The Central Bank of Bahrain (CBB) has issued reporting requirements for ESG disclosures of financial firms.
The requirements listed as part of a newly issued module directed to all listed companies and financial firms include category 1 and 2 investment firms. For those investment firms, the reporting requirements will be effective from the start of 2024.
The make-up of the module is based on international standards and best practices as well as industry feedback on the CBB’s proposals over the last year.
“Financial metrics are no longer the sole criteria for evaluating companies in today's business landscape,” said Abeer Al Saad, executive director of financial institutions supervision at the CBB. “Shareholders and investors now expect companies to demonstrate greater transparency regarding their impact on the environment, society, and governance practices.
“The ESG module aims to serve as a valuable tool for companies starting their reporting journey to create reliable, informative, and comparable reports,” said Al Saad.
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