CBI launches the first report of the Environmental, Social and Governance Scorecard Project

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Central Bank of Iraq celebrated with the International Finance Corporation (IFC) signing of an agreement to launch the first report of Environmental, Social and Governance (ESG) scorecard project in the Iraqi banking sector, while preparations made for this in cooperation and coordination with the experts of the Finance Corporation International (IFC).

At the launch ceremony of the report, the Governor of the Central Bank of Iraq said: "The performance card will strengthen control systems and enable the bank to follow international practices and keep abreast of developments, as it will provide an electronic database with the Central Bank of Iraq that meets corporate governance, especially disclosure and transparency to achieve sustainability for banking entities”.

 Ms. Mary Porter Peska, General Manager of Sustainability and Gender Solutions at IFC, said: “This report presents an important analysis of ESG risks across the country’s banking sector and assists Iraqi financial institutions in measuring their performance and compliance with those standards”.

Dialogue sessions held to confirm that performance card is a quantitative measure to determine the extent of banks' compliance with the Corporate Governance Guide with regard to the level of adherence to best practices in the banking sector inside Iraq, which allows for the possibility of classifying banks. It is worth noting that Central Bank of Iraq is the first monitoring and supervisory institution to implement this project, at the level of countries of Middle East and North Africa.

 

Central Bank of Iraq

Media Office

24/1/2023