Suva, Fiji, April 29, 2024 — Fiji aims to benefit from good business practices on environmental, social and governance (ESG) standards, helping to drive investment and contributing to inclusive, sustainable economic growth by aligning its capital market with global standards.
Under an agreement announced today, the South Pacific Stock Exchange Pte Limited (SPX) and IFC, with support from the governments of Australia and New Zealand, will work together to introduce new ESG practices to Fiji's capital market.
Through this agreement, IFC will provide in-depth technical assistance to the SPX, training its staff and associates on good international industry ESG practices. The SPX collaboration with IFC will also develop an ESG curriculum for training organizations.
"Strengthening policies in accordance with the best industry practices is fundamental in creating a strong and dynamic capital market," said SPX Executive Director, Gyanesh Rueben. "This is an exciting opportunity for the SPX to participate in this world-class training of trainers in Fiji, enabling us to help local trainers to improve their knowledge which will help create stronger businesses and better investment opportunities. We are delighted to be working with IFC in promoting best industry-based practices in Fiji."
IFC's collaboration with the SPX comes under a broader initiative which aims to improve ESG practices and performance across the Pacific, increasing awareness and access to training and advice, and ultimately facilitating increased investment in the private sector.
"Investors are increasingly paying more attention to ESG standards," said Judith Green, IFC Country Manager for Australia, New Zealand, Papua New Guinea and the Pacific Islands. "It is well known that companies with robust ESG practices tend to outperform their peers, are better prepared for uncertainty, avoid regulatory interventions, and maintain their social license to operate."
"The Australian Government is pleased to support this partnership that strengthens Fiji's private sector by improving ESG standards," said Australia's High Commissioner to Fiji and Special Envoy for the Pacific and Regional Affairs, Ewen McDonald. "We are committed to working with partners, like IFC and New Zealand, to promote economic growth in Fiji. I commend SPX for launching this important project which will benefit companies, investors, and other market participants."
"The private sector is a key driver of economic development in the Pacific. By embracing ESG standards, it can help create resilient and sustainable growth which can benefit all Fijians by helping make businesses stronger, and creating better investment opportunities." said New Zealand High Commissioner to Fiji, Charlotte Darlow.
IFC is a global leader in setting ESG standards for the private sector, through its Environmental and Social Performance Standards and Corporate Governance Methodology.
About IFC
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2023, IFC committed a record $43.7 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org
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About the SPX
The South Pacific Stock Exchange (SPX) is the only licensed securities exchange in Fiji. The SPX is a private limited liability company with eight shareholders constituted by its Articles of Association and operates under the direction of its Board of Directors under the ambits of the Companies Act 2015, regulated by Reserve Bank of Fiji. The functions of the SPX are: As a frontline regulator, the SPX –ensures and promotes and orderly market operation which provides a primary market to listed entities and investment opportunities to investors; Market (Trading & Research) - facilitate trading of securities (shares, bonds) in the secondary market, disseminate material information of listed entities, trading statistics and market surveillance; Clearance, Settlements & Registry Services – provide efficient facilities for clearing and settlement of trades and registry services to clients; Public Awareness – promote within the community the benefits and risks of prudent investment; and Front-line Regulation – regulate listed entities and intermediaries in the stock market and set industry benchmarks for sound corporate governance and ethical standards.
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