IFC Supports Development of First Environment, Social and Governance Index in MENA
IFC Supports Development of First Environment, Social and Governance Index in MENA
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Index to be Jointly Developed with Hawkamah, S&P and CRISIL IFC, a member of the World Bank Group, is helping develop an index that will encourage responsible and sustainable investment practices in the Middle East and North Africa by measuring the environmental, social, and corporate governance performance of hundreds of listed companies in the region. IFC is supporting efforts of the Hawkamah Institute for Corporate Governance, indices and ratings provider Standard & Poor’s, and Credit Rating and Information Services of India Ltd. (CRISIL) to develop the Environment, Social and Governance (ESG) index, the first of its kind to be launched in the region. The index will help some 600 listed companies in 11 countries better understand environmentally and socially responsible investment practices, and the importance of implementing sound corporate governance. Businesses that seek balanced, long-term performance will be encouraged to adopt sustainable business practices. Dr. Nasser Saidi, Executive Director of Hawkamah, said: “In response to economic disruption and to bad practices blamed for sparking the financial crisis, institutional investors are increasingly focusing on long-term risks in their investments. Environmental, social, and governance factors are playing a growing role in investment decisions in our region. Financial performance indicators have traditionally marked whether to invest in a company. With IFC’s support we aim to provide the market and investors with a tool focusing on non-financial indicators, which  are fundamental in assessing the sustainability of a company’s future performance.” IFC’s Associate Director, Gulrez Hoda, said, “The absence of credible and standardized data about business practices relating to social and environmental concerns is a key barrier limiting the flow of socially responsible investing funds to emerging markets. Better social, environmental, and governance practices will ease the flow of funds into ethically responsible products.” The index will cover the United Arab Emirates, Saudi Arabia, Qatar, Bahrain, Oman, Kuwait, Jordan, Egypt, Lebanon, Morocco, and Tunisia and provide qualitative information for investors’ sustainability needs, absorb high liquidity growth, and reduce volatility of stock markets. The project will strengthen and promote environmentally-sustainable, and socially- responsible businesses.  In turn, this will create greater awareness and adoption of ESG practices by companies as well as increase available financing options. This ESG index is part of IFC’s partnership with Hawkamah to promote better corporate governance in the Middle East and North Africa. IFC and Hawkamah have been working on advancing corporate governance in the region to help build capital markets and attract capital and foreign direct investment.

Testimonials

  • "We extend our thanks and appreciation to Hawkamah institute for its cooperation and the effectiveness of the Director Development Program"

    Saeed Al Kaabi - Abu Dhabi Monitoring and Controlling Centre(ADMCC)

  • "The Director Development Program was very rich in useful information and added a lot to us, and the trainers’ experience, skills and capabilities had positive impact on delivering the information to us in a direct and clear manner"

    Hamad Al - Tamimi - Osool Asset Management

  • The corporate Governance in all type of entities adds morality and ensures implementation of the best practices to fulfill the responsibilities of those entities and to ensure the rights of all parties involved, especially those who have no authority to participate in the decision-making cycle.

    Hawkamah institute contributed to enrich the knowledge of these responsibilities and the role of governance for the success of institutional work in accordance with principles that establish values and ethics.

    Ajman Municipality

  • '‘Excellent, well delivered, informative program presented by well-seasoned trainers. The training program has helped transform and empower the Board’s vision and focus our minds on the relevant issues at hand. We sincerely thank you for the training sessions which helped broaden our perspective and decision making processes. We strongly recommend this training to elevate directors to the next level".

    Bank of Maldives

  • "I would like to thank Hawkamah for the ESG Reporting training , I found the two days ESG Reporting training very informative and helpful and I have definitely received some tools that I will use in my work"

    Rania Zaatari - Head of Makassed Communal Healthcare Bureau

  • "The DDP provides a solid foundation of corporate governance for existing and aspiring directors."

    David Haglund - Senior Executive Director and Portfolio Manager of the Templeton Frontier and MENA Market strategies

  • “Thank you so much for sharing such insightful webinar. It was great and valuable to all participate”

    Shady Rashed - Senior Economic Researcher at The Ministry of International Cooperation of Egypt

  • “Good session and very well organized on the webinar about How to buffer and lessen the impact of the novel Covid – 19, to maintain business sustainability with Hawkamah - AUB / Makhzoumi” 

    Bilal Hamade - Executive Advisor

  • "One of the best webinars I attended. Well done OSB Makhzoumi and Hawkamah”

    Fida Kanaan – Director – Executive education  OSB AUB

  • "A journey full of knowledge, experience and professionalism . I have learned a lot and definitely enjoyed the time I spent with my colleagues."

    Ibtihal Al-Shamali- Director of Corporate Governance- Capital Market Authority of Kuwait

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