• Launching unified standards under the name "Environmental, Social and Governance Disclosure Standards"
• The standards covered by the standards are in line with the United Nations Sustainable Development Goals
• Standards are not mandatory and do not replace the current disclosure guide adopted in each of the Gulf financial markets
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 metrics package includes several standards compatible with the United Nations Sustainable Development Goals within the categories of greenhouse gas emissions, energy and water consumption, average salaries for men and women, gender diversity, employee turnover rate, data privacy, professional ethics, and others.
The launch of the Environmental, Social and Governance (ESG) disclosure metrics represents an important step in standardizing the reporting of environmental, social and governance practices in the GCC countries, considering regional considerations. The standards are considered a non-mandatory option, and serve as a guide for companies wishing to disclose their performance in terms of environmental, social and governance sustainability, and do not replace the current ESG disclosure guide adopted within each of the financial markets in the Gulf countries.
The launch of the Environmental, Social and Governance (ESG) disclosure metrics represents an important step in standardizing the reporting of environmental, social and governance practices in the GCC countries, considering regional considerations. The standards are considered a non-mandatory option, and serve as a guide for companies wishing to disclose their performance in terms of environmental, social and governance sustainability, and do not replace the current ESG disclosure guide adopted within each of the financial markets in the Gulf countries.
The GCC Financial Markets Committee consists of the Qatar Stock Exchange, the Kuwait Stock Exchange, the Bahrain Stock Exchange, the Muscat Stock Exchange, the Saudi Tadawul, the Abu Dhabi Stock Exchange, 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.