Bucharest Stock Exchange (BVB) signs commitment letter to join the United Nation’s Sustainable Stock Exchanges (SSE) initiative; pledges to promote more sustainable investments and improved environmental, social and corporate governance disclosure in the Romanian financial market.
"BVB's participation in this project marks the stock exchange's commitment towards creating a sustainable environment not only for listed companies, but also for investors," said, Ludwik Sobolewski CEO of Bucharest Stock Exchange.
"We look forward to participating in the Sustainable Stock Exchanges initiative as a global forum for sharing best practices on sustainability and capital markets," Mr. Sobolewski wrote on behalf of the exchange in his commitment letter sent to UN Secretary-General Ban Ki-moon.
Romania is the 7th largest EU market by population with one of the highest GDP growth rates in the region. With BVB's commitment, the SSE now includes four of the top ten EU markets committed to making financial markets more sustainable, transparent and equitable markets. Other EU members of the SSE are Deutsche Boerse, London Stock Exchange and Warsaw Stock Exchange
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"As the European Union continues its work to promote corporate responsibility and responsible investment, stock exchanges are important partners for translating public policy into market realities," said James Zhan, Director of UNCTAD's Investment and Enterprise Division. "We welcome Bucharest Stock Exchange to the SSE initiative and look forward to working with them to help promote capital markets that work for sustainable development." In 2014 UNCTAD published its Action Plan for Investing the Sustainable Development Goals, including the promotion of stock exchange initiatives.
By committing to the SSE, 20 Partner Exchanges worldwide are demonstrating leadership and understanding of the opportunities and challenges facing the investment community today. Joining the SSE initiative offers exchanges an array of resources for support and implementation of sustainability initiatives in the form of events, publications and work streams that contribute to the overall mission of this initiative. As the SSE initiative offers a unique platform for multi-stakeholder discussion, exchanges have an opportunity to take a leading role in the promotion of sustainable development.
The SSE initiative is co-convened by four organisations:
United Nations Conference on Trade and Development (UNCTAD)
United Nations Environment Programme Finance Initiative (UNEP FI)
United Nations Global Compact
UN-supported Principles for Responsible Investment (PRI)
The SSE initiative invites exchanges globally to become a Partner Stock Exchange within the SSE by making a voluntary public commitment to promote improved ESG disclosure and performance among listed companies. In addition, the SSE welcomes participation from securities regulators, investors, companies and other key stakeholders.
