GCC exchanges have new ESG standards: The GCC Exchanges Committee published a set of ESG Disclosures Metrics including 29 standards included in the World Federation of Exchanges Sustainable Stock Exchanges Initiative yesterday. The metrics — which are voluntary — were published by the Saudi Exchange Tadawul (statement, pdf) and the Abu Dhabi Securities Exchange (statement).

Why is this important? The metrics are the first step to standardize and unify ESG disclosure reporting standards in the region. The metrics do not replace pre-existing ESG disclosure guidelines for GCC stock exchanges.

What do the new standards include? The metrics cover 29 standards including categories like GHG emissions, energy usage, water usage, environmental operations, climate risk mitigation, gender and CEO pay ratios, employee turnover, gender diversity, temporary worker ratio and non-discrimination, global health and safety, child and forced labor, as well as temporary labor, human rights, board diversity, incentivized sustainability performance, ethics and corruption prevention, data privacy, and disclosure practices.

Which exchanges are included? The GCC Exchanges Committee includes the Saudi Exchange Tadawul, Dubai Financial Market, Abu Dhabi Securities Exchange, Bahrain Bourse, Boursa Kuwait, Qatar Stock Exchange, Oman’s Muscat Stock Exchange,