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Press Dossier    By Date   08/04/2024 Boursa Kuwait releases its third standalone Sustainability Report

Kuwait Times, Mon, Apr 08, 2024 | Ramadan 29, 1445

Boursa Kuwait releases its third standalone Sustainability Report

Kuwait: Boursa Kuwait released its third standalone Sustainability Report, which shed light on the Kuwaiti stock exchange’s corporate sustainability strategy and initiatives in 2023, as well as assessing the company’s non-financial performance and progress for the period from January 1 to December 31, 2023.

The report also demonstrates Boursa Kuwait’s commitment to adopting best-in-class practices in environmental, social and governance (ESG) metrics. To ensure transparency and adherence to internationally recognized standards, the report has been developed in alignment with the Global Reporting Initiative (GRI) Standards: Core Option, the Sustainability Accounting Standards Board (SASB) Security and Commodity Exchanges guidelines, and the United Nations Sustainable Development Goals (SDGs) as well as Boursa Kuwait’s ESG Reporting Guide.

Since its establishment, Boursa Kuwait has embraced a forward-thinking CS strategy that blends economic growth with a commitment to environmental and community responsibility, forming the foundation of its core values and integrating industry-leading practices in ESG reporting and implementation. In 2023, Boursa Kuwait intensified its efforts to weave these principles more deeply into its operations by advancing responsible business practices within its organization and endorsing social and environmental initiatives that benefit both the company and the State of Kuwait as well as reinforcing Boursa Kuwait’s role as a catalyst for positive change.

As one of the marquee capital markets in the region, Boursa Kuwait committed to aligning its CS pillars with the United Nations Sustainable Development Goals (SDGs), the “New Kuwait” vision and the National Development Plan for the State of Kuwait. As part of this commitment, the company has, over the past few years, urged listed companies to follow its lead as a model issuer in the “Premier” Market and adopt internationally accredited metrics and standards in its ESG reporting efforts.

Boursa Kuwait’s Chief Executive Officer, Mr. Mohammad Saud Al-Osaimi, commented on the release, saying, “Sustainability sits at the heart of Boursa Kuwait’s strategic vision and its blueprint for long-term success as the company understands that its various stakeholders, which include investors, employees, listed companies and the broader community, regard it as a beacon of social and environmental responsibility. The company plays a pivotal role in the development of the Kuwaiti capital market and its efforts have paved the way for its sustainable growth as well as that of its listed companies.”

He added, “Over the past few years, we have made considerable inroads in our sustainability efforts, sponsoring key environmental initiatives and community programs as well as improving our business operations across the board. As we look ahead to the future, we will continue our journey of success, building on our momentum to deliver greater impact for our stakeholders as part of our goal for a more sustainable future and a brighter tomorrow.”

Since becoming a partner and supporter of the Sustainable Stock Exchanges (SSE) initiative in 2017, Boursa Kuwait has committed to enhancing the understanding of corporate sustainability (CS) concepts and the essentials of effective environmental, social, and governance (ESG) reporting within the Kuwaiti capital market.

To this end, the company published a comprehensive disclosure guide for listed companies which included globally recognized reporting metrics and a framework for their application. Boursa Kuwait also played a key role in developing unified ESG disclosure metrics for the Gulf Cooperation Council (GCC), presenting an optional set of 29 standards aligned with the Sustainable Development Goals (SDGs).

In addition to these contributions, Boursa Kuwait actively fosters learning and collaboration through the organization of workshops and seminars annually in partnership with globally acclaimed consultancies, the United Nations Development Program (UNDP), the Chartered Financial Analysts (CFA) Society, among other notable organizations. Through these initiatives, Boursa Kuwait not only reinforces its commitment to sustainability but also supports the broader adoption of responsible business practices across the region.

In 2023, Boursa Kuwait was recognized by Global Finance and The European for its achievements in the sustainability field, and its iconic building received LEED Gold certification from the United States Green Building Council (USGBC) for its renovation efforts to align the building with best-in-class standards and globally recognized metrics.

The company also elected Dalal Jafaar Behbehani as the first female member of its Board of Directors and improved its employee retention rate to 98 percent in 2023. Boursa Kuwait continued to be a responsible business citizen, adopting and supporting over 30 social programs and environmental initiatives in collaboration with local and international organizations to make a positive long-lasting impact in the community in which it operates.

Since its inception, Boursa Kuwait has worked diligently to create a thriving capital market that attracts local and foreign investors through a broad spectrum of new products and services, infrastructure upgrades, and market reform initiatives, as part of its multi-phase market development plans. The company was fully privatized in 2019, the first government entity in the country to successfully undergo the process, bringing about greater levels of efficiency. Boursa Kuwait also self-listed in September 2020 and has made great strides in sustaining its operations and business continuity in the face of uncertainties and challenges.

The company has rolled out numerous market reforms and new initiatives as part of its comprehensive multi-phase market development (MD) plans and showcases some of the standout listed companies and the investment opportunities that reside in the Kuwaiti capital market through its series of Roadshows and Corporate Days, putting these companies in touch with some of the world’s leading investment firms and financial institutions and highlighting their financial health and business strategies and outlooks, to help investors gain an in-depth understanding of the benefits and opportunities of investing in Kuwaiti companies.

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