SSE campaign to close the ESG guidance gap

“The UN’s Model Guidance and the collaborative efforts of investors… have the potential to trigger historic improvements in how global financial markets behave.” – Forbes 2015

The Goal
All stock exchanges that are members of the SSE or the World Federation of Exchanges (WFE) providing listed companies with guidance on sustainability reporting.

Exchanges Providing Guidance Documents
Stock exchange Date released Publication link
Australia - Australian Securities Exchange 2015 ESG Reporting Guide…
Brazil - B3 2016 Novo Valor Corporate…
Canada - TMX Group 2014 A Primer for Environmental…
Chile – Bolsa de Comercio de Santiago 2017 How to… Spanish,English
China - Shanghai Stock Exchange 2008 Guidelines on Listed…
China - Shenzhen Stock Exchange 2006 Social Responsibility…
Denmark – Nasdaq Copenhagen 2017 ESG Reporting Guide…
Egypt – Egyptian Exchange 2016 Model Guidance for…
Estonia – Nasdaq Tallinn 2017 ESG Reporting Guide…
Finland – Nasdaq Helsinki 2017 ESG Reporting Guide…
Germany - Deutsche Börse 2013 Communicating Sustainability…
Hong Kong - Hong Kong Exchanges 2011 Environmental, Social and…
Iceland – Nasdaq Iceland 2017 ESG Reporting Guide…
India – Bombay Stock Exchange (BSE) 2011 National Voluntary Guidelines…
India - National Stock Exchange of India 2010 Corporate Governance…
Italy – Borsa Italiana (LSE Group) 2017 Revealing the big picture…
Kazahkstan – Kazakhstan Stock Exchange 2016 Methodology of preparing…
Latvia – Nasdaq Riga 2017 ESG Reporting Guide…
Lithuania – Nasdaq Vilnius 2017 ESG Reporting Guide…
Malaysia - Bursa Malaysia 2015 Sustainability Reporting Guide
Norway - Oslo Børs 2016 Guidance on the…
Peru – Lima Stock Exchange 2017 Guía de Usuario para…
Qatar – Qatar Stock Exchange 2016 Guidance on ESG…
Singapore - Singapore Exchange 2011 Guide to Sustainability…
South Africa – Johannesburg Stock Exchange 2004 SRI Index Background…
Spain – Bolsas y Mercados Españoles 2016 Voluntary Market…
Sweden – Nasdaq Stockholm 2017 ESG Reporting Guide…
Thailand - Stock Exchange of Thailand (SET) 2012 Guidelines for the preparation…
Turkey – Borsa Istanbul 2015 Sustainability Directory…
United Kingdom – London Stock Exchange 2017 Revealing the big picture…
Vietnam – Hanoi Stock Exchange 2016 Environmental and Social…
Vietnam – Hochiminh Stock Exchange 2016 Environmental and Social…
Exchanges Not Providing Guidance Documents
Stock exchange Commitment
Argentina – Bolsa de Comercio de Buenos Aires Not Committed
Australia – Sydney Stock Exchange Not Committed
Austria - Wiener Börse AG  Not Committed
Bahrain – Bahrain Bourse Not Committed
Bangladesh – Chittagong Stock Exchange Committed Q2 2017
Belarus – Belarusian Currency and Stock Exchange Not Committed
Belgium – Euronext Brussels Not Committed
Bermuda – Bermuda Stock Exchange Not Committed
Botswana – Botswana Stock Exchange Committed Q3 2017
Canada – Aequitas NEO Exchange Not Committed
Colombia – Bolsa de Valores de Colombia  Not Committed
Cyprus – Cyprus Stock Exchange Not Committed
France – Euronext Paris Not Committed
Greece – Athens Exchange Group Not Committed
Hungary – Budapest Stock Exchange Not Committed
Indonesia – Indonesia Stock Exchange Not Committed
Ireland - Irish Stock Exchange Not Committed
Israel – Tel-Aviv Stock Exchange Not Committed
Jamaica – Jamaica Stock Exchange Not Committed
Japan – Japan Exchange Group, Inc. Not Committed
Jordan – Amman Stock Exchange Committed Q1 2017
Kenya – Nairobi Securities Exchange Committed Q1 2016
Korea (Republic of) - Korea Exchange Not Committed
Kuwait – Boursa Kuwait Not Committed
Luxembourg - Bourse de Luxembourg  Not Committed
Malta – Malta Stock Exchange Not Committed
Mauritius – Stock Exchange of Mauritius Not Committed
Mexico – Bolsa Mexicana de Valores  Committed Q1 2016
Morocco – Bourse de Casablanca Committed Q1 2016
Netherlands – Euronext Amsterdam  Not Committed
New Zealand – NZX Limited  Committed Q2 2017
Nigeria – Nigerian Stock Exchange Committed Q3 2015
Oman – Muscat Securities Market Not Committed
Philippines – Philippine Stock Exchange Not Committed
Poland – Warsaw Stock Exchange Not Committed
Portugal – Euronext Lisbon Not Committed
Romania – Bucharest Stock Exchange Committed Q3 2015
Russian Federation – Moscow Exchange Not Committed
Rwanda – Rwanda Stock Exchange Not Committed
Saudi Arabia – Tadawul Not Committed
Seychelles – Trop-X Committed Q2 2016
Sri Lanka – Colombo Stock Exchange Not Committed
Switzerland – SIX Swiss Exchange Not Committed
Tanzania – Dar es Salaam Stock Exchange (DSE) Committed Q1 2017
United Arab Emirates – Abu Dhabi Securities Exchange Not Committed
United Arab Emirates - Dubai Financial Market Not Committed
United Kingdom – Euronext London Not Committed
USA - Nasdaq Committed Q2 2017
Western Africa – BRVM Not Committed

Background

In September 2015 when the SSE launched its Model Guidance for exchanges, less than one third of stock exchanges around the world were providing guidance to issuers on reporting environmental, social and governance (ESG) information. This gap in guidance on ESG reporting leads to incomplete corporate information, creating a challenge for investors seeking a comprehensive view of a company’s material issues. The purpose of the Model Guidance compiled by the SSE is to help exchanges address this need by providing a model, or template, that exchanges can use to develop their own, custom guidance.

“The SSE Model Guidance on reporting ESG information to investors provides a very helpful tool as it encourages exchanges to customize and balance their guidance to local conditions. This will be a useful starting point for Oslo Børs on its journey to best implement its own guidance by the end of 2016.” – Bente A. Landsnes, President & CEO, Oslo Børs

Based on the SSE Model Guidance, the World Federation of Exchanges has created a set of recommendations to its member exchanges on how to implement their own sustainability policies. The WFE Guidance & Recommendations identifies material ESG metrics which exchanges can incorporate into disclosure guidance to companies listed on their market. The metrics lay out 34 key performance indicators that are built off of the SSE guidance.

See how you can help close the guidance gap. Email info@SSEinitiative.org for more information.

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