The Malta Gaming Authority (MGA) has recognized the growing importance of environmental, social, and governance (ESG) considerations in the gaming industry. In response, the MGA is developing a voluntary code for the remote gaming sector, aiming to guide and prepare local licensees for upcoming ESG legislation while promoting sustainable and transparent operations. This initiative aligns with the Maltese Government’s efforts to encourage companies to publicly report on their ESG performance, ultimately driving investment towards sustainable businesses.
Growing Awareness of ESG:
Investors, consumers, and employees are increasingly aware of the impact that companies have on society and the environment. This heightened awareness has led to a greater focus on ESG matters, prompting organizations to address these issues and incorporate sustainable practices into their operations.
Malta’s Voluntary ESG Reporting Platform:
In recent years, the Maltese Government launched a voluntary ESG reporting platform to encourage companies to publicly report on their ESG performance. This platform serves as a means to showcase the efforts of businesses in adopting sustainable practices and attracts investment towards environmentally and socially responsible organizations.
Corporate Sustainability Reporting Directive (CSRD):
Starting from 2024, large or listed groups in Malta will be required to report under the Corporate Sustainability Reporting Directive (CSRD). This directive aims to standardize and enhance sustainability reporting across the European Union. By implementing the CSRD, Malta aims to further strengthen its commitment to sustainable business practices and bolster its reputation as a leading gaming jurisdiction.
The Objectives of the Voluntary Code:
The MGA’s voluntary code for the remote gaming sector aims to establish common priorities for ESG considerations in gaming. The needs of key stakeholders are being taken into account, with a focus on reducing environmental impacts, promoting social responsibility, and enhancing governance practices. The code also emphasizes the importance of continually improving Malta’s reputation as a responsible gaming jurisdiction.
Benefits and Expectations:
The MGA believes that reporting sustainable efforts positively contributes to implementing change within the gaming sector and improving its overall perception. The demand for transparency and accountability in the industry is growing, and companies that take concrete actions towards sustainability are expected to gain a competitive advantage. By embracing sustainable practices and adhering to the voluntary code, licensees can align themselves with ESG goals, meet regulatory requirements, and enhance their long-term viability.
Engaging Licensees in the Transformation:
Recognizing the pivotal role of licensees in transforming the gaming sector into a sustainable and transparent industry, the MGA has launched a survey to gather feedback and insights from its licensees. This collaborative approach ensures that key partners actively participate in shaping the voluntary code, fostering a sense of shared responsibility and commitment to sustainability.
The launch of a voluntary ESG code for the remote gaming sector by the Malta Gaming Authority demonstrates the industry’s growing recognition of the importance of sustainability and transparency. By aligning with ESG goals and preparing for upcoming legislation, licensees can establish themselves as responsible operators in the gaming sector. The MGA’s initiative serves as a catalyst for positive change, contributing to the sector’s overall transformation and meeting the increasing demand for transparency and accountability. Through collaboration and proactive efforts, the gaming industry in Malta can continue to thrive as a sustainable and responsible contributor to the global gaming landscape.