The partnership between EBRD and GPW will develop ESG reporting guidelines for listed companies in accordance with EU regulation (including the Non-financial Reporting Directive) and institutional investor expectations. The international consultancy Steward Redqueen has been appointed in a public tender to deliver the project.
“We continue our efforts to support companies listed on GPW markets. Hence we decided to partner with EBRD on preparing ESG guidelines in-line with national and EU regulations, to support their development. ESG integration helps companies to effectively manage long-term risks and create value for all stakeholders, including shareholders. Business doesn’t exist in a vacuum, and we must consider the environmental impacts (E), respect human and societal rights (S) and follow governance standards (G). What we do today will greatly impact our lives dozens of years from now. According to GPW’s October 2019 survey of capital market participants carried out to measure the impact of ESG on investment decisions, no less than 88% of respondents said that companies whose strategy relied on ESG good practice may be considered lower-risk, more attractive investment targets. ESG is about performance, now and into the future.” said Izabela Olszewska, Member of the GPW Management Board.
In line with its Green Economy Transition (GET) approach, the EBRD is committed to helping countries where it operates, to support their transition to low carbon and climate resilient economies. Capital markets are a key part of the process, as corroborated by the project aiming to design the ESG reporting guidelines. The guidelines will provide a practical framework, as well as a list of recommendations to improving the quality of ESG reporting.
“ESG has always been at the heart of EBRD and many of our clients. EBRD is reinforcing its position as a leader in green finance with an ambitious plan to broaden and deepen its climate activities and become a majority green bank by 2025. It is worth adding that in Poland, two thirds of financing deployed by EBRD in 2020 is green. We support ESG investments in a number of ways; on the one hand as an investor giving comfort to other investors, on the other hand on a number of policy initiatives. We are glad to partner with GPW on work in relation to ESG disclosures and the creation of relevant guidance in terms of what and how issuers should disclose when reporting on ESG elements of their business”. – said Grzegorz Zielinski Director, Regional Head of Central Europe and Baltics, EBRD.
The ESG reporting guidelines to be developed in the project will be designed as a reporting manual supporting companies with their ESG reporting. The project will be implemented, with input from a broad cross-section of stakeholders, including listed companies, issuers, investors and regulators. It will identify clear criteria necessary to define disclosures of companies relevant to investors. Steward Redqueen is an international consultancy firm that has been working in the area of sustainability and impact for some 20 years. It has a strong track-record in advising both the financial sector and multinationals across a range of industries in identifying the sustainability business case.
“As ESG has increasingly been recognised as a reflection of ‘operational excellence’ we look forward to be working with GPW and the EBRD on developing ESG reporting guidelines for listed companies in Poland. We will a take business-oriented approach and aim to deliver practical tools that add value for Polish businesses and domestic and international investors alike.” said Wouter Scheepens, partner of Steward Redqueen.