Gulf Exchanges Announce Unified ESG Metrics for GCC Listed Companies

Press release

Published January 9th, 2023 - 08:09 GMT

Gulf Exchanges Announce Unified ESG Metrics for GCC Listed Companies

The unified metrics will be referred to as the GCC ESG Disclosure Metrics

Highlights

The GCC Exchanges Committee, chaired by the Saudi Exchange, published a unified set of ESG Disclosure Metrics today.

The GCC Exchanges Committee, chaired by the Saudi Exchange, published a unified set of ESG Disclosure Metrics today. The metrics comprise 29 standards that are aligned with the World Federation of Exchanges and Sustainable Stock Exchanges Initiative, and include categories across GHG emissions, energy usage, water usage, gender pay, employee turnover, gender diversity, data privacy, ethics and more.

The GCC ESG Disclosure Metrics are an important step towards standardizing ESG disclosure across the GCC region, due to differences in standards of reporting. The metrics are voluntary and serve as a guideline for companies wishing to embark on their ESG disclosure journey. The metrics do not replace existing ESG disclosure guidelines for GCC stock exchanges.

Saeed Hamad Al Dhaheri, Managing Director and Chief Executive Officer of Abu Dhabi Securities Exchange, commented: “Exchanges play a pivotal role in enhancing governance and sustainability among the region’s companies and ADX is proud to take part in creating unified disclosure metrics for GCC listed companies. In 2020, we issued ESG disclosure guidelines for our listed companies- which illustrates ADX’s commitment to drive sustainability in financial markets- Our participation in the establishment of the GCC ESG Metrics reinforces our support for the adoption of the highest reporting and disclosure standards across GCC markets.”

The GCC Exchanges Committee comprises Abu Dhabi Securities Exchange, Bahrain Bourse, Boursa Kuwait, Qatar Stock Exchange, Muscat Stock Exchange, Saudi Exchange and Dubai Financial Market. The committee aims to support the development of regional capital markets, create an advanced capital market ecosystem in the GCC region, and elevate their position on the global stage.

The GCC ESG Disclosure Metrics are available to download here.

Background Information

Abu Dhabi Securities Exchange

Abu Dhabi Securities Exchange (ADX) was established on 15th of November 2000 by Local Law No. (3) of 2000, the provisions of which vests the Market with a legal entity of autonomous status, independent finance and management, and gives ADX the necessary supervisory and executive powers to exercise its functions.

Moreover, ADX has the authority to establish centers and branches outside the Emirate of Abu Dhabi, and so far it has done so in Al Ain, Zayed City, Fujairah, Ras Al Khaimah and Sharjah.

ADX's board of directors is comprised of seven members nominated by Amiri Decree. The members of the board hold office for a term of three years. The first board of directors was constituted by Amiri Decree No. (8) of 2000.