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ESG expert: 65% of firms in MENA use SDG reporting framework
Dr. Elena Primikiri, Associate Partner, ESG, at Uniqus Consultech Middle East, said 65% of companies in the Middle East & North Africa (MENA) region use the SDG reporting framework, while 56% of companies in MENA undertake sustainability reporting in 2022.
She made the remarks during the 14th CSR & Sustainable Development Forum, currently held in the Red Sea resort city Sharm El Sheikh.
She added that 62% of companies in the MENA region use the GRI standards.
She noted that GRI offers the only reporting standards used by most surveyed companies in all regions; 75% in the Americas, 68% in Asia-Pacific and Europe, 62% in MENA.
She expounded that the proportion of S&P 500 companies reporting on their sustainability efforts, CSR activities, and ESG performance increased in the period from 2011 to 2022 from just under 20% to 96%.
ESG ratings have helped to mainstream sustainable investing by promoting greater awareness of ESG issues and formalizing ESG evaluation and analysis into packaged products, she highlighted.
As per the survey “Rate the Raters 2020, the 4 most useful sources of information on corporate ESG performance were corporate ESG ratings, direct engagement with companies, corporate sustainability reports and in-house research, she pointed out.
She noted that nearly 80% of investors said ESG was an important factor in their investment decision-making, adding that business leaders believe their company has a responsibility to act on ESG issues.
She expounded that ESG is a framework used to assess how a company manages risks and opportunities
Environmental criteria addresses a company’s operations and environmental impact, and environmental stewardship, she said.
Social criteria refers to how a company manages relationships with and creates value for stakeholders, such as employees, customers, and local communities, she added.
Governance criteria refers to a company’s leadership and management philosophy, practices, policies, internal controls, and shareholder rights, she said.
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