(29 January 2019) The Egyptian Exchange (EGX), hosted the first meeting of the International Advisory Committee (IAC) after reactivation, and invited the Coordinator of the UN Sustainable Stock Exchanges (SSE) initiative Dr. Anthony Miller to join this committee. As a founding SSE Partner Exchange, EGX has worked with the SSE to help increase transparency and sustainability in Egyptian markets since 2012. EGX invited the SSE as a member of the IAC to provide further insight to the Board and Management Team on how the Egyptian Market can further enhance sustainability.
“From their published guidance on ESG disclosure to their sustainability index (now in its 10th year) to their work on promoting gender equality in the boardroom, EGX has demonstrated a strong commitment to improving corporate sustainability in their market,” said Anthony Miller, Coordinator of the SSE initiative. “We welcome the opportunity to work with EGX on its continuing journey to strengthen corporate responsibility and drive investment towards the sustainable development of the Egyptian economy.”
Mohamed Farid, the EGX Chairman, headed the meeting, and members of the committee included representatives of international financial institutions and foreign investment analysts. The meeting was also attended by EGX Board members and management. Farid noted that the reactivation of the committee comes as part of EGX’s management plan to be in direct communication with all related parties that can be of added value to the development of the market. The reactivation of the International Advisory Committee follows its active role from 1999 until 2008, which comprised members from several robust international institutions.
The objective of the EGX IAC is to offer advice and assistance to EGX, in order for it to develop and expand its role as a venue for efficient capital allocation and incremental savings vehicles. Furthermore, it seeks to encourage EGX to develop into an organization that embraces technological advancement to achieve the role of financial and investment inclusion, and to create a financing platform for achieving the United Nations Sustainable Development Goals.
EGX has already made significant progress in sustainable investment. In addition to being one of the SSE’s five founding signatories EGX’s sustainability efforts also include:
- Membership in the Sustainability Working Group of the World Federation of Exchanges
- Annual “Ring the Bell for Gender Equality” events (since 2014)
- Guidance for issuers on Reporting ESG Performance
- EGX’s own Annual Sustainability Report (since 2017)
- Establishment of an EGX Sustainability Advisory Committee
- Membership in the Sustainability Working Group of the African Securities Exchange Association
About the SSE
The SSE initiative is a UN Partnership Programme organised by UNCTAD, the UN Global Compact, UNEP FI and the PRI. The SSE’s mission is to provide a global platform for exploring how exchanges, in collaboration with investors, companies (issuers), regulators, policymakers and relevant international organizations, can enhance performance on ESG (environmental, social and corporate governance) issues and encourage sustainable investment, including the financing of the UN Sustainable Development Goals. The SSE seeks to achieve this mission through an integrated programme of conducting evidence-based policy analysis, facilitating a network and forum for multi-stakeholder consensus-building, and providing technical assistance and advisory services.