BAKU, Azerbaijan, March 17. Kazakhstan’s Agency for Regulation and Development of Financial Market has signed a memorandum of cooperation with the European Bank of Reconstruction and Development (EBRD), Trend reports via the agency.
The document named as memorandum "On cooperation in the field of management and regulation of environmental and social risks, as well as the risks of corporate governance and corporate climate management" was signed during a meeting of Madina Abylkasymova, the agency’s chairperson, with Alain Pilloux, the EBRD’s vice president.
The meeting parties discussed the current situation in the financial market of Kazakhstan, the main challenges and priorities for its further development.
Besides, key areas of cooperation between the agency and the bank, including the provision of support for the development of the distressed assets market in Kazakhstan, as well as the introduction and development of ESG (Environmental, Social and Governance) standards in the financial market were discussed between the parties.
Under the memorandum, the agency and the EBRD will cooperate in several areas: the development and implementation of internationally recognized standards for managing environmental, social and corporate ESG risks in the financial sector and the promotion of best corporate climate governance practices (Corporate Climate Governance, CCG).
The memorandum will allow companies operating in the financial market of Kazakhstan to consistently apply these practices and introduce modern risk management systems and standards.