MGA introduces ESG Code of Good Practice
MGA introduces ESG Code of Good Practice
The Malta Gaming Authority has introduced the Environmental, Social and Governance (ESG) Code of Good Practice for the remote gaming sector.
The ESG Code seeks to serve as an instrument for self-regulation, helping remote gaming companies align with best practices and maintain a position that allows them to effectively meet the evolving expectations of key stakeholders in the sector.
While this ESG Code is voluntary, all MGA licensees are strongly encouraged to adopt it to better demonstrate their commitment to sustainability and to continue improving the ESG standing of the industry. The MGA will be recognising the efforts of the entities that report under this Code to enable them to showcase their commitment to ESG. There will be two levels of reporting:
- Tier 1, being a basic ESG standard and
- Tier 2, being more aspirational
Minimum criteria to achieve this recognition have been defined and include core and optional disclosures. An MGA ESG Code Approval Seal will be awarded to entities that report under this Code, showcasing their commitment to ESG. Different seals will be awarded to entities that meet Tier 1 or Tier 2 reporting requirements.
The inaugural ESG reporting year will commence in 2023, and the deadline for ESG reporting submission for this year is set for the third quarter of 2024. Starting from Q1 2024, the Authority will be organising training and information sessions to ensure that all stakeholders are well-equipped to navigate the Code. Additionally, the Authority will be publishing a guidance document and further information on the reporting tool in Q1 2024. Further information on the issuance of the ESG code can be found here, whilst the code itself can be found here.