The International Finance Corporation will work with South Pacific Stock Exchange Pte Limited (SPX) to enhance business practices on environmental, social and governance standards.

The two organizations have announced an agreement today and will work with support from the governments of Australia and New Zealand to introduce new ESG practices to Fiji’s capital market.

IFC will provide in-depth technical assistance to the SPX, training its staff and associates on good international industry ESG practices.

The SPX collaboration with IFC will also develop an ESG curriculum for training organizations.

SPX Executive Director, Gyanesh Rueben says it is an exciting opportunity for them to participate in world-class training of trainers in Fiji.

IFC’s collaboration with the SPX comes under a broader initiative which aims to improve ESG practices and performance across the Pacific, increasing awareness and access to training and advice, ultimately facilitating increased investment in the private sector.

IFC Country Manager for Australia, New Zealand, Papua New Guinea and the Pacific Islands, Judith Green says investors are increasingly paying more attention to ESG standards.

Green adds it is well known that companies with robust ESG practices tend to outperform their peers, are better prepared for uncertainty, avoid regulatory interventions, and maintain their social license to operate.