On 8th November 2024, Tanzania’s Dar es Salaam Stock Exchange (DSE) held its members’ awards ceremony focusing on Environmental, Social, and Governance (ESG) principles in the financial sector.
The event featured ten categories of awards aimed at recognizing outstanding achievements among DSE members.
These included accolades for the best-listed companies across various sectors such as industrials, banking and commercial services, and awards for best stock broker, which Orbit Securities won.
During the ceremony, Eric Masida, Chief Executive Officer of the Financial Sector Deepening Trust (FSDT), delivered a keynote address emphasizing the critical role of sustainable finance in Tanzania’s economic landscape.
He highlighted FSDT’s dedication to empowering underserved populations, including women, youth, and small enterprises.
Masida noted that the awards align with FSDT’s strategic objectives and expressed gratitude for the collaboration with DSE in promoting responsible business practices.
On his part, Peter Nalitolela, the Chief Executive Officer of the Dar es Salaam Stock Exchange (DSE), emphasized the importance of sustainable practices within the capital markets.
He welcomed attendees and expressed his excitement about the event, noting the significance of recognizing outstanding contributions in ESG practices among DSE members.
Nalitolela highlighted the DSE’s commitment to integrating sustainability into its operations and governance and referred to the exchange’s partnership with global initiatives aimed at promoting responsible investment practices.
“These awards are designed not merely to celebrate achievements but to inspire action across our entire system,” he stated, underscoring that the recognition of exemplary practices is crucial for fostering a culture of accountability and responsibility in the industry.
He acknowledged the efforts of various organizations, including the International Finance Corporation (IFC), in supporting sustainable finance initiatives.
“Your efforts towards good governance, environmental stewardship, and social responsibility are pillars of a successful capital market,” remarked Nalitolela and encouraged all members to adopt a “triple bottom line” approach that balances profit with purpose and people.
The IFC Country Manager for Tanzania, Maxine Van Van Stein highlighted the organization’s dedication to investments that positively impact people, the environment, and prosperity and reaffirmed her commitment to advancing sustainability and ESG practices in Tanzania’s private sector.
She commended Tanzania’s achievements under President Samia Suluhu’s leadership, especially in inclusive climate action, and recognized DSE-listed companies for embracing ESG-driven growth.
She added that notable initiatives like Africa’s first sub-national sustainability bond and a gender bond exemplify Tanzania’s ESG-focused capital efforts.
Van Stein also noted IFC’s ongoing support through professional development and climate finance programs, underscoring the importance of ESG for long-term success and strong stakeholder relationships.
The Chair of the Judges for the DSE Awards, Aisha Sykes shared insights on the rigorous selection process for award nominees. She remarked on the significant improvements observed in companies’ ESG practices over the years.
“The task of selecting this year’s awardees was not an easy one,” Sykes noted, acknowledging the high caliber of nominees who have made substantial contributions to Tanzania’s capital markets.
She emphasized that these awards are more than mere recognition; they reflect a vision for a responsible capital market that integrates ESG principles into business operations.
Sykes encouraged non-winning nominees to view their participation as motivation for future growth and learning.
Sykes urged ongoing public education to enhance financial literacy across Tanzania. She proposed establishing a fund to support educational initiatives funded by unclaimed dividends or other sources.
“We encourage continuous public education to increase financial literacy,” she said, highlighting the importance of equipping citizens with knowledge about investment opportunities.
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