KUWAIT: The National Investments Company (NIC) has launched its first sustainability report, which particulars the company’s performance across its various activities for 2023 as part of its commitment to sustainability as a critical pillar for building its corporate strategy. The report focuses on different economic, social, and environmental axes. It highlights the company’s success in achieving its goals in sustainable development by launching many qualitative and selected initiatives to be a first step towards changing the approach and culture, as well as keeping pace with the company’s environmental strategy.
Fahad Al-Mukhaizim, Board Member and Chief Executive Officer of NIC, said: "The first sustainability report reflects our determination to achieve sustainable and responsible progress towards institutional innovation and raising social awareness. It also clarifies our investment goals and social responsibilities in full transparency to all relevant parties. The National Investments Company has been keen to invest in social and economic initiatives within the reporting period, such as good governance, developing human energies and skills, creating new job opportunities, and enhancing the work environment.
This reflects the company’s endeavor to positively and constructively change society and the national economy. The report includes our efforts in the field of sustainability throughout 2023 while protecting shareholders’ rights, preserving investment value, reducing conflicts of interest by adhering to the application of all standards, and enhancing the role of shareholders in participating in key decision-making processes related to everything related to their investments. This has contributed to achieving our corporate goals, meeting the needs of our customers, developing their assets in the long term, and following our strategy and clear vision with the best standards and business practices.
Explicit strategy
"Referring to the strategic context of ESG, our report includes a comprehensive overview of NIC performance supported by documented data that is compliant with the international standards of the ‘New Kuwait’ Vision, the Boursa Kuwait Sustainability Index, CMA decisions - and international ESG standards, including the Global Reporting Initiative (GRI) 2021 and the United Nations Sustainable Development Goals (UN SDGs)”, said Al-Mukhaizim.
Transparency and governance
Al-Mukhaizim reviewed the sustainability report, emphasizing NIC’s commitment to robust governance driven by the strong performance of its board members. This performance is anchored in accountability, data management, information security, transparent disclosures, risk control, and a dedicated approach to ESG, alongside ethical practices in the company’s investment operations. He also highlighted that NIC adheres to a policy that protects shareholders’ rights, upholding the principles of transparency, equality, and strict compliance with all relevant laws, regulations, and guidelines to safeguard the rights of all stakeholders.
Leadership in human resources
Al-Mukhaizim also said that the report provides an overview of the company’s efforts to create an interactive work environment for its employees, which is the fundamental pillar behind its success. It showcases its enthusiasm for providing all national cadres with equal job tasks. "NIC has reached a 55.10 percent Kuwaitization percentage at all levels.”
In addition, NIC has adopted a variety of community-focused initiatives to encourage working within the investment sector while providing training programs in cooperation with the right expertise to enhance and develop career paths. The aim is to train 100 percent of the employees with specialized training programs.
Concerning women’s empowerment, NIC has collaborated with a specialized organization to design a unique training program (Shift) aimed at developing women’s practical skills and supporting their career path. This has brought the percentage of female cadres working at the National Investments Company to 24.48 percent.
Corporate social responsibility
The National Investments Company has supported various events and activities effectively through contributions to voluntary and charitable work, such as providing aid to needy families during the month of Ramadan, sponsoring university student clubs, and supporting field training for nine students during different periods in addition to promoting sports events that aim to create a positive impact on the society, last but not least, the company has encouraged volunteering initiatives and haled developing its employees’ skills and hobbies through various activities.
Environmental sustainability
Highlighting environmental governance, Al-Mukhaizim said that the company had made great strides in reducing its carbon effect through specific initiatives, energy efficiency improvements, and the adoption of renewable energy, with measurable reductions in particular metrics and line with the regulations and requirements of the Ministry of Electricity and Water. The company is committed to reducing water usage, waste management, and recycling solutions systematically, efficiently, and in line with sustainability practices and regulations.