Boursa Kuwait has launched an Environmental, Social and Governance (ESG) reporting and implementation guide, it has said in a statement.
Through this, the Kuwait Stock Exchange aims to raise awareness and drive the embrace of Corporate Sustainability in the Kuwaiti capital market.
The guide is expected to introduce the ESG universe to companies listed on the stock exchange and highlight the benefits of ESG disclosure and best practices.
It reportedly proposes an initial set of sustainability indicators that correspond with the United Nations’ Sustainable Development Goals, the Global Reporting Initiative framework, and Kuwait’s sustainable development ambitions, as set out in the Kuwait National Development Plan and the New Kuwait vision for 2035.
It is also said to be aligned with the recommendations of the World Federation of Exchanges and the Sustainable Stock Exchanges initiative, which Boursa Kuwait has been a member of since 2017.
The ESG guide includes recommended sustainability metrics and a set of indicators that will reportedly 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 said to have been designed to help listed companies 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.