THE SECURITIES COMMISSION SIGNS AN AGREEMENT WITH THE WORLD BANK
Today, Wednesday, the Iraqi Securities Commission announced the signing of an environmental, social and corporate governance guide agreement with the International Finance Corporation (IFC), affiliated with the World Bank.
The Authority stated, in a statement received by Al-Youm Al-Akhbariya, “We continue our efforts aimed at incorporating good international practices in developing the performance and effectiveness of the Iraq Stock Exchange and other activities related to securities.”
She added, “The goal of the agreement is to enhance and develop the investment environment in Iraq by improving environmental, social, and governance regulations and frameworks to comply with international standards, enhancing the ability to implement and supervise their implementation in Iraq, and contributing to increasing investment attractiveness in the Iraqi stock market environment.”
She continued: “To achieve this goal, there will be coordination with the Iraq Stock Exchange through the supervision of the Iraqi Securities Commission to develop an environmental, social and corporate governance guide to support improving the performance of listed companies, and put Iraq on the path towards a strong and sustainable economy.”
She stated, “The agreement included a mechanism for arriving at a mandatory guide to apply to companies listed on the Iraq Stock Exchange.”
On this occasion, the Chairman of the Authority, Faisal Al-Haims, said, “Preparing a social, environmental, and corporate governance guide through a partnership with the International Finance Corporation improves the Iraqi investment environment by adopting international standards that develop the current investment environment in the Iraqi Stock Exchange.”
He pointed out that “following the environmental, social and corporate governance framework makes companies listed on the Iraqi Stock Exchange more transparent, better performing, and more attractive to foreign investments.”
He stressed that “the topic of environmental, social and corporate governance will be one of the axes of the national strategy for investment awareness and supporting the investment culture that the Authority is working to achieve and will be announced on October 1 of this year.”
For his part, Aftab Ahmed, IFC Regional Director 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, and improve performance over the long term.” Long term in a sustainable manner, in addition to attracting investment and contributing to the sustainable growth of the stock market in Iraq.”
According to the Authority’s statement, “The process of preparing the guide will include workshops and meetings with relevant parties such as listed companies and brokerage firms.”
The Authority affirmed its endeavor, as the regulating and monitoring body for securities activity and related activities and financial services, to increase the contribution of this sector to the gross domestic product and to provide an investment environment that protects the rights of investors and other stakeholders.
