Al-Wazaify: Amman Stock Exchange has Established Sustainability in its Legislations and Practices

He explained that the Amman Stock Exchange's experience in this field was not limited to awareness, but also included the development of legislative and regulatory frameworks, enhancing disclosure, and building the capacities of listed companies, which helps investors evaluate the performance, risks, and future opportunities of companies more comprehensively.

He added that the Exchange established strategic partnerships with international institutions, including the International Finance Corporation 'IFC', the United Nations Development Programme 'UNDP', and the United Nations Global Compact 'UN Global Compact', to support companies and develop their practices in the fields of sustainability, disclosure, and governance.

Al-Wazaify pointed out that the Amman Stock Exchange amended related legislations to enhance sustainability practices, and required covered companies since 2022 to apply the Global Reporting Initiative 'GRI' standards, before transitioning according to the Code launched by the Securities Commission to a new phase with the issuance of the International Sustainability Standards Board 'ISSB' standards and their adoption by the International Organization of Securities Commissions 'IOSCO'.

He noted that sustainability information has become a fundamental element in evaluating company performance, identifying risks and opportunities, measuring their ability to achieve growth, enhance competitiveness, and manage risks, as well as its role in asset pricing and determining company value Pricing and Value Creation and enhancing the confidence of stakeholders.

He emphasized that the Securities Commission's launch of the Environmental, Social, and Governance Practices Code, based on the 'IFRS S1' standard for general sustainability disclosures and the 'IFRS S2' standard for climate-related disclosures, represents a significant development in the national capital market, and brings sustainability disclosures to a level directly linked to financial reports, company performance, and future risks and opportunities.

He said that this step enhances the Exchange's experience in the field of sustainability, and provides a clear and deep disclosure framework, which helps investors make decisions based on reliable and comparable information, and supports companies in improving their ability to access financing and investment.

Al-Wazaify added that the launch of the Code is an important milestone in a continuous journey to update the national capital market and develop its legislative, regulatory, and technical infrastructure, in line with the latest international practices in the fields of disclosure, financial services, governance, and combating money laundering.

He explained that the development was not limited to legislation, but also included the systems used in trading, monitoring, clearing, settlement, and property transfer at the Securities Depository Center, which contributed to building a market with an advanced regulatory and technical infrastructure capable of keeping pace with modern requirements, standards, and practices.

He pointed out that these developments reflected on the performance of the Amman Stock Exchange, which ranked first in the region last year in terms of the index increase and thirteenth in the world, while recording an increase of about 14% since the beginning of this year, reflecting the continued development of the market in terms of legislation and performance.

Al-Wazaify appreciated the efforts of the Securities Commission, the Securities Depository Center, the team at the Amman Stock Exchange, and market institutions, as well as the support of international partners, confirming that updating the market and enhancing its sustainability is an ongoing process aimed at keeping pace with the latest developments and facing challenges, raising the level of confidence, and enhancing the attractiveness and ability of the Exchange to serve the national economy.