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The Exchanges Council of the Gulf Cooperation Council, chaired by the Saudi Bourse, has published a harmonized set of ESG disclosure indicators consisting of 29 criteria in line with the World Federation of Exchanges and Sustainable Stock Exchanges Initiative. This includes categories such as greenhouse gas emissions, energy use, water use, gender pay, employee turnover, gender diversity, data privacy, ethics, and more.
Due to differences in reporting standards, the GCC ESG Disclosure Indicator is an important step towards standardizing ESG disclosure across the GCC region. These indicators are voluntary and serve as a guide for companies wishing to start their ESG disclosure journey. These indicators do not replace the existing ESG disclosure guidelines of the GCC stock exchange.
pivotal role
Saeed Hamad Al Dhaheri, Managing Director and CEO of Abu Dhabi Securities Exchange, commented: “Exchanges play a key role in strengthening the governance and sustainability of companies in the region and ADX is proud to be part of the creation Harmonized disclosure metrics. In 2020, we published ESG disclosure guidelines for listed companies – demonstrating ADX’s commitment to sustainable financial markets – and our participation in the establishment of GCC ESG metrics reinforces our commitment to adopting the highest reporting and disclosure standards”
The GCC Trading Council consists of the Abu Dhabi Stock Exchange, Bahrain Stock Exchange, Kuwait Stock Exchange, Qatar Stock Exchange, Muscat Stock Exchange, Saudi Stock Exchange and Dubai Financial Market. The committee aims to support the development of regional capital markets, build an advanced capital market ecosystem in the GCC region, and enhance its position on the global stage. — trade arab news agency
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