Zain Group's MSCI rating for ESG upgraded to ‘BBB'
Ammon News - •Vice-Chairman & Group CEO, Bader Al-Kharafi, 'This upgrade reaffirms Zain's commitment to sustainability, corporate governance and ethical leadership, that is value creative for all stakeholders.'
•Enhanced governance frameworks; evolving sustainability programs, implementation of stronger environmental policies and reducing carbon emissions; advancements in transparency and reporting; improving data protection and privacy policies, all contributed to upgrade from BB to BBB
•In the environmental pillar Zain scored 10/10 – a best-in-class recognition
Zain Group, a leading provider of innovative technologies and digital lifestyle and ICT communications operating in eight markets across the Middle East and Africa, announces a significant improvement in its Morgan Stanley Capital International (MSCI) rating in ESG (Environmental, Social, and Governance), which was upgraded from 'BB' to 'BBB' as of December 2024.
The renowned MSCI ESG Ratings methodology evaluates companies on their management of material ESG risks and opportunities including climate change, human capital, and corporate governance, with a focus on policies, performance metrics, and controversies. Ratings are industry-relative and range from 'AAA' to 'CCC,' with scores determined by a company's exposure to ESG risks and the effectiveness of its management strategies.
MSCI's upgrade for Zain from BB to BBB reflected the company's ethical leadership that oversaw the implementation of enhanced governance frameworks; evolving sustainability programs; stronger environmental policies and reducing carbon emissions; advancements in transparency and reporting; improving data protection and privacy policies. Notably, in the environmental pillar Zain scored 10/10 – a best-in-class recognition.
Zain Vice-Chairman and Group CEO, Bader Al-Kharafi commented, 'This ESG upgrade reaffirms Zain's commitment to sustainability, corporate governance, and ethical leadership, that is value creative for all stakeholders. It also marks an important milestone for the company as we continue to align with global industry standards and strive for further improvements in our ESG performance in line with our recently announced '4WARD'-Progress with Purpose five-year sustainable corporate strategy.'
'Zain operates within a complex geopolitical context and we will continue to invest in ESG initiatives and focus on mitigating risks through the integration of advanced technologies. We are relentless in our ongoing efforts to engage and collaborate with regulators, shareholders, and the wider community, to drive sound sustainable and corporate governance practices.'
'As a leading entity listed on the Boursa Kuwait Premier Market, sound ESG practices are becoming an increasingly important differentiator for organizations with respect to giving all stakeholders confidence that the company is being run in a sustainable, compliant and transparent manner. This MSCI upgrade to BBB reaffirms Zain's Investor Relations and Corporate Governance Framework as it helps Zain mitigate risks and facilitates an effective Board oversight over the company's executive management by promoting strong internal controls to improve integrity of financials and establishing a culture of compliance.'
Al-Kharafi concluded, 'This framework is a cornerstone of the company's regional appeal, and has won the confidence and admiration from shareholders, the banking community, industry analysts, regulatory authorities and other globally recognized indices, attracting global investors.'
Zain is one of the most active organizations in the region with respect to delivering meaningful connectivity that leads to equitable systemic change through its ESG initiatives, with the company playing a crucial role in empowering the markets in which it operates to reap the benefits of digital transformation for the benefit of the communities it serves and beyond.
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