17 June 2024

Bringing the best out of Kuwait

Banking & Finance
| The European |

Continuously aligning itself with the highest international practices and standards, Boursa Kuwait continues to propel this prominent investment destination on a global level


Since joining the United Nations-led Sustainable Stock Exchange (SSE) initiative in 2017, Boursa Kuwait has made a formal commitment to corporate sustainability and ESG. In doing so, it has drafted a focused Corporate Sustainability (CS) strategy aimed at educating capital market participants of all asset classes, as well as aiming to make a positive impact in the environment of the community in which it operates. 

To fulfill the goals of its CS strategy, the company has implemented a three-branched approach of alignment, creation and integration. Boursa Kuwait seeks to align its efforts and initiatives with the company’s overall business strategy and purpose, therefore ensuring coordination with corporate governance, industry best practices and investors’ expectations to support sustainable success on all levels. The company also seeks to create strong and sustainable partnerships that allow it to leverage the valuable capabilities, strengths and experience of other companies and organisations. This helps deliver long-term impact, and seeks to integrate these programmes and activities with its corporate culture to create sustained engagement with employees, while instilling a focus on sustainability across Boursa Kuwait’s day-to-day operations.

Since its establishment, Boursa Kuwait has continuously aligned itself with international best practices and standards to enhance its regional and global reputation. The stock exchange plays a crucial role in ensuring that Kuwait is a prominent investment destination, emphasising attractive issuer options, expanding its investor base, diversifying its product offerings, and upgrading its infrastructure to international standards.

The company has been recognised over the years for its sustainability practices and ESG disclosure methods and implantation, garnering several awards from prestigious publications. These prestigious recognitions underscore Boursa Kuwait’s commitment to continuous improvement and its exemplary contributions to sustainable development.

Boursa Kuwait has been recognised globally for its unwavering commitment to sustainable practices and exemplary ESG initiatives.


Commitment to sustainability and ESG 

Boursa Kuwait has shown a steadfast commitment to sustainable development and responsible business practices, not just on an internal level, but for the wider Kuwaiti capital market and the Gulf Cooperation Council (GCC) region as well. 

The exchange released a comprehensive ESG reporting guide, which supports listed companies in reporting on environmental, social, and governance issues, meeting the information needs of stakeholders such as investors, customers, suppliers, and regulators.

The guide provides a framework for ESG reporting and implementation and was the basis for the release of GCC-wide metrics comprising of 29 standards (10 Environmental, 10 Social, and 9 Governance metrics) 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 standardising ESG disclosure across the GCC region, due to differences in standards in reporting. The metrics are voluntary and serve as a guideline for companies wishing to embark on their ESG disclosure journey. 

On the heels of that guide, the company has began publishing standalone Sustainability Reports, which are aligned with the United Nations’ SDGs, the Global Reporting Initiative (GRI), as well as the Sustainability Accounting Standards Board (SASB). Additionally, the Report is in line with the “New Kuwait 2035” vision and the State of Kuwait’s National Development Plan (KNDP). 

Stakeholder engagement 

Boursa Kuwait is committed to engaging with its partners across the international investment community, playing a key role in raising financial literacy levels in the Kuwaiti capital market and its awareness of it. 

The company has partnered with international organisations such as the International Capital Markets Association (ICMA), MSCI, CFA, and the United Nations Development Programme to enlighten market participants on the latest trends and practices abided by across the wider investment community. It has supported initiatives and programmes aimed at educating both industry professionals as well as those in the beginning of their investment journey, and has developed an online education platform, Boursa Academy, which also includes a virtual trading platform. 

The company consistently engages with its various strategic partners to highlight the benefits of products and services it will launch as well as consulting with them to understand what services they want to see.

Empowering communities and environmental protection 

Boursa Kuwait’s sustainability initiatives extend to meaningful partnerships with local and international organisations. It actively supports non-governmental organisations and charity programmes and seeks to make a positive impact in the community in which it operates. Through various strategic partnerships with organisations such as the UN, the UNHCR, as well as local entities like the Kuwait Red Crescent Society and the Kuwait Association for the Care of Children in Hospital, the company is committed to making a positive impact and being a good corporate citizen. 

Additionally, Boursa Kuwait promotes female empowerment and environmental protection, showcasing its dedication to holistic sustainability and community development.

Boursa Kuwait’s commitment to sustainable practices and ESG excellence has earned it prestigious accolades and global recognition. The company’s focus on environmental stewardship, social responsibility, and robust governance sets a benchmark for other organisations worldwide. With its unwavering dedication to sustainability and stakeholder engagement, Boursa Kuwait continues to drive positive change in the community and shape the future of Kuwait’s capital market.

Further information
www.boursakuwait.com.kw

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