Evaluating The Role of Legal Reforms in ESG Practices in Saudi Arabia: Insights and Implications Within the Framework of Saudi Vision 2030

Abstract

This dissertation critically examines the role of recent legal reforms in the promotion and integration of Environmental, Social, and Governance (ESG) practices within the corporate landscape of Saudi Arabia, contextualized within the overarching framework of Saudi Vision 2030. As the Kingdom endeavors to transition from an oil-dependent economy to a more diversified and sustainable model, significant regulatory changes have been introduced to enhance corporate transparency, accountability, and sustainability. This research seeks to evaluate the effectiveness of these legal reforms in advancing ESG principles and their alignment with international sustainability standards.

Employing a normative legal research methodology, this study provides a comprehensive analysis of the legislative frameworks governing ESG practices in Saudi Arabia. Through a detailed examination of statutory instruments, royal decrees, ministerial regulations, and guidelines, the dissertation elucidates the extent to which legal reforms have shaped corporate behavior in relation to ESG integration. Furthermore, it explores sectoral differences in the adoption and implementation of ESG practices and assesses the impact of Saudi Vision 2030 on corporate sustainability initiatives.

The findings of this research contribute to the broader discourse on sustainable development in emerging economies by offering critical insights into the interplay between regulatory frameworks and corporate governance. This dissertation also provides actionable recommendations for policymakers and corporate leaders aimed at enhancing the efficacy of ESG practices in Saudi Arabia, thereby supporting the nation's efforts to achieve a more sustainable, resilient, and globally competitive economy.