UN SSE Group Of Elites Gets Stronger, Accept SGX As New Member

SINGAPORE, Sept 7 (Bernama) -- The United Nations' (UN) Sustainable Stock Exchanges (SSE) Initiative is getting stronger with the Singapore Exchange (SGX) as a new member on Tuesday, bringing the total member to 59. The SSE is a UN initiative that encourages sustainable investment and enhances environmental, social and corporate governance (ESG) among the world's stock exchanges. In a statement Tuesday, UN Assistant Secretary-General, Elliott Harris, said stock exchanges played a crucial role in driving the growing green economy, so vital to implementing the Sustainable Development Goals. "Stock exchanges are in a unique position to help mobilise the regulations, policies and market opportunities that will support a brighter future for people and planet," said Harris, who is also Head of the UN Environment New York Office. Singapore today became the latest member of the SSE Initiative, joining 58 other partner stock exchanges worldwide, including Bursa Malaysia. Malaysia is also the member of the UN SSE group of elites which was launched by UN Secretary General Ban Ki-moon in 2009. Bursa Malaysia (Malaysia's Stock Exchange) had signed the SSE commitment letter in 2015. In its 2016 Report on Progress, which provides a global snapshot of stock exchanges' sustainability initiatives, the SSE welcomed the progress made by capital markets in the past two years. With 59 partners now in the SSE, over 70 per cent of listed equity markets have made a public commitment to advancing sustainability in their markets. Additionally, 12 stock exchanges now require ESG reporting as a listing rule, and 11 exchanges list green bonds. Malaysia is one of the stock exchanges to require ESG reporting as a listing rule. Among others, in October 2015, Bursa Malaysia issued amendments to the Main Market and ACE Market Listing Requirements relating to sustainability statements in annual reports (Sustainability Amendments). Under the Sustainability Amendments, listed issuers are required to disclose a narrative statement of the management of material economic, environmental and social risks and opportunities in their annual reports. This replaces the existing statement on the corporate social responsibility activities or practices required to be disclosed by listed issuers. The SSE report also shows the private sector is recognising it has an essential role to play in achieving the sustainable development goals. That include Gender Equality (SDG3); Decent Work and Economic Growth (SDG8); Responsible Consumption and Production (SDG12); Climate Action (SDG 13); and Partnerships for the Goals (SDG17). The SSE is a peer-to-peer learning platform for exploring how exchanges, in collaboration with investors, regulators, and companies, can encourage sustainable investment and enhance corporate transparency, and ultimately performance, on environmental, social and corporate governance issues. SGX's Chief Executive Officer, Loh Boon Chye, said: "As a market operator and regulator, SGX is committed to leading the sustainability advancement in Singapore's capital market." He said SGX looked forward to both contributing and learning from the other partners of this exciting initiative. In ASEAN, besides Malaysia, Singapore is also joining Thailand and Vietnam stock exchanges which had much earlier became the member of the SSE Initiative. --BERNAMA