Kuwait City — Baker Tilly Kuwait, a leading consulting firm in Kuwait, is proud to announce its membership in the Global Reporting Initiative (GRI) Community, becoming the first consulting firm in the State of Kuwait to join this prestigious network. This milestone underscores Baker Tilly’s commitment to providing quality advisory services in the field of sustainability reporting and supporting our clients in developing their reports according to international standards.
The GRI is the world’s leading organization for developing sustainability reporting standards. By joining the GRI Community, Baker Tilly aligns itself with a global network of pioneer organizations dedicated to driving sustainability practices around the world.
In the State of Kuwait, Capital Markets Authority, as per Module Twelve “Listing Rules” of the Executive Bylaws of Law No. 7 of 2010, emphasizes the importance for listed companies to issue an annual Sustainability Report and publish it through its website. The report shall determine the impact of the company’s activities on the environment, society, and the economy, as well as the company’s opportunities and risks associated with those areas and how it manages them. The reported information should be clear and accurate.
In a relevant context, the Central Bank of Kuwait, as per Circular No. (2/BS/IBS/500/2022) dated 16 November 2022 regarding the Sustainable Finance, requires banks to issue annual reports on sustainability (“Sustainability Report”) or incorporate within their annual reports published on their websites a separate section on Sustainability, highlighting the bank’s activities in respect of environmental, social and economic aspects.
“We are proud to be the first consulting firm in Kuwait to be member of the Global Reporting Initiative (GRI)” said Hisham Sorour, Managing Partner at Baker Tilly Kuwait. “This milestone reflects our vision to support business entities in Kuwait, particularly companies listed on Boursa Kuwait, in achieving their sustainability goals and implementing global best practices in sustainability reporting on Environmental, Social and Governance (ESG).”
Benefits of GRI Membership:
- Enhanced Expertise: Access to the up-to-date international standards and practices related to sustainability reporting.
- Local Leadership: Strengthening Baker Tilly’s position as a strategic partner supporting businesses in Kuwait in implementing sustainability best practices.
- Global Collaboration: Opportunity to collaborate with global network and exchange knowledge and expertise with leading organizations.
As part of its GRI membership, Baker Tilly will leverage the GRI Standards to guide clients in creating transparent and impactful sustainability reports addressing their economic, environmental, and social impacts. The firm will also actively engage in GRI events and initiatives to support its mission of embedding sustainability into the core of business strategy.
“Our membership in the GRI Community reflects our commitment to leading efforts towards a sustainable future,” added Mr. Sorour. “We are confident that this membership will enhance our capabilities to create added value both for our clients and the communities we serve.”
In this context, Baker Tilly invites business entities in the State of Kuwait to implement the sustainability standards and cultivate ESG culture for a brilliant future for all.
About Baker Tilly Kuwait:
Baker Tilly in Kuwait is an independent member of the Baker Tilly International network based in the UK, ranked amongst the top 10 global accounting networks. The firm provides auditing and assurance, and tax services as well as consulting and advisory services in accounting, investment, management, financial, actuarial, and information technology to assist several sectors such as government, oil and gas, banks, listed companies, licensed companies, and other entities.
About the Global Reporting Initiative (GRI)
GRI (Global Reporting Initiative) is the independent, international organization that helps businesses and other organizations take responsibility for their impacts, by providing them with the global common language to communicate those impacts.