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Melanie Porter January 24, 2023 3 min read
Malta Gaming Authority Looks into ESG Code for the Online Sector
The Maltese government wants all large gambling companies to report under the Corporate Sustainability Reporting Directive from 2024 onwards
The Malta Gaming Authority (MGA) is determined to explore the idea of developing a voluntary Environmental, Social and Governance (ESG) Code of Good Practice. This comes as a result of the upcoming requirement for listed companies to comply with the Corporate Sustainability Reporting Directive (CSRD) starting in 2024.
MGA: Determined to Add More Transparency and Sustainability to the Sector
The CSRD is aimed at ensuring that gaming companies transparently disclose all relevant information regarding the risks, opportunities, and impacts of their activities on society and the environment. MGA’s announcement regarding the code of good practice comes after the authority published its amendments to its Player Protection Directive at the start of the year.
The new code would serve the needs of licensed operators in the online gaming industry preparing for the upcoming ESG legislation, in a desire to also potentially derive the perks connected to managing a “sustainably conscious operation.”
The fresh code will establish the common priorities for ESG in the industry while considering the exact requirements of key stakeholders to cut their impact on society and the environment. All this will be done while improving Malta’s reputation as a premier jurisdiction for gamblers. As part of MGA’s initiative, the authority has also released a survey with all licensees who are crucial in the process of turning the gaming industry into a much more transparent and sustainable sector.
The Birth of the ESG reporting Platform
The continuously growing awareness in regard to ESG-related topics has been triggered by a large number of investors, consumers, and employees who started to understand the full impact of gambling companies on both the environment and society.
This convinced Maltese government officials to create and launch a dedicated voluntary ESG reporting platform. The platform is meant to stimulate companies to make their ESG performance known to the public in an attempt to attract more investments in growing sustainable businesses.
While the MGA has expressed its content regarding the “consistent progress of the gaming sector” and acknowledged the excellent work done by reporting licensees using the ESG platform, the authority feels that more needs to be done for operators to stay at the forefront of innovation.
The MGA expressed its confidence in a larger number of gaming companies “taking concrete actions towards becoming more sustainable.” The authority feels that by choosing to report their efforts, companies will bring positive changes in the sector and help improve the overall perception of the public.
Last September, MGA released its regular annual report, reflecting on a troubled and eventful fiscal year while acknowledging the gambling sector’s ability to record substantial growth.
MGA’s chief executive officer Dr. Carl Brincat explained the organization managed to successfully navigate all challenges while coming out stronger and more robust.