Countdown to 30 June: First-Market Issuers Face Kuwait's First Mandatory Sustainability-Reporting Deadline

With less than three weeks remaining, companies listed on the First Market of Boursa Kuwait are approaching the deadline for Kuwait's first cycle of mandatory sustainability (ESG) reporting. Under Capital Markets Authority (CMA) Circular No. 4 of 2025, every First-Market issuer must prepare and publish an annual sustainability report covering financial year 2025, posted on the Exchange's website no later than the end of the second quarter of the issuer's financial year — 30 June 2026 for the December year-end majority.

The obligation rests on Article (1-17-4) of Book Twelve (Listing Rules) of the Executive Regulations of Law No. 7 of 2010, read together with Article (1-8), which empowers the Exchange to set the form and content of the disclosure. Boursa Kuwait has issued its updated 2026 ESG Disclosure Guide, aligning the local framework with the IFRS Foundation's ISSB standards (IFRS S1 and IFRS S2) and expanding the indicator set to approximately 30 ESG KPIs from FY2025 — including climate-scenario analysis, transition planning and Scope 3 emissions.

The move from voluntary practice to a listing-rule obligation changes the legal character of the report. A sustainability report is now a regulated market disclosure: its statements — particularly forward-looking climate commitments — carry accuracy and liability considerations comparable to financial reporting. Issuers that have not yet finalised and obtained board approval for their reports have a narrow window in which to act, and should ensure the disclosure is reviewed for misstatement and greenwashing risk before publication.

WEFAQ is advising listed clients on disclosure governance, board sign-off and the legal review of forward-looking ESG statements ahead of the deadline.