Staff Writer
Hospitality and retail group Meikles Limited (Meikles) says it continues to progress in reducing the negative environmental impacts from its operations.
The Zimbabwe Stock Exchange-listed group’s chairman, John Moxon said Meikles has broadened its commitment to sustainability by incorporating sustainability issues in its governance processes and structures. This suggests a long-term approach by the company towards environmental responsibility.
“The group continues to progress in reducing negative environmental impacts from its operations. Some of the activities in the group’s operational plans include annual tree planting, refrigeration equipment upgrades, promoting biodegradable carrier bags, and changes in waste handling methods,” Moxon said in a statement accompanying financials.
Meikles’ initiatives point towards a growing recognition of environmental sustainability within Zimbabwe’s business sector.
As part of its listing requirements, the Zimbabwe Stock Exchange and the Victoria Falls Stock Exchange mandates that companies disclose their environmental, social and governance (ESG) practices and performance.
The mandatory ESG reporting requirements under ZSE listing regulations include reporting on environmental impact, social responsibility, and governance.
The ESG pillars are used by companies developing and framing business strategies and reporting on performance beyond financial measures for the purpose of promoting responsible and ethical practices.
ESG initiatives include dedication to reducing carbon footprints, promoting renewable energy, empowering communities, fostering transparent governance practices, safeguarding natural resources, championing diversity and inclusion among others.
A number of reporting institutions, such as the Sustainability Accounting Standards Board, the Global Reporting Initiative, and the Task Force on Climate-Related Financial Disclosures are either developing or have already established standards for such disclosures.
Financial institutions in the country are implementing the Sustainability Standards and Certification Initiative being driven by the European Organisation for Sustainable Development highlighting the role that financial and non-financial institutions play and contribute to inclusive, sustainable economic development.
Integrating ESG principles into business operations and reporting is crucial for fostering sustainable development, attracting investment, and ensuring long-term financial performance.
