MGA to establish an ESG code of conduct
Regulator to require remote gambling operators to report ESG measures as it looks to develop a more sustainable market
The Malta Gaming Authority (MGA) has asked its licensees to publicly report on their ESG efforts under the Corporate Sustainability Reporting Directive, starting from 2024.
The new measure will see all “large or listed companies” with an MGA licence required to report on ESG as the MGA moves to put the sector in a more sustainable standing.
In addition to this, the MGA will develop a voluntary code of good practice for the sector to help guide and prepare local licensees.
There is already a voluntary code of practice set out by the Maltese government to encourage companies across all sectors to report what they are doing publicly, but the MGA has now moved to make a gambling-specific version.
The regulator noted it was already pleased with what the industry had done, but it believes that an industry-specific code of practice will give the industry a better standing in the public eye.
A timeline for this piece of voluntary legislation has yet to be confirmed.
The MGA said: “The code will set out the common priorities for ESG in gaming, taking into consideration the needs of key stakeholders, to reduce environmental, social and governance impacts while continually enhancing Malta’s reputation as a leading gaming jurisdiction.
“Looking ahead, we expect to see more and more companies taking concrete actions towards becoming more sustainable, and we believe that reporting such efforts contributes positively to implementing change within the sector and improving its overall perception while also addressing the increasing demand for transparency and accountability in the industry,” the watchdog added.