Boursa Kuwait Securities Co KPSC

In addition, we established an ESG Committee chaired by an independent Board of Director (BOD) member, cultivating comprehensive oversight and strategic direction towards embedding ESG into our practices. This committee approved our 2022 Sustainability Report in 2023 and is currently leading the development of ESG practices in collaboration with esteemed sustainability consultants in Kuwait. The responsibilities of the ESG Committee include the following: **ESG Strategy:** Overseeing strategy development, implementation, and monitoring, setting KPIs, and reporting progress against the ESG Strategy to the Board **Liaison:** Identifying relevant portfolio companies, engaging with them on ESG matters, and gathering performance data **Working Groups:** Establishing focused working groups aligned with ESG priorities and involving representatives from portfolio companies **Reporting:** Overseeing the development and publication of ESG/sustainability reports, guiding portfolio companies in their reporting efforts **Policy Framework:** Developing and overseeing the company's ESG Policy Framework and related policies **Awareness and Training:** Identifying stakeholders, facilitating awareness sessions, and providing necessary training on ESG matters To lay the foundational stones of this ESG Committee, we have developed a well-defined ESG Charter, which has been approved by the Board of Directors (BOD) in 2023. The ESG Committee is headed by an independent BOD member, and its members include the Deputy Chief Executive Officer (CEO) and the Group Senior Vice President (SVP) - Corporate Communications and Investor Relations (IR).

On its part, Zain set benchmarks with respect to existing laws, engaged in lobbying efforts with regulatory bodies at the Group and operational levels, and received consultancy guidance prior to regulations coming into effect. Coupled with the necessary regulatory reforms, appropriate skills are required to effectively undertake digital transformation, which are in many respects not widely available in Zain's markets. [...] Efforts taken by Zain included the establishment of the CO2 Emission Reduction Target Setting Committee across the organization as well as institutionalizing Climate Change roles at the Group and Opcos. To ensure proper implementation of the company's Net-Zero objective, the company also introduced the Climate Change Compliance Framework approved by the Board of Directors. [...] The CAC of Zain Group is a cross-disciplinary team appointed after an internal consultation process, with the purpose of providing the Board with an oversight on climate-related matters. The CSO ensures that quarterly environmental audits are performed, and climate-related risks and opportunities are identified. The Board Risk Committee also have an oversight on climate-related risks, where they are monitored and tracked accordingly. Through the CSO, the CAC provides recommendations to the Board on how to manage climate-related risks and opportunities. The Board reviews and approves the recommendations from the CAC for climate-related issues. The approved recommendations are reflected by the CAC in the company's strategy for identifying, assessing and managing climate-related risks and opportunities. [...] The CAC meets on a quarterly basis and as frequently as needed to discuss climate-related risks and opportunities. Climate related issues reported by the CAC during their meetings are immediately reported to the BoD through the Vice Chairman and Group CEO and the Board Risk Committee, who provides recommendations and guidance.