The Macedonian Stock Exchange (MSE) has published its first environmental, social, and governance (ESG) reporting Guidelines (the Guidelines) for listed companies developed with European Bank for Reconstruction and Development (EBRD)’s technical assistance. Sustainability reporting has become a core dimension of the development of modern capital markets. The increasing push from policy-makers, regulators, and institutional investors is driving a growing share of global financial flows towards sustainable investment. This growth requires more transparency around the way issuers manage ESG risks. Taking actions to mitigate global challenges such as climate change and biodiversity loss has never been more critical.
The Guidelines have been prepared in line with national legislation, European Union (EU)’s sustainable finance considerations, and international best practices while also taking into consideration the early stages of development of ESG reporting practices in North Macedonia. The Guidelines build on the new Macedonian Corporate Governance Code published in October 2021 while providing a broader view on the ESG reporting context and practices. MSE becomes one of 64 exchanges globally to publish an ESG reporting manual.
“MSE’s ESG Guidelines for Listed Companies are intended to be a practical tool for our listed companies in the area of ESG disclosure according to our Corporate Governance Code which was developed together with the Securities and Exchange Commission of the Republic of North Macedonia and the latest international standards in this area. These ESG Guidelines are created to assist MSE’s listed companies in their interactions with investors, to help them understand how to internally address ESG issues as a key component of investor relations and how to manage ESG factors and risks, as well as to assist them in enjoying more visibility as a benefit of their ESG commitment.” - said Ivan Shteriev, CEO of the Macedonian Stock Exchange.
“The EBRD has been a reliable partner of North Macedonia for the past 30 years, as evidenced by more than EUR 2.2 billion provided in 154 projects and the substantial grant funding mobilised to date. In line with the EBRD’s target to increase its green financing, 61% of our investment in North Macedonia in 2021 was green. We are committed to continuing supporting the country in its transition to a low carbon and climate-resilient economy. Furthermore, we are strongly committed to improving the corporate governance standards in the country and are very pleased that, following the adoption by the MSE of an improved corporate governance code for listed companies, prepared with support from EBRD, the MSE has now prepared and released its ESG reporting Guidelines that will help Macedonian listed companies improve their governance and reporting further.” – said Andi Aranitasi, EBRD Head of North Macedonia
“There is a growing demand globally for consistent and comparable ESG company data as investors increasingly seek long-term value and alignment with sustainability and climate-related objectives. As North Macedonia continues on its path towards EU accession, it will be essential to align national regulations and market practices with the EU sustainability framework and international best practices. The new Guidelines will increase issuers’ awareness of such practices and support them on their ESG journey.” – said Vesselina Haralampieva, Associate Director, EBRD.
MSE has a powerful role in facilitating ESG information flow between companies and investors by fostering transparency, providing guidance and services, and raising awareness to its clients and the broader group of stakeholders.
Read the ESG reporting Guidelines.