23/09/2024
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23/09/2024
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KUWAIT CITY, Sept 23: Boursa Kuwait and the United Nations Sustainable Stock Exchanges (UN SSE) initiative will organize a workshop on the latest sustainability disclosure standards for market participants and interested parties today, Tuesday, September 24, 2024, in collaboration with the International Financial Reporting Standards (IFRS) Foundation and the World Bank’s International Finance Corporation (IFC).
The workshop, which is conducted virtually by SSE Academy Head Ms. Tiffany Grabski and SSE Senior Specialist Ms. Lois Guthrie as well as Mr. Jarlath Molloy and Mr. Tim Kasim from the IFRS Foundation, allows applicants to participate in a CPD-Certified training workshop on the latest sustainability disclosure standards by the International Financial Reporting Standards, allowing them to ask questions and interact with the top experts on the topic.
The International Financial Reporting Standards (IFRS) Foundation launched IFRS S1, “General Requirements for Sustainability-related Financial Information” and IFRS S2 “Climate-related Disclosures” in June 2023, ushering in a new era of corporate sustainability-related disclosure to capital markets worldwide. These standards, developed by the International Sustainability Standards Board (ISSB), provide a global baseline for sustainability disclosures, providing companies with clear guidelines for globally consistent disclosure of sustainability-related financial information.
Boursa Kuwait’s Head of Markets Noura Al-Abdulkareem hailed the workshop, saying “Boursa Kuwait is committed to enhancing the awareness of participants in the Kuwaiti capital market, ensuring they stay informed about the latest trends, standards, and practices in the global investment community, particularly in ESG reporting and sustainability. As investors increasingly call for more comprehensive climate-related disclosures, companies are integrating climate risks into their regular sustainability reporting, fueled by a heightened awareness of the significant impact of climate risks and opportunities on financial markets. I would like to extend my gratitude to the IFRS Foundation, the UN Sustainable Stock Exchanges initiative, and the World Bank’s International Finance Corporation for their valuable insights and look forward to continuing our collaboration in the future.”
SSE Academy Head Ms. Tiffany Grabski added that sustainability is no longer an option, but a necessity, saying: “At SSE Academy, we firmly believe that integrating sustainability into business practices is no longer optional—it’s an imperative for long-term success. Our goal is to empower companies to take a proactive role in this transformation by equipping them with the tools, knowledge, and strategies necessary to lead by example. By embedding sustainable development into the core of their strategies and operations, businesses can drive positive change, mitigate risks, and seize opportunities that contribute not only to their own growth but also to the well-being of future generations.”
She added, "Boursa Kuwait has shown exemplary leadership in advancing sustainability within the financial sector. Their commitment to integrating environmental, social, and governance (ESG) principles into their operations sets a powerful precedent for other exchanges in the region. By prioritizing sustainability, Boursa Kuwait is not only enhancing market resilience but fostering a more inclusive and responsible investment environment as well."
The initiative forms part of Boursa Kuwait’s efforts to create a lasting meaningful impact on the community where it operates as part of its Corporate Sustainability strategy and ongoing efforts to equip all market participants with an in-depth understanding of the functioning of capital markets and various tools and techniques required to make informed investment decisions and effectively meet investors’ needs. It is also in line with Goal 4 – Quality Education – and Goal 17 – Partnership for the Goals - of the UN’s Sustainable Development Goals (SDGs).
Boursa Kuwait’s Corporate Sustainability strategy stipulates ensuring initiatives apply and fall in line with the company’s corporate social responsibility (CSR), industry best practice standards and investor expectations, creating strong and sustainable partnerships that ultimately achieve success and allow Boursa Kuwait to leverage the capabilities and strengths of other companies or organizations that have experience in different fields, and integrating sustainability efforts with the company culture, in order to achieve longevity and an ongoing impact that is carried on and instilled in the day-to-day operations of the stock exchange.
As part of the strategy, Boursa Kuwait has launched many initiatives in partnership with local and international organizations, focusing on support for nongovernmental organizations and charity programs, financial literacy and capital market awareness, the empowerment of women, and environmental protection.
