Bourse reshapes the Advisory Committee on Sustainability

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Mohamed Farid, President of the Stock Exchange, issued a decision to re-establish the Sustainability Advisory Committee on the Egyptian Stock Exchange to enhance and activate its role in the formulation and design of policies that contribute to strengthening sustainability processes. The head of the bourse said that the committee consists of representatives of restricted companies, brokerage firms, non-profit institutions and a number of international institutions including the International Finance Corporation, the United Nations Global Agreement, the United Nations Office for Women and, finally, the unrestricted companies that lead the sustainability file. The committee, headed by the head of the bourse, comprises nine members: Amal Al-Arabi, Director of Sustainability Development at the Commercial International Bank; Hana Helmi, Head of Corporate Social Responsibility; EFG Hermes; Ghada Hamouda, Head of Sustainability and Marketing, Citadel Capital; United States – Egypt. In addition to d. Dalia Abdelkader, Head of Sustainability, Marketing and Media, Arab African International Bank; Alberta Aliko, Representative of the United Nations Office for Women in Cairo; Sara Al Batouti, Founder of EConsult Architecture; Hany Sweilem, Head of Sustainability at Aachen University in Germany, American University in Cairo, and Dr. Shehab Merzban, Senior Advisor to the Minister of Investment and International Cooperation and Chairman of Egypt Ventures. “This step comes within the framework of the stock exchange’s keenness to enhance the strength and strength of sustainability processes at the level of the securities industry as a whole, from the stock market through the restricted companies to the member companies. This is important in supporting sustainable economic development efforts,” said Mohamed Farid. National. Farid said that ASE seeks to inject new blood into the Advisory Committee by increasing the number of members and bringing together a number of representatives of relevant international institutions. The head of the exchange said that the committee will provide advice to promote responsible investment and sustainable financing by coordinating the efforts of all market players represented in the committee to improve governance and social and environmental responsibility, the three pillars of sustainability. The move came after the end of the Advisory Committee on Sustainability, which was formed in April 2016 for two years, which contributed to the efficiency of the Egyptian Stock Exchange in managing the sustainability file. The first annual sustainability report for 2016 was issued by the ASE for the first time and issued in October 2016 the Guide to Disclosure of Listed Companies on Sustainability Performance as the region’s first ever guide to help restricted companies implement sustainability principles in their practice. And the issuance of reports and information of their own, with the stock market training of the cadres of these companies to apply, which reflects positively on their performance and work and enhance the transparency and efficiency of the market as a whole. To complement the stock exchange’s efforts to promote sustainability in African capital markets, Egyptian Stock Exchange Chairman Mohamed Farid chaired the first meeting of the African Union’s Sustainability Committee for Stock Exchanges, which was formed by a proposal from the Egyptian Stock Exchange to strengthen the sustainability aspect of African capital markets. The first meeting was attended by representatives of the South African, Nigerian, Ivory Coast and Ivory Coast exchanges, as well as representatives of the UN-SSE initiative, which were invited by the Egyptian Stock Exchange to benefit from various international experiences and to review and discuss members on the main objectives of the Commission. The AUC Sustainability Committee is working on a road map to promote the sustainability of African capital markets, which will be presented at the annual meeting of the AU in November, the head of the exchange said. The United Nations Sustainable Stock Exchanges Initiative Coordinator, Anthony Miller, expressed his admiration for the objectives set for the Sustainability Committee of the Union of African Stock Exchanges and offered more coordination and cooperation during the next phase to achieve the desired objectives.

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