The SEC signs an important agreement with the IFC Foundation. With these details, 12 JUNE

The SEC signs an important agreement with the IFC Foundation. With these details

 The Iraqi Securities Commission signed, today, Wednesday, the Agreement on the Guide to Environmental, Social and Corporate Governance with the International Finance Corporation (IFC) (a World Bank organization).

The Authority said in a statement received by {Al-Furat News} a copy of it, that: “The objective of the agreement is to promote and develop the investment environment in Iraq by improving regulations, environmental, social and governance frameworks to comply with international standards, enhancing the ability to implement and supervise its implementation in Iraq and contribute to increasing investment attractiveness in the Iraq stock market environment.”

She added, “To achieve this goal, coordination will be done with the Iraq Stock Exchange through the supervision of the Iraqi Securities Commission to develop the guide to environmental, social and corporate governance to support the improvement of the performance of listed companies, and put Iraq on the path towards a strong and sustainable economy, as the agreement included reaching a mandatory guide to apply to companies listed on the Iraq Stock Exchange.”

The head of the Commission, Faisal Al-Haims, said, “The preparation of a guide to social and environmental governance and corporate governance through a partnership with the International Finance Corporation improves the Iraqi investment environment by adopting international standards that evolve from the current investment environment in the Iraq Stock Exchange. Following the framework of environmental and social governance and corporate governance makes companies listed on the Iraq Stock Exchange more transparent and better performing, and be more attractive to foreign investments.”

He pointed out that “the topic of environmental and social governance and corporate governance will be a focus of the national strategy for investment awareness and support for the investment culture that the Authority is working on and will be announced in October 1 of this year.”

For his part, Aftab Ahmed, Regional Director of the International Finance Corporation for the Middle East, Pakistan and Afghanistan, said, “We are excited to partner with the Iraqi Securities Commission in this important initiative that aims to help companies and banks mitigate the risks of environmental, social and governance practices, improve long-term performance sustainably, as well as attract investment, and contribute to the sustainable growth of the stock market in Iraq.”

He pointed out that “during the process of preparing the manual, there will be workshops and meetings with relevant parties such as listed companies and brokerage companies.”

The Iraqi Securities Commission, as the regulator and monitoring stock activity and associated financial activities and services, seeks to increase the contribution of this sector to GDP and provide an investment environment that protects the rights of investors and other stakeholders.

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