Boursa Kuwait wins 2 esteemed awards for its outstanding leadership in sustainable finance
The awards program recognizes global and regional leadership in sustainable finance for initiatives designed to mitigate the negative impacts of climate change and help build a more sustainable future.KUWAIT: Boursa Kuwait, the privatized and self-listed national stock exchange of the State of Kuwait, has received two esteemed awards at the third annual ‘Sustainable Finance Awards’ ceremony hosted by Global Finance and held at Glaziers Hall in London.
Boursa Kuwait has been acknowledged for its exceptional achievements in “Outstanding Financial Leadership in Sustaining Communities Award” and “Outstanding Leadership in Sustainability Transparency” in the category of Middle East regional awards.
These distinguished awards serve as a testament to Boursa Kuwait’s unwavering commitment to promoting sustainability initiatives and cultivating awareness regarding climate change within the community. The company recognizes the significance of assuming a pivotal role in achieving Kuwait’s ambitious roadmap by advancing corporate sustainability practices within the capital market and aims to foster an investment climate in the State of Kuwait that attracts and nurtures sustainable investments from a diverse range of participants. Global Finance’s Sustainable Finance Awards are designed to honor remarkable accomplishments in sustainable finance worldwide, spanning global, regional, and national levels.
Furthermore, they commend financial institutions for their endeavors in mitigating the adverse impacts of climate change. Award recipients are chosen based on their contributions to overall sustainable financing, community support, resource management, transparency and reporting, as well as their commitment to sustainable funding. The awards and recognition programs presented by Global Finance boast an impressive legacy of 35 years, characterized by editorial accuracy and integrity. Over time, they have become a trusted and revered standard of excellence within the global financial community.
Outstanding financial leadership in sustaining communities award The recognition bestowed upon Boursa Kuwait by Global Finance not only highlights the exchange’s exceptional financial leadership but also underscores its unwavering dedication to community development. By leveraging its influence, expertise, and resources, Boursa Kuwait continues to make a lasting and positive impact on Kuwait’s society and economy, embodying the true spirit of corporate responsibility and sustainable growth. Boursa Kuwait has integrated Environmental, Social, and Governance (ESG) principles into its sustainability strategic goals, sponsoring community initiatives and prioritizing the engagement, motivation, satisfaction, and productivity of its human capital and laying the foundation for its continued success.
The company’s unwavering dedication to its employees underscores its understanding that investing in their well-being is paramount. Committed to addressing their pressing concerns, attracting and nurturing talent, fostering diversity and inclusion, and providing a safe and supportive workplace environment, Boursa Kuwait ensures that its employees feel valued and empowered to give their best. Boursa Kuwait’s sense of responsibility extends beyond its internal stakeholders, as the exchange is deeply committed to supporting and serving communities and people across Kuwait. Driven by a strong desire to be a force for good, Boursa Kuwait actively gives back and strives to create a positive impact through a diverse range of ongoing community and social initiatives.
Education and financial literacy form the core of many of Boursa Kuwait’s initiatives, recognizing their pivotal role in fostering economic and social prosperity. Since its establishment, the exchange has been dedicated to elevating its status and positioning on both local and international stages by championing these causes. By equipping all stakeholders with the knowledge and skills needed to contribute to and benefit from the nation’s exchange, Boursa Kuwait is committed to enhancing financial literacy, promoting best practices, and driving positive behavioral change, a commitment which is evident through a comprehensive range of in-person and virtual training programs, workshops, seminars and initiatives designed to empower listed companies, investment firms, brokerage companies, and individuals.
To make a lasting positive impact in the communities in which we operate, Boursa Kuwait partnered with several local and international organizations. The exchange contributed to the United Nations High Commission for Refugees’ Annual Winterization Programs and its initiatives to protect refugees and internally displaced people in the Middle East and North Africa since 2021. The bourse also renewed the strategic partnership with Kuwait Red Crescent Society as a Humanitarian Partner for the second consecutive year, sponsoring the Society’s “Basic Education” initiative that helps underprivileged children gain an education. Boursa Kuwait is also committed to minimizing the company’s impact on the environment and have implemented several green programs and initiatives.
The company is training their employees to operate the exchange’s iconic building more sustainably and have started the process towards obtaining a LEED certification right after renovating the building to upgrade the facilities and reduce its carbon footprint. Boursa Kuwait has also renewed the partnership for the third consecutive year with the Environmental Voluntary Foundation’s Kuwait Dive Team, collaborating with the United Nations Environment Programme (UNEP) to sponsor the National Campaign to remove hundreds of tons of hazardous waste from Kuwait Bay and its beaches and supporting the Dive Team’s efforts for the preservation of Kuwait’s marine environment.
Boursa Kuwait has also partnered with the LOYAC Academy of Performing Arts (LAPA), sponsoring the Academy’s “Green Darb” program, an initiative that provides practical training in agriculture to equip young trainees with advanced skills in the field, helping them secure employment opportunities in agricultural projects. Outstanding leadership in sustainability transparency Boursa Kuwait strives to adopt the highest standards of accuracy and transparency in the dissemination of information about the company and listed companies, as it has a significant impact on enhancing investor confidence, attracting capital and improving liquidity within the market.
In 2017, the exchange joined the United Nations-led Sustainable Stock Exchanges (SSE) initiative, demonstrating its unwavering dedication to driving Corporate Sustainability within financial markets. The exchange has adopted a strategy that seeks to develop a more transparent and solvent capital market through the implementation of a group of enhancements and regulatory projects as well as the technology to raise the capital market’s profile locally, regionally, and around the world. Companies listed in Boursa Kuwait’s flagship “Premier” Market have an obligation to allocate an Investor Relations function that is responsible for educating shareholders about the company’s activities as well as answering shareholder inquiries and questions, communicating with shareholders to exercise their rights to attend and vote in general assemblies and building links between the company and its investors.
Additionally, “Premier” Market companies are required to host quarterly analyst meetings within five days of the disclosure of their annual and quarterly financials and publish the transcripts of the conference, as well as all their disclosures and announcements, in both Arabic and English. The company also developed the Environmental, Social, and Governance (ESG) Reporting Guide to support listed companies in disclosing ESG matters, catering to the growing demand for transparency from stakeholders, including investors, customers, suppliers, and regulators. The guide includes recommended sustainability metrics and indicators aligned with the United Nations Sustainable Development Goals (SDGs), the Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB), and Kuwait’s 2035 Vision.
Through this initiative, Boursa Kuwait aims to enhance transparency, advocate sustainable practices, and facilitate ongoing improvement in ESG efforts. ESG reporting and implementation play a vital role in today’s financial landscape, and the exchange is committed to demonstrating its role as one of the model issuers listed on the exchange to achieve a more sustainable future and a brighter tomorrow. Boursa Kuwait’s 2021 and 2022 Sustainability Reports marked the beginning of the company’s long-term commitment to progressively report the latest results and impacts of their Corporate Sustainability (CS) strategies to stakeholders. This also inaugurates the ESG reporting apparatus of Boursa Kuwait, detailing their contributions to the “New Kuwait 2035” vision, which aims to transform Kuwait into a financial, cultural, and institutional leader in the region.
In keeping with its commitment to the support and promotion of responsible, sustainable and impactful business practices, and as part of its ongoing initiatives to promote Corporate Sustainability in the Kuwaiti capital market and encourage the adoption of best standards in ESG disclosure and reporting among listed companies, Boursa Kuwait partnered with the United Nations Development Programme (UNDP) to organize a workshop around the standards, practices and tools for ensuring the impactful implementation and reporting of Environmental, Social and Governance (ESG) principles as well as the importance of integrating them with the United Nations’ Sustainable Development Goals (SDGs) and into business operations.
The course, entitled “The ESG SDG Impact Sensitization” was attended by Kuwaiti-listed companies. 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, as well as environmental protection. As a trusted and respected entity within the global financial community, Boursa Kuwait continues to pave the way for sustainable growth and exemplify the power of responsible business practices. Through its unwavering dedication, Boursa Kuwait plays a crucial role in shaping a brighter and more sustainable future for Kuwait and beyond.
