By John Lee.
The Iraq Securities Commission (ISC) has signed an agreement with the International Finance Corporation (IFC), a World Bank Group member, to develop an Environmental, Social, and Corporate Governance (ESG) guide. This initiative aims to integrate international best practices into Iraq's securities market to enhance its performance and effectiveness.
According to a statement from the IFC, the agreement focuses on improving Iraq's investment environment by aligning regulations with international ESG standards, boosting implementation and oversight capabilities, and making the Iraqi market more attractive to investors. The guide will be mandatory for companies listed on the Iraq Stock Exchange.
Faisal Al-Haimus, Chairman of the Iraq Securities Commission, highlighted that this partnership with the IFC will improve the investment environment by adopting international standards, increasing transparency, performance, and attractiveness to foreign investments. The ESG framework will be central to the national investment awareness strategy, set to be announced in October.
Aftab Ahmed, IFC's Regional Director for the Middle East, Pakistan, and Afghanistan, expressed enthusiasm for the partnership, emphasizing the initiative's role in mitigating ESG risks, enhancing long-term performance, and contributing to the sustainable growth of Iraq's securities market.
Workshops and meetings with relevant stakeholders, such as listed companies and brokerage firms, will be held during the guide's development.
(Source: ISC)
Comments are closed.