Al Khaliji enters first ESG index
Doha, April 24, 2012
Al Khalij Commercial Bank (Al khaliji) has been included in the first ever regional environment, social, and governance (ESG) index, put together by Hawkamah in collaboration with international rating company Standard & Poor’s.
The index which was done with the support of the International Finance Corporation, includes top 50 Mena companies which are not only a selection of environmentally, socially and corporate governance responsible companies, but also a selection of securities which are representative of the Pan Arab equity markets based on size and liquidity.
“This index demonstrates al khaliji’s superiority in the areas of environmental, social and corporate governance responsibility when compared to other companies listed on the local stock exchange and the Mena region,” said Robin McCall, group CEO at al khaliji.
“Ever since launching our banking service several years ago, we were adamant to actively support the communities in which we operate and to adopt transparent approach when communicating with our shareholders and the public domain. Being included in the ESG Index is a testament to our success,” he said.
Hawkamah, the institute for corporate governance, is an international association of corporate governance practitioners, regulators, and institutions ‘advancing home grown yet globally integrated corporate governance best practices in the region.
To qualify for the index, 150 of the largest listed companies in the region were assessed based on nearly 200 criteria. Eleven regional countries were included in the survey - Bahrain, Egypt, Jordan, Lebanon, Kuwait, Morocco, Oman, Saudi Arabia, Tunisia, UAE, and Qatar.
“Not only was al khaliji included in the index, but it was also included in the top ten firms by weight listed in the survey, only one of two Qatari companies to be included,” McCall added. “The index reflects the continued commitment of al khaliji to enhance its disclosure practices and its environmental, social and corporate governance responsibility.”
“One of the major overlying goals of Vision 2030 is for Qatar, and all its citizens and corporations, to be become global and socially-responsible citizens. Our recognition by the index can definitely be attributed to our striving to fulfill it,” he concluded. – TradeArabia News Service