Nairobi bourse joins UN stock exchanges drive

Nairobi, Kenya:  Nairobi Securities Exchange (NSE) has joined the United Nations Sustainable Stock Exchanges (SSE), becoming the 18th member worldwide and the fourth in Africa alongside the Egyptian, Nigerian and Johannesburg stock exchanges.

Chief Executive Officer Geoffrey Odundo said the bourse is honoured to collaborate with the SSE initiative - launched by UN Secretary-General Ban Ki-moon in 2009.

He said this this is in line with NSE commitment to develop a sustainable capital market that will create sustainable value for all its stakeholders.

"We are seeking to promote capital markets that finance development that support the needs of present generations, without impacting negatively on the quality of life of future generations. We endeavour to challenge ourselves and others in the market to build a resilient, sustainable economy that optimises the quality of life for all, " Odundo said in a statement.

"The Exchange continues to champion sustainability through various initiatives such as the Excellence in Financial Reporting (FiRe) Awards and the NSE Leadership and Diversity Dialogue Series." The SSE initiative is co-organised by the United Nations Conference on Trade and Development (UNCTAD), the United Nations Global Compact, the United Nations Environment Programme?s Finance Initiative and the UN-supported Principles for Responsible Investment.

It explores how stock exchanges can work together with investors, regulators and companies to enhance corporate transparency – and ultimately performance – on environmental, social and corporate governance issues while encouraging responsible long-term approaches to investment.

"Kenya is the biggest economy in East and Central Africa and a critically important market for promoting sustainable development practices in the region,"

The Director of Investment and Enterprise division at UNCTAD, James Zhan expressed delight that NSE is joining Egyptian, Nigerian and Johannesburg stock exchanges, as well as other leading exchanges around the world, in pledging to promote sustainable business practices.

UNCTAD Secretary General Dr Mukhisa Kituyi welcomed the development, saying, "The NSE can play an important role in the quest for innovative development finance and a re-orientation of financial markets towards sustainable development outcomes."