PHOTO
Kuwait City – 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.
About Boursa Kuwait:
The establishment of Boursa Kuwait in 2014 marked the first step in the privatization project of the Kuwait Stock Exchange, which was founded in 1977 as the first exchange in the Gulf Cooperation Council region and was reorganized in 1983 as an independent financial institution. The transitional phase began in 2016, with Boursa Kuwait officially assuming the responsibilities and operations of the Kuwait Stock Exchange, replacing it with an official license in the same year after the successful completion of the transitional phase. This ensured that Boursa Kuwait developed the infrastructure and operated according to best practices and international standards. It commenced the creation of an advanced, reliable trading platform built on efficiency, credibility, and transparency to serve all asset classes with a focus on the interests of traders and the national economy.
Boursa Kuwait has undertaken various market reforms as part of its comprehensive plans to enhance it in several stages. It succeeded in introducing innovative investment tools, enhancing transparency, and restructuring the market to increase its liquidity and competitiveness, based on its mission-focused strategy, which emphasizes developing the market to meet international standards. The company's developmental and improvement efforts have also contributed to the reclassification of the Kuwait market as an «emerging market» among key global index providers, enhancing Kuwait's position as a leading regional financial center.
In a pioneering step in Kuwait's privatization field, the privatization of Boursa Kuwait was successful, conducted in two stages. The first stage was in February 2019 when a consortium of Kuwaiti investment companies and a global exchange operator won the privatization bid, acquiring a 44% stake in the company.
In December 2019, the privatization process was completed through the public offering of a 50% stake owned by the Capital Markets Authority to Kuwaiti citizens, with the offering oversubscribed by more than 850%. Boursa Kuwait is listed on the «Premier Market» under the name «Boursa».
For further information, please contact:
Ahmad Rashed Al-Owaish
PR and Media Manager - Boursa Kuwait
Email:aalowaish@boursakuwait.com.kw