Mnakh is proud to announce its official registration as a signatory to the Code of Conduct for ESG Ratings and Data Products Providers, published by the International Capital Market Association (ICMA).
The ICMA Code was developed in response to IOSCO's 2021 recommendations and launched in December 2023. It establishes six core Principles that ESG ratings providers are expected to uphold: Good Governance, Securing Quality, Conflicts of Interest, Transparency, Confidentiality, and Engagement. The Code is endorsed by regulators including the UK's FCA, Japan's JFSA, and Singapore's MAS.
Mnakh's Statement of Application — describing how it implements each of the six Principles across its operations — has been published at mnakh.com/governance and submitted to ICMA for listing on their website.
With this step, Mnakh joins the ranks of globally recognised ESG ratings providers who have committed to the Code, including MSCI, Bloomberg, Moody's, S&P Global, Morningstar Sustainalytics, ISS ESG, and others.
This milestone reflects Mnakh's commitment to building Kuwait's ESG ecosystem on a foundation of international best practice. As the country's first ESG sustainability index, Mnakh has aligned its governance framework with IOSCO Recommendations, the ICMA Code of Conduct, and the Boursa Kuwait ESG Reporting Guide — ensuring that every rating published meets the highest standards of transparency, independence, and analytical rigour.
The full governance framework, including the ICMA Statement of Application, ICMA Cross-Reference Statement, and all supporting policies, is available at mnakh.com/governance.