S&P launches Egyptian green and social index

Standard and Poor's has launched the EGX ESG index to track the performance of companies listed on the Egyptian Stock Exchange (EGX) that it deems to be leaders in environmental, social and corporate governance (ESG) issues. It hopes to license the benchmark to financial products issuers and asset managers.

"By linking ESG to share price performance, the S&P/EGX ESG index will enable investors to take a leading role in driving firms to enhance transparency and disclosure and ultimately improve reporting standards in Egypt," said Robert Shakotko, managing director of S&P Indices.

The top ten index constituents at launch are Commercial International Bank, Orascom Construction Industries, El Ezz Steel Company, Telecom Egypt, Talaat Moustafa Group, EFG Hermes Holding Company, Lecico Egypt, El Ezz Aldekhela Steel Alexandria, Orascom Telecom and Sidi Kerir Petrochemicals.