In Egypt, the Egyptian Stock Exchange EGX is a pioneer in Sustainability Initiatives on the continent. EGX was one of four first exchanges that joined the United Nations’ Sustainable Stock Exchanges initiative (SSE) in 2009, along with Nasdaq, Bovespa, Istanbul and Johannesburg stock exchanges.
The aim of the initiative, founded by the UN Secretary General is to increase exchange-listed companies’ transparency and commitment to environmental, social and corporate governance issues. EGX contributed to the drafting of the SSE Model Guidance on ESG Reporting published in 2015.
EGX then launched its S&P EGX ESG index in March 2010, creating the first ESG index in the Middle East and North Africa Region designed to track the performance of companies listed on EGX that demonstrate leadership in environmental, social and corporate governance issues, when compared to their market peers.
The exchange is also an active member of the Sustainability Working Group of the World Federation of Exchanges that was established in March 2014.
Most interestingly is the EGX new formed Sustainability Advisory Committee whose main goal for year 2016 is to issue a Model Guidance for the sustainability report for listed companies, as well as setting the criteria for green finance.