Monday, January 9, 2023 – 2:24 PM
ABU DHABI, 9th January / WAM / The Gulf Capital Markets Committee, chaired by Tadawul Saudi Arabia, today issued a unified package of environmental, social and governance disclosure standards for listed companies.
The package of standards includes 29 standards compatible with the goals of the International Federation of Exchanges and the United Nations Initiative for Sustainable Financial Markets, including categories of greenhouse gas emissions, energy and water consumption, salary ratio between men and women, employee turnover rate, gender diversity, data privacy, professional ethics, and others.
The launch of the Environmental, Social and Governance (ESG) Disclosure Standards represents an important step to standardize the reporting of environmental, social and governance practices in the GCC countries, given that there are many differences in the relevant reporting standards.
The new standards are not binding, but serve as a guide for companies wishing to embark on the journey of disclosing their commitment to environmental, social and corporate governance practices. These standards do not replace the current Environmental, Social and Corporate Governance Disclosure Manual approved within each of the Gulf financial markets.
Saeed Hamad Al Dhaheri, Managing Director and CEO of the Abu Dhabi Securities Exchange, said: “Financial markets play a pivotal role in promoting the foundations of governance and sustainability practices within the business sector in the region, and the Abu Dhabi Securities Exchange is proud of its contributions and efforts in establishing unified disclosure standards for companies listed in the GCC countries. Gulf cooperation.
In this regard, the market issued in 2020 a set of guidelines for the disclosure of listed companies on environmental, social and corporate governance standards, which confirms its commitment to promoting the principles of sustainability in financial markets.
There is no doubt that the market’s participation in establishing these desired practices at the regional level enhances its support for companies to include the highest standards of disclosure and reporting within their activities across the various Gulf markets.”
The Gulf Capital Markets Committee consists of the Abu Dhabi Securities Exchange, the Bahrain Stock Exchange, the Kuwait Stock Exchange, the Qatar Stock Exchange, the Muscat Stock Exchange, the Saudi Tadawul, and the Dubai Financial Market.
The committee aims to support the development of regional capital markets, develop an advanced financial market system in the GCC region, and upgrade it on a global scale.
His conversion to Al-Hussein / Ramy Samih