The NSSMC (National Securities and Stock Market Commission) summarized the practice of applying corporate governance legislation and took another step towards the extension of the sustainable finance instruments. The Regulator has prepared and developed an Annex On Corporate Governance And Sustainable Development (ESG) to the Corporate Governance Code.
“The quality corporate governance strengthens the trust in companies and essentially changes the corporate sector for the better. Today, the issue of the ESG (Environmental, Social and Corporate Governance) is relevant not just in the financial markets, but is a real “must have”. And the NSSMC, in its turn, helps Ukrainian companies to implement the best international ESG practices into their domestic policy,” Maksym Libanov, the Commissioner of the NSSMC, said.
The ESG Annex describes the following key points:
– the rationale for implementing the ESG best practices;
– what is of interest to investors in terms of the ESG practice;
– the performance and reporting standards that companies can use to structure their sustainable practices;
– the Guidelines on how companies can implement the recommendations of the Code.
Just like with the Code, the Annex is based on the G20/OECD Corporate Governance Principles and reflects the recommendations given in the final reports on Corporate Governance and Sustainable Finance in Emerging Markets, the Committee on Development and Emerging Markets, International Organization of Securities Commissions (IOSCO).
The NSSMC has developed an annex to the Code of Corporate Governance in cooperation with the International Finance Corporation and the Ukrainian Academy of Corporate Governance (UACU).
It should be noted that in March 2020, the NSSMC approved the Corporate Governance Code, its key requirements and recommendations. The Regulator prepared the document together with the Ukrainian and international experts on the basis of the best world practices and developments in the corporate governance.
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