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  • ESG Disclosures Framework

    Background

    On 21 June 2023, the Abu Dhabi Global Market (“ADGM”) enacted the Environment, Social and Governance (“ESG”) Disclosures Framework to support the growth of sustainable finance and the acceleration of the UAE's green economy agenda.

    This initiative supports the UAE’s net zero by 2050 strategy by promoting ESG transparency and disclosure of applicable information on ESG factors by ADGM entities using a globally recognised disclosures standard.

    Scope and application

    • In scope: all ADGM entities unless out of scope, exempt or do not meet the Threshold Conditions.
    • Comply or explain: In-scope ADGM companies meeting the Threshold Conditions must either comply with the disclosures or explain non-compliance.
    • Out of scope or exempt ADGM entities: Foundations, LLPs, Partnerships, Restricted Scope Companies, Listed Entities with equivalent disclosures, Investment Companies, and Branches of foreign companies. However, these entities can choose to voluntarily comply.

    Threshold Conditions

    • Turnover threshold: More than US$ 68 million in a financial year, or
    • AUM threshold: FSRA-licensed fund and asset management companies with AUM over US$ 6 billion at any time during the financial year.
    • Disclosure requirement no longer applies to entities who cease to meet the Threshold Conditions for two consecutive years until they meet that threshold again.

    Standards and reporting

    • Submissions must be in accordance with a globally recognised standard (e.g., CDP, GRI, ISSB, TCFD).

    What ADGM entities need to do

    1. Determine if you're in scope: Check if you are in scope and meet the turnover or AUM thresholds. If not, you can still choose to voluntarily comply.
    2. Choose an ESG standard: Select a globally recognised disclosure standard that aligns with your business.
    3. Prepare and submit disclosures: Submit with annual accounts. Disclosures typically become mandatory in your third year of operation if you meet the thresholds.
    4. "Comply or Explain": If you are in scope but choose not to fully comply, you must submit a clear explanation for not doing so to the Registrar.

    To know more about ADGM’s sustainable finance initiatives, see the micropage here: ADGM Sustainable Finance Regulation

    Useful documents

    ESG Disclosures Guidance

    ESG Disclosures Regulations

    Disclaimer

    This webpage provides a summary of the ADGM ESG Disclosures Framework. Please refer to the official guidance and regulations for full details and requirements.

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