ESG in GCC: Practical issues to think about-Marmore Report…

#esginvesting #sustainable #finance #esgratings #investing
Although on paper ESG looks like a simple no brainer concept, it poses a great deal of issues
At present, there seems to be no standard ESG reporting framework or a standard ranking methodology. Companies choose what they disclose (and what they don’t).
Since most of the parameters used for assessing the ESG of a company are qualitative than quantitative, putting a number on them is highly subjective. The same company might have a higher ranking as per one institution and come at the bottom lot when ranked by another.
ESG is not an entirely new concept in the Islamic finance segment, at least with respect to sustainable and socially responsible investing
Things as simple as having a diverse board as a criteria for ESG ratings might reduce the ranking of a company where entry of women into the workplace is relatively a new concept for the region.
Also, in the GCC region, members of the royal families hold powerful positions in the board of many companies
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