Kuwait Times, Tuesday, Dec 21, 2021 | Jumada Al-Uola 16, 1443
Boursa Kuwait hosts ESG webinar for listed companies
Kuwait:
Boursa Kuwait hosted a webinar entitled ‘Environmental, Social and Governance
Perspectives’ for Kuwaiti listed companies and other capital market participants
on December 8, 2021. The webinar featured ESG experts from multinational
professional services firm Ernst and Young (EY) as well as the United
Nations-supported Principles for Responsible Investment (PRI), who highlighted
the critical importance of ESG performance, as investors are increasingly paying
attention to climate risks and sustainable business practices.
The initiative forms part of Boursa Kuwait’s efforts to create a lasting
meaningful impact on the community where it operates as part of its Corporate
Sustainability strategy and is in line with Goal 4 – Quality Education – and
Goal 17 – Partnership for the Goals – of the UN’s Sustainable Development Goals
(SDGs). A member of the United Nations’ Sustainable Stock Exchange initiative
since 2017, the company has been making a formal commitment to the
sustainability of listed companies and their operations.
During the event, which was moderated by the exchange’s Institutional Investor
Affairs Department’s Fahad Al-Dughaishim, EY’s Partner and Leader for Climate
Change and Sustainability Services, Yasir Ahmad, EY Senior Manager, Matthew
John, and PRI’s Head of UK & Ireland and Middle East, Eline Sleurink, delivered
presentations covering all aspects of the ESG universe. During the webinar,
Boursa Kuwait also shed light on its efforts to integrate ESG principles into
the company’s business and encourage all its stakeholders to embrace corporate
sustainability.
The webinar comes on the heels of the stock exchange’s launch of its new ESG
guide to raise awareness of the benefits of ESG disclosure and best practices.
The guide proposes an initial set of sustainability indicators that correspond
with the UN’s 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.
Commenting on the initiative, Boursa Kuwait’s Head of Markets Noura
Al-Abdulkareem said, “We are delighted that the ESG webinar was a success with
remarkable participation from our stakeholders. We hope that the
thought-provoking insights provided by the industry experts will lead to
tremendous outcomes. The webinar underlines our unremitting commitment to
driving ESG accountability within the company and the wider capital market.”
She added, “The webinar also forms a part of our continuous efforts to further
develop the market and elevate its status to meet international standards. We
will continue to be at the forefront of the efforts to encourage listed
companies to accelerate their transition as they continue to adopt more
environmentally conscious and sustainable business operations.”
Yasir Ahmad, Partner and Leader for Climate Change and Sustainability Services
at EY, highlighted that ESG has evolved into a model of thinking and approach
for businesses and leaders to maintain a competitive position in the global
market. Stressing that customers are growing socially and environmentally
conscious in their buying patterns and that there is increased investor pressure
to disclose and address ESG risks, he stated that businesses are expected to
practice enhanced reporting and transparency as the global landscape is rapidly
evolving from voluntary frameworks to more targeted and mandatory regulation.”
EY Senior Manager Matthew John delved deep into the benefits of ESG
implementation, as well as the challenges facing the businesses that fail on
that front. He emphasized that a considerable percentage of investors agree that
that ESG performance played a pivotal role in their investment decision-making
and went over ESG trends in the Middle East, sharing insights into leading ESG
practices adopted by companies in Kuwait and the wider region, highlighting
Boursa Kuwait’s ESG reporting guide and its commitment to the Sustainable Stock
Exchange Initiative.
Eline Sleurink, Head of UK and Ireland and Middle East at PRI, explained the six
principles of responsible investing and highlighted the priority areas and the
key ESG issues of PRI. Emphasizing the importance of an economically efficient
and sustainable global financial system for long-term value creation, Ms.
Sleurink spotlighted the material risks that businesses may endure if they
underperform on ESG factors.
Boursa Kuwait’s Corporate Sustainability strategy stipulates ensuring
initiatives apply and fall in line with the company’s corporate social
responsibility (CSR), industry best practice standards and investor
expectations, creating strong and sustainable partnerships that ultimately
achieve success and allow Boursa Kuwait to leverage the capabilities and
strengths of other companies or organizations that have experience in different
fields, and integrating sustainability efforts with the company culture, in
order to achieve longevity and an ongoing impact that is carried on and
instilled in the day-to-day operations of the stock exchange.
As part of the strategy, Boursa Kuwait has launched many initiatives in
partnership with local and international organizations, focusing on support for
nongovernmental organizations and charity programs, financial literacy and
capital market awareness, the empowerment of women, as well as environmental
protection.