Abstract
Environmental, social and governance (ESG) practices are imperative to all stakeholders in the financial institutions. Good ESG performance is vital in mitigating financial risk and encouraging financial institutions’ commitment towards good governance and environmental practices. It could reduce the financial uncertainty when the financial institutions are committed towards reducing the risks associated with ESG matters. The ESG factors and climate change are now being acknowledged as one of the major threats to the financial stability of the financial institutions and the countries. In response, the authorities are actively working towards establishment of robust regulatory frameworks and policies to strengthen the ESG adoption as well as its implementation in all financial institutions. In this paper, three countries have been selected namely Malaysia, United Arab Emirates (UAE) and the United Kingdom (UK) to examine their countries’ ESG policies for financial institutions and further provide comparative analysis on its adequacy. This comparative study between these countries is necessary to recognize and identify the differences and pinpoint the progression stage in each country. Based on the analysis, Malaysia and the United Kingdom have more comprehensive and exhaustive ESG policies as compared to the United Arab Emirates.
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