GCC Stock Exchange committee issues unified ESG disclosure for companies

msx
msx

The GCC Stock Exchanges Committee today issued a unified package of environmental, social and governance disclosure standards for companies listed on GCC stock exchanges.

The package includes 29 standards compatible with the goals of the World Federation of Exchanges and the UN Sustainable Stock Exchanges (SSE) Initiative.

The standards’ launch constitutes a major step forward in standardizing reports on environmental, social and governance practices in GCC states. It is a significant development due to the existence of dissimilarities in relevant reporting standards.

The new standards are non-binding and serve as a guide for companies wishing to embark on a drive to disclose their commitment to environmental, social and corporate governance practices. These standards will be no means of constituting a substitute for current environmental, social and corporate governance disclosure guides approved within each unit of GCC stock markets.

Haitham Salim Al Salmi, CEO of the Muscat Stock Exchange (MSX), said that “Environmental and Social Disclosure Standards” will unify disclosure reports on environmental, social and governance practices in GCC stock markets. They will help exporters and relevant sectors to better comprehend the value gained from sustainable performance and responsible business practices, he explained.

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