36% of UAE’s top 100 companies report on corporate responsibility – KPMG UAE Sustainability Report 2015
Dubai, December 20, 2015: An increasing number of organizations in the Lower Gulf are making sustainability a key part of their business agenda, according to the findings of the 2015 KPMG Lower Gulf Sustainability Report.
36% of the UAE’s top 100 companies reported on CR in 2015, a significant increase from 22% in 2013. Meanwhile, 37% of top 100 Omani companies also reported on sustainability, which is included in the survey for the first time.
KPMG has been releasing this Global report bi-annually for the past two decades . This is the first time that the analysis of survery covering the Lower Gulf region has been released.
Rajeev Batra, a Partner and Head of Risk Consulting “Companies in the UAE and Oman, and their stakeholders, are increasingly interested in reporting on the environmental and social risks and trends that are affecting their business
The UAE has highlighted several short-term and long-term sustainability goals through the implementation of national frameworks and guidelines to be followed by public and private institutions for better environmental and sustainability performance. According to the UAE Vision 2021 National Agenda, sustainable development is necessary for the economic and social development of the seven Emirates.
The Global Reporting Initiative (GRI), which introduced the G4 framework last year, has placed a significant focus on the quality of reporting around the world. In the UAE 28% of reporters use GRI.
Estidama, introduced in Abu Dhabi in 2009, aims to ensure that any new development in the emirate is undertaken in a sustainable manner. Dubai has introduced green building regulations.
Batra added: “Sustainability is reshaping the Middle East. Leading companies are increasingly moving away from focusing only on community and QHSE, towards a formalized reporting process, with stakeholder engagements and materiality assessments. Those who lack a formal process tend to have limited quantitative sustainability data, and qualitative data shared alone can be perceived as PR or green-washing, hence they are hesitant to report; while others simply need guidance on how to report.
“Our reports highlights insights and leading practice from leading companies across the UAE that have a clear vision for their businesses.” Five locally based companies were identified and profiled in the report – National Bank of Abu Dhabi, Emirates Transport, Dubai Water and Electricity Authority, Du and Aramex. The analysis was based on seven quality criteria, including strategy, risk and opportunity; materiality; targets and indicators; suppliers; stakeholder engagement; governance of CR; and transparency and balance.
Download the PDF to read the full report.
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