{"id":109286,"date":"2023-12-21T20:26:10","date_gmt":"2023-12-21T20:26:10","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/all-news\/cma-nse-push-for-climate-change-drive-by-firms"},"modified":"2023-12-21T20:58:42","modified_gmt":"2023-12-21T20:58:42","slug":"cma-nse-push-for-climate-change-drive-by-firms","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/all-news\/cma-nse-push-for-climate-change-drive-by-firms","title":{"rendered":"CMA, NSE push for climate change drive by firms"},"content":{"rendered":"

Africa-Press – Kenya. <\/strong><\/span>Nairobi Securities Exchange plans to introduce an index to measure disclosures and performance on climate change action by listed companies.<\/p>\n

The index will monitor among others carbon gas emissions by listed companies, even as the pressure mounts on more listed firms to undertake environmental, social, and governance (ESG) reporting.<\/p>\n

So far less than half of the firms listed on the NSE adhere to ESG reporting and disclosures and NSE has expressed confidence that the new index is expected to increase uptake of ESG reporting.<\/p>\n

Among the 61 firms on the bourse, only 15 have embraced ESG disclosures since the guidelines for this reporting were introduced in December 2021.<\/p>\n

The Capital Markets Authority (CMA) has expressed support for the adoption of technology in ESG data collection to enhance transparency in ESG reporting.<\/p>\n

The CMA Chairman, Ugas Mohamed, observed that enhancing the efficiency of ESG data collection using technologies such as Artificial Intelligence (AI) in capital markets is a significant milestone.<\/p>\n

The Chair said that the NSE is working with listed companies on the adoption of ESG frameworks for listed companies.<\/p>\n

\u201cESG reporting frameworks are key to support corporate disclosure on sustainability and ethical performance of their business operations. These frameworks offer a structured approach to evaluating a company\u2019s practices and ESG-related business risks and opportunities, including impact on the environment and society\u2019\u2019 said Mohamed.<\/p>\n

ESG reporting is voluntary for listed companies in Kenya with twenty-nine companies having adopted the practice so far.<\/p>\n

He added that with the growing adoption of enhanced ESG reporting globally, more Kenyan listed companies are expected to come on board as this is emerging as a key consideration for investors.<\/p>\n

ESG reporting is mandatory in some jurisdictions such as in China, Malaysia, UK, and the EU, with disclosure requirements stipulated in law.<\/p>\n

Jointly with the Global Reporting Initiative (GRI), the NSE released standards mandating companies to disclose their approaches to topics like community, workforce size, corruption, customer privacy, and environmental effect.<\/p>\n

Despite the adoption of business best practices, a 2022 report by Price Waterhouse Coopers titled Global economic crime and fraud survey report for eastern africa shows that there are still ‘malpractices’ in reporting<\/p>\n

Showed that a concerning 63 percent of the regions respondents had experienced fraud within their organisation, against 46 percent of respondents globally<\/p>\n

\u201cEastern Africa region reported higher incident rates for more prevalent crimes such as Customer fraud, Asset Misappropriation, Procurement fraud, Bribery & Corruption and Supply Chain fraud,\u201d reads the report in part.<\/p>\n

It continues that for less prevalent crimes such as HR fraud, Tax fraud, Government Relief fraud and ESG Reporting fraud, respondents in Eastern Africa generally reported a lower incidence rate than their global counterparts.<\/p>\n

\u201cThis may be in part due to less awareness, for example, relating to ESG fraud, as well as due to a relatively lower level of complexity of fraud in the region with the more \u2018traditional\u2019 routes such as procurement and misappropriation remaining prevalent,\u201d it notes.<\/p>\n

So far the firms have released their ESG reports in the country are Safaricom, Bamburi Cement, KCB Group, East African Breweries Plc, Nation Media Group, Kakuzi, Standard Chartered Bank Kenya and Stanbic Holdings.<\/p>\n

During the COP28 meeting, the importance of mitigation measures to address the impact of climate change was underscored due to the growing concerns at a global level.<\/p>\n

For More News And Analysis About Kenya<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Kenya. Nairobi Securities Exchange plans to introduce an index to measure disclosures and performance on climate change action by listed companies. The index will monitor among others carbon gas emissions by listed companies, even as the pressure mounts on more listed firms to undertake environmental, social, and governance (ESG) reporting. So far less […]<\/p>\n","protected":false},"author":84,"featured_media":109285,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[6857,7003,544],"class_list":["post-109286","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-kenya","tag-kenya"],"yoast_head":"\nCMA, NSE push for climate change drive by firms - kenya<\/title>\n<meta name=\"description\" content=\"Nairobi Securities Exchange plans to introduce an index to measure disclosures and performance on climate change action ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/all-news\/cma-nse-push-for-climate-change-drive-by-firms\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CMA, NSE push for climate change drive by firms\" \/>\n<meta property=\"og:description\" content=\"Nairobi Securities Exchange plans to introduce an index to measure disclosures and performance on climate change action ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/all-news\/cma-nse-push-for-climate-change-drive-by-firms\" \/>\n<meta property=\"og:site_name\" content=\"kenya\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-21T20:26:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-21T20:58:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2023\/12\/sm_1703179636.951908.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"750\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/cma-nse-push-for-climate-change-drive-by-firms#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/cma-nse-push-for-climate-change-drive-by-firms\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"CMA, NSE push for climate change drive by firms\",\"datePublished\":\"2023-12-21T20:26:10+00:00\",\"dateModified\":\"2023-12-21T20:58:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/cma-nse-push-for-climate-change-drive-by-firms\"},\"wordCount\":565,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/cma-nse-push-for-climate-change-drive-by-firms#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2023\/12\/sm_1703179636.951908.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Kenya\",\"Kenya\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/all-news\/cma-nse-push-for-climate-change-drive-by-firms#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/cma-nse-push-for-climate-change-drive-by-firms\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/cma-nse-push-for-climate-change-drive-by-firms\",\"name\":\"CMA, NSE push for climate change drive by firms - 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