will give a tangible form to the pre-existing latent practice and spirit”

BKIC has appointed a management consulting firm AJMS Global Consulting, a pioneer in ESG implementation across GCC region, for incorporating the ESG framework in its operations.

The insurer has also set up an ESG Management Committee chaired by Ahmed Bucheeri, and including Ali Al Fardan, Aysha Al Mahmeed, Fatima Kadhem, Zahra Jassim and Ahmed Al Naser as members.

Mr Bucheeri said, “We strive to be a sustainability leader in our sector, provide a fair and inclusive workplace and be transparent in our performance and commitments towards material ESG issues.”

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