14 Jul 2021

The FRA (Financial Regulatory Authority) revealed that they will be implementing mandatory ESG (environmental, social, and governance) reporting requirements by FY22. Companies will need to file these reports with their annual financial statements. Companies listed on the EGX and NBFS (non-banking financial services) companies with issued capital between EGP100-500mn will only be required to make an annual disclosure. Those with issued capital exceeding EGP500mn will be required to compile and submit detailed reports that evidence their performance with regards to indicators derived from recommendations made by the TFCD (Task Force on Climate Financial Disclosure).

(Source: FRA (1) (2) (3) (4), Enterprise (English), al-Maal, Amwal al-Ghad, Mubasher, al-Ahram, al-Youm al-Saabe, al-Masry al-Youm)