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2023 | OriginalPaper | Buchkapitel

6. ESG in Egypt, Kenya, Nigeria, and South Africa

verfasst von : Karamo NM Sonko, Mariama Sonko

Erschienen in: Demystifying Environmental, Social and Governance (ESG)

Verlag: Springer International Publishing

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Abstract

This chapter carries out a survey of the reality and potentiality of ESG in Africa’s main regions—East, West, South, and North. The biggest economy in each region is looked at through its international agreements, national laws and stock markets, and NGOs. The interest and activity in each of the countries are found to be high and increasing, although recent, and affected by global developments.

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Fußnoten
1
Due to data constraints, we rely mainly on stock market figures and hence listed companies.
 
2
Fady Tawakol, “Corporate Social Responsibility (CSR). Its Contribution in Achieving Sustainable Development in Egypt 2030 in Light of the Unified Investment Law No. 72 of 2017,” https://​espesl.​journals.​ekb.​eg/​article_​213580_​a2503bf7ca8475a2​8a779d7d2b9a727a​.​pdf.
 
3
https://​data.​worldbank.​org/​indicator/​NY.​GDP.​MKTP.​KD?​locations=​EG-KE-NG-ZA. All dollar figures throughout this book refer to United States dollars unless otherwise stated.
 
5
Source for the unemployment rate: Egypt—Unemployment rate 2021 | Statista https://​www.​statista.​com.
 
7
Refaat (ibid.), https://​core.​ac.​uk/​download/​pdf/​333724443.​pdf, last visited December 24, 2022.
 
8
See, for instance, the Ministry of investment and international cooperation’s contests leading companies in the field of corporate social responsibility, https://​www.​investinegypt.​gov.​eg/​English/​NewsAndEvents/​News/​Pages/​Corporate-social-responsibility.​aspx, last visited December 24, 2022.
 
11
For more details refer to S&P Dow Jones Indices, S&P/EGX ESG Index Methodology, January 2021.
 
12
1 USD = 24.6 EGP on December 18, 2022, https://​www.​exchangerates.​org.​uk/​Dollars-to-Egyptian-Pounds-currency-conversion-page.​html, last visited December 18, 2022.
 
13
For more information refer to SSE, “Egyptian FRA: Mandatory ESG and Climate Disclosure Regulation,” 15 July 2021, https://​sseinitiative.​org/​all-news/​egyptian-fra-issued-mandatory-esg-and-climate-disclosure/​, last visited December 8, 2022; and FRA, “Companies listed on the Egyptian Exchange and engaged in non-banking financial activities request new disclosure reports on sustainability practices and the financial impacts of climate change,” July 13, 2021, last visited December 8, 2022.
 
15
https://​data.​worldbank.​org/​indicator/​NY.​GDP.​MKTP.​KD?​locations=​EG-KE-NG-ZA. All dollar figures throughout this book refer to United States dollars unless otherwise stated.
 
17
Source for the unemployment rate: Egypt—Unemployment rate 2021 | Statista https://​www.​statista.​com.
 
18
World Bank, World Development Indicators: Structure of value added: http://​wdi.​worldbank.​org/​table/​4.​2, last visited November 1, 2022.
 
19
The World Bank, “The World Bank in Kenya,” October 3, 2022: https://​www.​worldbank.​org/​en/​country/​kenya/​overview.
 
20
Boris Ngounou, “KENYA: Government Reaffirms Vision of Planting 1.8 Billion Trees by 2022,” Afrik 21, published on May 25, 2020/Modified on May 25, 2020.
 
21
UNDP, “President Uhuru sets an Ambitious 30% Target for Forest Cover by 2050 during the Launch of Kenya’s Tree Growing Fund and Campaign,” May 31, 2022, https://​www.​undp.​org/​kenya/​press-releases/​president-uhuru-sets-ambitious-30-target-forest-cover-2050-during-launch-kenya%E2%80%99s-tree-growing-fund-and-campaign, last visited December 18, 2022.
 
22
Lorraine Dixon, “The Evolution of Corporate Sustainability in Kenya,” Kenya Organization for Environmental Education (KOEE), September 4, 2019, https://​koeeorg.​wordpress.​com/​2019/​09/​04/​the-evolution-of-corporate-sustainability-in-kenya/​, last visited December 24, 2022.
 
23
For more information, the interested reader may refer to ECGI, “Corporate Governance in Kenya,” https://​ecgi.​global/​content/​corporate-governance-kenya#:​~:​text=​The%20​code%20​sets%20​out%20​the,the%20​minimum%20​prescribed%20​by%20​legislation, last visited December 28, 2022.
 
28
TUKO, “Top 15 NGOs in Kenya 2022 and Their Contacts: Best Registered NGOs,” https://​www.​tuko.​co.​ke/​338191-list-ngos-kenya-contacts.​html, last visited December 12, 2022.
 
30
https://​data.​worldbank.​org/​indicator/​NY.​GDP.​MKTP.​KD?​locations=​EG-KE-NG-ZA. All dollar figures throughout this book refer to United States dollars unless otherwise stated.
 
32
Source for the unemployment rate: Egypt—Unemployment rate 2021 | Statista https://​www.​statista.​com.
 
33
AfDB, “Nigeria becomes Largest Economy in Africa with $509.9 Billion GDP,” April 10, 2014, https://​www.​afdb.​org/​en/​news-and-events/​nigeria-becomes-largest-economy-in-africa-with-509-9-billion-gdp-12981#:​~:​text=​Nigeria%20​, last visited December 9, 2022.
 
34
National Bureau of Statistics, Nigerian Gross Domestic Product Q4 2021, Table Ten, Abuja, February 2022.
 
36
Discussed in Chapters 1 and 7.
 
37
See, for instance, Ibukun Iyiola-Omisore, “Assessing the Relationship between the Nigerian Companies Act and Corporate Social Responsibility in Nigeria,” Afronomicslaw, March 30, 2020, https://​www.​afronomicslaw.​org/​2020/​03/​30/​assessing-the-relationship-between-the-nigerian-companies-act-and-corporate-social-responsibility-in-nigeria#:​~:​text=​The%20​CSR%20​activities%20​covered%20​under,rights%2C%20​environment%2C%20​social%20​business%20​and, last visited January 5, 2020; Bethel U. Ihugba, “Compulsory Regulation of CSR: A Case Study of Nigeria,” Journal of Politics and Law, Vol. 5, No. 2 (2012); and Amao Olufemi, “Corporate Social Responsibility, Multinational Corporations and the Law in Nigeria: Controlling Multinationals in Host States,” Journal of African Law, Vol. 52 (2008): 83 at 96.
 
38
Ihugba, ibid.
 
39
https://​eiti.​org/​countries/​nigeria; and also refer to NEITI, 2020 Oil and Gas Industry Report, published 2022.
 
40
For the evolution of corporate governance in Nigeria, refer to, for instance, ABUAD Law Review, “An Analysis of Corporate Governance In Nigeria,” ABUAD Law Review, Vol. 5 (2019/2020), https://​djetlawyer.​com/​category/​abuad-law-review/​, last visited January 8, 2023.
 
41
Replaced with the Banks and other Financial Institutions Act (BOFIA) 2020.
 
42
For information on the top ten oil companies in Nigeria, you may refer to Peris Walubengo and Adrianna Simwa, “Top 10 Oil and Gas Companies in Nigeria and Their Websites,” August 30, 2022, accessible at https://​www.​legit.​ng/​ask-legit/​top/​1130136-list-oil-gas-companies-nigeria-websites/​, April 18, 2023.
 
44
https://​www.​exchangerates.​org.​uk/​Nigerian-Naira-to-Dollars-currency-conversion-page.​html. As of the month of April 2023: 1 USD = 462.730588, Nigerian Naira.
 
45
The average spot exchange rate in July 2018: 360.58 to $1, https://​www.​exchangerates.​org.​uk/​USD-NGN-15_​12_​2021-exchange-rate-history.​html, November 4, 2022.
 
46
The average spot exchange rate in March 2019: 360.12 to $1; The average spot exchange rate in June 2019: 347.7096, https://​www.​exchangerates.​org.​uk/​USD-NGN-15_​12_​2021-exchange-rate-history.​html, November 4, 2022.
 
47
The Chief Executive Officer, Temi Popoola, at the Sustainable Finance Training 2021 hosted by NGX in collaboration with the International Finance Corporation (IFC) in December 2021. The average exchange rate in 2018: 361.29 NGN to $1; The average exchange rate in 2021: 403.58 NGN to $1, https://​www.​exchangerates.​org.​uk/​USD-NGN-15_​12_​2021-exchange-rate-history.​html, November 4, 2022.
 
48
Sustainable Stock Exchanges, “Exchange in Focus: Nigeria Fulfills Commitment to Publish Guidance on Sustainability Reporting, Makes Mandatory,” December 15, 2018: https://​sseinitiative.​org/​all-news/​nigeria-fulfills-commitment-to-publish-guidance-on-sustainability-reporting-makes-mandatory/​.
 
50
For a longer list of more than 3000 NGOs, visit the Nigerian Network of NGOs at https://​nnngo.​org/​list-of-ngos-in-nigeria/​.
 
51
https://​data.​worldbank.​org/​indicator/​NY.​GDP.​MKTP.​KD?​locations=​EG-KE-NG-ZA. All dollar figures throughout this book refer to United States dollars unless otherwise stated.
 
53
Macrotrends, “South Africa Unemployment rate 1999–2022,” https://​www.​macrotrends.​net/​countries/​ZAF/​south-africa/​unemployment-rate, November 4, 2022.
 
55
For global rankings of stock exchanges see the Globaleconomy.​com, “Stock Market Capitalization, in Dollars—Country Rankings,” https://​www.​theglobaleconomy​.​com/​rankings/​stock_​market_​capitalization_​dollars/​,/​.
 
56
GlobalGiving Atlas has a database of 255,745 NGOs in South Africa. https://​www.​globalgiving.​org/​atlas/​country/​south-africa/​.
 
58
Also relevant to Governance.
 
59
Sara Refaat, Corporate social responsibility in Egypt: A study on the current practice, challenges, and potentials, American University in Cairo, AUC Knowledge Fountain, 2014, https://​core.​ac.​uk/​download/​pdf/​333724443.​pdf, last visited 16 December 2022.
 
60
Also relevant to Social.
 
61
Also relevant to Social (health and safety) and Governance (regulating international transportation).
 
62
Also relevant to Governance.
 
63
Also relevant to Social and Governance.
 
64
Also relevant to Governance.
 
65
Of particular importance and a model of public–private partnership in ESG as in the South African fund.
 
66
Also relevant to governance.
 
67
Relevant to Governance also.
 
68
Relevant to Governance also.
 
69
Also relevant to Governance.
 
70
Also relevant to Governance.
 
71
Also relevant for Governance.
 
72
Also relevant for Governance.
 
73
An over-aching treaty at the core of economic development in Africa and that should also be a core objective of ESG in Africa. For detailed information on this convention, signatories, the incidence of global violence and work done in relation to the convention after its adoption in 2006, the interested reader may visit http://​www.​genevadeclaratio​n.​org/​.
 
74
The first continental protocol on women’s rights in Africa, which serves as instrument of the African Charter on Human and Peoples' Rights (also known as the Banjul Charter).
 
75
Also relevant to the Environment and Governance.
 
Metadaten
Titel
ESG in Egypt, Kenya, Nigeria, and South Africa
verfasst von
Karamo NM Sonko
Mariama Sonko
Copyright-Jahr
2023
DOI
https://doi.org/10.1007/978-3-031-35867-8_6