Kamco Invest joins United Nations Global Compact initiative
KUWAIT CITY, Nov 28: Kamco Invest, a regional nonbanking financial powerhouse with one of the largest AUMs in the region, joined the United Nations Global Compact initiative, a voluntary leadership platform for the development, implementation, and disclosure of responsible business practices.
Launched in 2000, the UN Global Compact is the largest corporate sustainability initiative in the world, with more than 17,000 companies and 4,000 non-business signatories based in over 177 countries. It is a call to companies everywhere to align their operations and strategies with ten universally accepted principles in the areas of human rights, labor, environment, and anti-corruption, and to take action in support of UN goals and issues embodied in the Sustainable Development Goals (SDGs).
Faisal Mansour Sarkhou, Chief Executive Officer of Kamco Invest commented, “Joining the UN Global Compact initiative is in line with Kamco Invest’s efforts to strengthen its business model by incorporating the UN Sustainable Development Goals within its business functions. Our commitment to the UN Global Compact initiative stems from our belief in its ten principles which are integral to our core values. This is the second United Nations initiativethat Kamco Invest commits to, following our commitment last year to the Women Empowerment
Principles.”
Rabaa H. M. Al-Juma, Country Manager of Kuwait & Qatar at the United Nations Global Compact, commented, “We welcome Kamco Invest to the UN Global Compact as the first company to join from the Kuwaiti financial services sector. We look forward to welcomingmore companies to join this initiative and commit to its principles in our efforts to contribute to making Kuwait and the world a better place to live in.”
The Company’s sustainability approach enabled Kamco Invest to better serve its stakeholders and generate a positive impact for the community. This practice is evident to Kamco Invest’s unwavering efforts to become a more transparent organization, an increasingly ethical business pioneer, and most importantly a longterm value creating entity for all its stakeholders.
As of recent years, Kamco Invest took major strides towards tackling environmental, social and governance issues through internal and external initiatives. The Company has been transforming into an environmentally conscious advocate by undergoing a massive digital transformation exercise, whereby it has introduced digital platforms that enhance both client experience and internal processes. From a social perspective, the Company has been increasingly contributing to the areas of health and wellbeing, youth and women empowerment, as well as education and financial literacy.
In terms of corporate governance, Kamco Invest has been persistent in implementing a strong framework that aligns its business fronts to best practices and ethical standards. This notion has ensured the adherence and compliance to applicable laws and regulations that impact the business. Additionally, through a diligent and ongoing review, the Company adheres to all new regulatory developments within minimal time.
It is worth noting that Kamco Invest issued its first sustainability report showcasing the Company’s continued commitment across environmental, social, economic, and governance aspects for the year ended 31 December 2021. The report was established in line with multiple frameworks including UN Sustainable Development Goals (SDGs) in addition to the Global Reporting Initiative (GRI), the seven pillars of the UN’s Women’s Empowerment Principles (WEP), Boursa Kuwait ESG indicators, and the seven pillars of “New Kuwait” which fall under the Kuwait National Development Plan (KNDP).
Sarkhou concluded, “An integral part of Kamco Invest’s value creation strategy lies in promoting and working towards a sustainable ecosystem. Sustainability has become a key business imperative, positively influencing how we operate and react towards the environment, society, and our employees.”