The Malta Gaming Authority (MGA), is keen to explore the possibility of developing a voluntary Environmental, Social and Governance Code of Good Practice. This is due to the upcoming requirement that listed companies comply with the Corporate Sustainability reporting Directive (CSRD), which will be in effect from 2024.
MGA: Willing to Increase Transparency and Sustainability in the Sector
The CSRD is designed to ensure that gaming companies disclose all pertinent information about the potential risks, opportunities and environmental impacts of their activities. MGA announced the code of good practices after published the amendments it made to its Player Protection Directive at beginning of the year.
The new code will serve operators licensed in online gaming to prepare for ESG legislation. It could also be used to potentially gain the benefits of managing an “sustainable conscious operation.”
The new code will set the common priorities for ESG within the industry and consider the specific requirements of key stakeholders to reduce their impact on the environment. This will all be done while Malta is regaining its reputation as a top jurisdiction for gambling. The authority also published a survey to all licensees as part of its initiative to make the gaming industry more transparent and sustainable.
The Birth of the ESG reporting platform
A large number of people, including consumers and employees, have started to realize the impact of gambling companies on the environment and society. This has triggered a growing awareness about ESG-related topics.
Officials in Maltese decided to launch an ESG reporting platform. This platform will encourage companies to report their ESG performance to the public to increase investment in sustainable businesses.
The MGA expressed satisfaction with the “consistent progression of the gaming industry” and recognized the outstanding work of reporting licensees using ESG. However, the authority believes that operators need to do more to remain at the forefront in innovation.
MGA expressed confidence that more gaming companies would take concrete steps towards sustainability and will report on their efforts to improve public perception.
MGA’s annual report was released last September. It reflected on an eventful and troubled fiscal year, while acknowledging the sector’s ability for substantial growth.
Dr. Carl Brincat, chief executive officer of MGA, explained how the organization was able to overcome all obstacles and emerge stronger and more resilient.