MGA Issues Voluntary ESG Code for Remote Gaming

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by KnowESG
KnowESG_MGA Issues Voluntary ESG Code for Remote Gaming
Picture of MGA CEO Carl Brincat. Image courtesy: MGA

In a momentous development for Malta's gaming sector, the Malta Gaming Authority (MGA) has proudly unveiled the Environmental, Social, and Governance (ESG) Code of Good Practice tailored for the remote gaming industry.

Functioning as a voluntary self-regulatory tool, the ESG Code is designed to assist remote gaming companies in aligning with optimal practices. It empowers them to maintain a stance that not only meets but exceeds the evolving expectations of pivotal stakeholders in the sector.

While the adoption of the ESG Code remains voluntary, the MGA strongly urges all its licensees to embrace it. Doing so not only showcases their commitment to sustainability but also underscores their dedication to advancing the ESG standing of the industry.

During a press conference, MGA CEO Carl Brincat emphasised the prevailing industry trend towards heightened transparency, disclosure, accountability, and active engagement in addressing contemporary social and environmental challenges. Dr. Brincat stated, "The MGA has always strived to be at the forefront of regulatory innovation and progress."

Minister for the Economy, EU Funds and Lands Silvio Schembri emphasised the importance of the remote gaming sector adopting the ESG tool voluntarily, which is increasingly shaping the business and investment landscape.

The ESG Code is the result of a comprehensive four-stage journey: peer review and research, materiality assessment, stakeholder interviews, and licensees' consultations. This meticulous process ensures the Code is well-informed and mirrors the industry's ESG priorities and stakeholder expectations.

Key Features of the ESG Code – a Balanced Approach:

  • The Code identifies 19 ESG topics organised into three categories: Environmental, Social, and Governance, offering a strategic framework for companies to focus their reporting efforts effectively.

  • The MGA will acknowledge companies' efforts with two reporting tiers: Tier 1, a basic ESG standard, and Tier 2, a more aspirational level, ensuring sustainability efforts are focused and impactful.

  • The Code includes core disclosures while allowing reporting entities the flexibility to choose optional disclosures.

  • It streamlines reporting by incorporating several ESG disclosures required under existing frameworks.

  • The emphasis is on ESG reporting rather than setting specific targets.

MGA ESG Code Approval Seal

To fulfill industry demand for formal recognition, the MGA will award the ESG Code Approval Seal to entities reporting under this Code. Different seals will be granted based on Tier 1 or Tier 2 reporting.

Implementation of the ESG Code

The Code will be a standalone voluntary submission, separate from other ESG disclosures. Reporting will be confidential, facilitated by an online tool, and aligned with the financial year of reporting entities.

Conclusion

The MGA's ESG Code of Good Practice marks a pivotal stride in enhancing the sustainability and responsibility of Malta's remote gaming industry. This achievement signifies a significant milestone, with the potential for positive impacts on the gaming sector and its stakeholders. Accompanying the Code is a Consultation feedback document, providing a comprehensive overview of licensee input during the ESG framework development. Access the full ESG Code of Good Practice and the Consultation.

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To view and compare company ESG Ratings and Sustainability Reports, visit our Company ESG Profiles page.

Source: MGA

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