Lifestyle | opinion Womanthismonth.com July 2023 79 As a matter of fact, the role of CSOs is evolving in the GCC overall as companies recognise the importance of sustainability in achieving their long-term economic vision. Here are some of the key indications: 1. Increasing focus on ESG reporting and disclosure: Many organisations in the GCC are now recognising the importance of Environmental, Social, and Governance (ESG) reporting and disclosure. CSOs are playing a key role in ensuring that organizations are meeting their ESG reporting requirements. 2. Integration of sustainability into corporate strategy: Organisations in the GCC recognised that sustainability is not a ‘nice to have’ part but an integral part of a long-term strategy. CSOs are increasingly working closely and aligning efforts with senior management to integrate sustainability considerations into core business operations and decision-making processes. 3. Focus on sustainable finance: There is a growing interest in sustainable finance in the GCC, including green bonds, sustainabilitylinked loans, and other forms of sustainable finance. CSOs are playing a key role in guiding organisations towards sustainable finance options and ensuring that sustainability considerations are integrated into investment decisions. 4. Regulatory frameworks: In recent years, several GCC countries have introduced regulatory frameworks aimed at promoting sustainability and ESG reporting. Bahrain introduced a voluntary ESG reporting guideline for listed companies in 2020. CSOs are playing a key role in ensuring compliance with these regulations and in developing comprehensive ESG strategies that go beyond mere compliance. The infographic below illustrates the timeline of the key milestones: Eman Deabil is the first person to be DipESG-certified in Bahrain from The Corporate Governance Institute. 5. Focus on social sustainability: While environmental sustainability is a key focus for many CSOs in the GCC, there is also a growing emphasis on social sustainability. This includes issues such as labour rights, diversity and inclusion, and community engagement. CSOs are working to ensure that organisations contribute to the social development of the region. The rise of the Chief Sustainability Officer (CSO) is a clear indication of the growing importance of sustainability in today’s business landscape. As organisations across the globe face increasing pressure to address sustainability issues, CSOs will play a critical role in driving these efforts. While the role is still relatively new, it has already become a vital part of the corporate landscape, and its importance is only set to grow in the years ahead; therefore, it’s essential to groom and grow the right talents that can handle this role with extreme integrity and professionalism.
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