CMA organizes awareness event to educate KSE listed companies

The Capital Markets Authority orchestrated an informative session titled “Sustainability Reporting Requirements for Listed Companies” as part of its ongoing commitment to educate companies listed on the stock exchange regarding regulatory matters and advancements in sustainability.

Hamad Al-Najdi, the principal analyst in the Markets Regulation Department at the Authority, commenced the event by elucidating the concept and role of sustainability from the Authority’s standpoint. He delved into global investment trends towards sustainability goals, the Authority’s role in regulating sustainability aspects, and an overview of reporting requirements, reports Al-Jarida daily.

Subsequently, a workshop moderated by Karim Abu Eid, Sustainability Services Partner at Al-Bazia Consulting Office RSM, explored notable sustainability practices and reporting methodologies aligned with international frameworks. This encompassed elucidating the interrelation between sustainability and environmental, social, and governance factors (ESG), developments in global reporting frameworks, and foundational aspects of these factors.

The event’s final segment featured a panel discussion, incorporating perspectives from diverse stakeholders. Participants included Abdul Rahman Al-Failakawi, Director of the Markets Regulation Department at the Markets Authority, Jennifer Suleiman, Chief Sustainability Officer at Zain Companies, and Dr. Dalal Al-Ghawas, Founding Advisor at SWAPAC.

Moderated by Karim Abu Eid, the panel discussed the Authority’s role in enhancing transparency in sustainability reports, the imperative to adhere to global standards for report preparation, and the supportive governance environment needed for this purpose. Additionally, the discussion explored the potential application of sustainability standards issued by the International Sustainability Standards Board (ISSB).

The speakers underscored the value that sustainability reports bring to companies, emphasizing the integration of these elements into corporate strategy, measuring carbon emissions, and addressing challenges and opportunities in these areas. The panel also reviewed global initiatives arising from the COP28 conference, including pledges for carbon neutrality and their repercussions on Gulf and Kuwaiti markets, primarily reliant on oil and gas.

The panel discussion also touched on Singapore’s experience and the role of the Monetary Authority of Singapore in directing investment institutions under its supervision to support the transition to clean energy, and the resulting need for transparent reporting.

At the conclusion of the discussion session, the attendees’ interventions and questions were listened to and commented on by the speakers. It is worth noting that this event comes out of the Authority’s keenness to perform its awareness role, especially on the issue of sustainability, given the global developments related to it, and their impact on the entities subject to its supervision. The Markets Authority thanked the speakers and for their valuable contribution in participating in this event and enriching its discussions.