Sri Lanka joins UN sustainable stock exchanges initiative
ECONOMYNEXT – The Colombo Stock Exchange (CSE) has joined the United Nations Sustainable Stock Exchanges (SSE) initiative which aims to work together with investors, regulators and companies to promote sustainability initiatives.
The SSE Initiative, launched by UN Secretary General Ban Ki-moon in2009, is a partnership among the UN, UN-supported organizations, stock exchanges, investors, companies, regulators and governments around the world.
CSE chairman Vajira Kulatilaka announced the move during a meeting at the New York Stock Exchange, a statement said.
“I believe that being part of the Sustainable Stock Exchange initiative demonstrates our commitment towards adopting sustainable business practices,” Kulatilaka said.
“We endeavor to engage with our stakeholders, and collectively work towards sustainable policy initiatives which will help us create better corporate citizens in the areas of environment, society and governance.”
The SSE Initiative has contributed to enhance corporate transparency on Environmental, Social, and corporate Governance (ESG) issues and encourage responsible long term approaches to investment.
“This partnership will enhance the global positioning of CSE while creating a platform for the Sri Lankan capital market to be abreast with international trends,” said Sutheash Balasubramaniam, Sri Lanka Representative/Director of the UN Global Compact Network Sri Lanka.
“CSE wishes to publicly demonstrate its commitment to sustainability, while promoting better business practices within the Sri Lankan capital market. Moreover, CSE encourages listed companies to measure and publicly report their ESG performance and impacts,” CSE Chief Executive Rajeeva Bandaranaike said.
The CSE said it wishes to attract foreign and local investors seeking sustainable investment opportunities.
CSE would get the privilege of accessing wide range of resources to support the implementation of sustainability initiatives in the form of events, webinars, workshops, publications and other potential work streams that contribute to the overall mission of the SSE initiative. (Colombo/September 28 2015)