Annual rebalance of the S&P/Hawkamah ESG Pan Arab index announced
- United Arab Emirates: Wednesday, December 12 - 2012 at 10:34
- PRESS RELEASE
The S&P/Hawkamah ESG Pan Arab Index underwent its annual rebalancing on 1 December 2012. The index includes the top 50 Pan Arab companies based on their performance on nearly 200 ESG metrics and uses an innovative ESG score-weighting scheme to ensure stocks with higher ESG scores have a greater influence on the index than those with lower ESG scores.
Kirsty Knight, Director, Index Operations at S&P Dow Jones Indices said: "Following this year's rebalance, Saudi Arabia remains the largest country in the index, with 15 constituents and a total weight of 28.18%. The two largest stocks in the index are DP World of Dubai and Jordan's Arab Bank, each of which make up 3.21% of the index due to their high ESG score. Whilst stocks from the Financials sector continue to dominate the index with 49.95%, DP World is one of 7 representatives from the Industrials sector, which has doubled its presence in the index from 3 constituents last year."
Nick Nadal, Head of Hawkamah said, "In the recent years that we have been monitoring and assessing the performance of Middle Eastern and North African listed companies on their ESG practices, we can report a strong trend of year-on-year improvements in the disclosure of corporate governance practices by companies. While corporate reporting on social and environmental issues is generally low in the region, it is very encouraging that more and more companies have started issuing sustainability reports."
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