In accordance with Article (76) of the Chairman of SCA Board Decision No. (03 R.M.) of 2020 concerning adopting the Corporate Governance Guide for Public Joint Stock Companies, public joint stock companies listed on the Abu Dhabi Securities Exchange or the Dubai Financial Market in the UAE must publish a sustainability report. On 10 January 2021, SCA issued a general clarification to Article (76) of the Chairman of SCA Board Decision No. (03 R.M.) of 2020 which sets out in more detail the required contents of sustainability reports and a confirmation that such report must be published annually.
Listed public joint stock companies are required to prepare a sustainability report reflecting the company’s long-term strategy and its impact on the following fields:
The environment – the impact of the company’s operations and decisions on the environment and the communities in which the company operates
The Society – how the company’s policies and operations contribute or could contribute to social justice, the well-being of workers and employees and the surrounding community
The economy and governance – how the company is contributing to the economic benefit of society and the impact of the company’s operations on the local economy.
In addition, public joint stock companies must comply with the Global Reporting Initiative standards and also any sustainability standards and requirements that are issued by the Abu Dhabi Securities Exchange or the Dubai Financial Market, depending on which market public joint stock company is listed on.
Listed public joint stock companies are required to submit their annual sustainability report for the financial year 2020 no later than six months following the end of the financial year. This is a specific requirement for the 2020 financial year. For subsequent financial years, listed public joint stock companies must submit the sustainability report to SCA within 90 days from each financial year end or before the date of the annual general assembly meeting, whichever is earlier.
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