The Prague Stock Exchange is adopting its first ESG reporting guidelines with technical assistance provided by the European Bank for Reconstruction and Development (EBRD).
Alongside the ERBD was technical support from TaiwanBusiness-EBRD Technical Cooperation Fund.
The ERBD noted that disclosure of sustainability-related information has become an essential tool for measuring how companies manage sustainability-related risks and opportunities.
The guidelines aim to provide issuers with clarity on how to approach ESG reporting in light of investors’ growing expectations and emerging regulatory developments in the European Union.
The guidelines have been prepared with the technical assistance of the consultancies Deloitte Sustainability Consulting Central Europe and Frank Bold Advisory, and are the first EBRD-supported guidelines to take into account the latest EU sustainable finance regulatory requirements.
The EBRD has also assisted the Warsaw Stock Exchange, the North Macedonian Stock Exchange and the Bucharest Stock Exchange to develop and publish ESG reporting guidelines.
EBRD regional head of Central Europe Victoria Zinchuk said, “EBRD is committed to supporting the Czech Republic in its transition to a low-carbon and climate-resilient economy, in line with the EU sustainable finance package. We are pleased to have been able to support our partner, the Prague Stock Exchange, in developing these sustainability guidelines.
“The guidelines are timely amid growing demand globally for consistent and comparable corporate ESG data and the rapidly evolving regulatory landscape for sustainability reporting in the EU. As investors increasingly seek long-term value and alignment with sustainability and climate-related objectives, we are confident that the guidelines will increase issuers’ awareness of sustainability reporting practices and play a key role in supporting the Czech Republic’s transition to a climate-neutral and green economy.”
Prague Stock Exchange CEO Petr Koblic added, “Sustainable investment has received growing attention in recent years. European markets are witnessing increasing pressure to implement ESG criteria in investment strategies and the Czech Republic is no exception.
“As non-financial reporting is one of the basic tools for companies to achieve the Sustainable Development Goals and, in the absence of a uniform standard on reporting, we have decided to prepare guidelines together with our partners to help companies navigate the issue of non-financial reporting. For our listed companies, we will be preparing seminars together with our partners to help make the implementation of non-financial reporting rules as easy and smooth as possible.”
New legislation put forward in Kansas that would prohibit ESG investing in the state’s pensions funds could cost the state’s pension system as much as $3.6bn in returns, it was recently found.
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