Bahrain: CBB plans to issue ESG disclosure guidelines in 1H2023
Source: Middle East Insurance Review | Dec 2022
The Central Bank of Bahrain (CBB) said that it is currently developing ESG disclosure guidelines to assist companies, including insurers and banks, with ESG integration and reporting. It expects to issue the guidelines in the first half of 2023.
The move is part of the CBB’s objective to maintain disclosure transparency and high corporate governance standards, in addition to its commitment to meeting social and climate-related goals.
The guidelines will be based on international best practices, frameworks, and initiatives, and take into consideration responses to the ESG Reporting Survey released earlier this year by the CBB to all listed companies, insurers, banks and category one investment firms.
The survey showed that 63% of insurance companies polled stated that ESG disclosure is relevant to their business model and strategy.
The CBB views ESG reports as effective tools for all stakeholders to better examine a company’s efficiency, sustainability and risk exposure.
Given the impact of ESG factors on a company’s capacity to execute its business plan and produce value in the long run, the CBB is placing great emphasis on integrating disclosure guidelines within its regulatory framework. The guidelines are aimed at ensuring the progressive adoption of ESG disclosures that are relevant, specific, comprehensive, clear, verifiable, balanced and consistent. M