SAUDI ARABIA

Saudi Exchange issues ESG disclosure guidelines for listed companies

October 29, 2021
Mohammed Al-Rumaih, CEO of Saudi Exchange.
Mohammed Al-Rumaih, CEO of Saudi Exchange.

RIYADH — The Saudi Exchange announced on Thursday that it has issued Environmental, Social, and Governance (ESG) disclosure guidelines to promote sustainable growth in the Kingdom. The guidelines demonstrate Saudi Exchange's continued commitment to support more than 200 listed companies and also prospective companies looking to list.

The launch of the disclosure guidelines highlights the Exchange's efforts to raise awareness on the importance of ESG within the Saudi capital market.

The ESG disclosure guidelines launch coincides with a growing global focus on ESG. Capital markets have an important role to play in promoting sustainability and Saudi Exchange is committed to advancing the Saudi capital market, in line with Vision 2030.

Mohammed Al-Rumaih, CEO of Saudi Exchange, commented: "With the launch of the ESG disclosure guidelines, Saudi Exchange has reaffirmed its commitment to helping issuers of all sizes integrate ESG into their investor reporting and communications.

“Sustainable investment practices play a significant role across global markets and we have a responsibility to highlight the importance of ESG and the opportunities ESG presents for all our market participants and stakeholders."

"Publishing ESG disclosure guidelines marks a significant milestone in our efforts to provide a consistent approach to ESG reporting for all our listed companies.

“With ESG becoming an increasingly critical part of decision making for local and international investors, these guidelines will encourage companies to voluntarily disclose their ESG performance," Al-Rumaih added.

The Exchange will help issuers deepen their understanding of ESG best practices through various activities, including holding individual meetings with listed companies to support them in improving their ESG profiles and hosting educational workshops and other awareness-raising initiatives to encourage disclosures on ESG.

The Exchange will also advise companies on how to improve their ESG disclosures in order to be aligned with global best practices.

The disclosure guidelines will help to build awareness of ESG, equip listed companies to better navigate the ever-changing ESG landscape, introduce a selection of reporting options companies can follow to measure their progress and ultimately unlock the benefits from a sustainable approach to corporate growth.

The guidelines were developed in line with the UN SSE model guidance and will be continually updated to account for changes in the ESG landscape to ensure they remain relevant and can continue to act as a catalyst supporting the sustainable and inclusive growth of the Saudi capital market. — PRNewswire


October 29, 2021
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