資訊洞見

香港聯交所加強重視上市申請人/上市公司就ESG事宜及董事會性別多元化的披露

[ 本內容只備有英文及簡體中文版 ]

On 17 May 2019, The Stock Exchange of Hong Kong Limited (Exchange) published a consultation paper “Review of the Environmental, Social and Governance Reporting Guide and related Listing Rules”, proposing to strengthen the rules on issuers’ governance and disclosure of environmental, social and governance (ESG) activities and metrics. 

 At the same time, to reinforce its focus on ESG matters and board diversity (in particular, gender diversity), the Exchange also published:

  • updated Guidance Letter HKEX-GL86-16 (i) setting out the Exchange’s expected disclosure on ESG matters and (ii) requiring disclosures on board diversity (including gender) in the listing documents of new applicants.

 

  1.       Consultation proposals on ESG reporting

The table below summarises the current requirements and the key proposals in the consultation paper:

Current requirements

Proposals

(1) Shortening the deadline for publication of ESG reports

The current Listing Rules require an issuer to disclose information set out in the ESG Reporting Guide (Appendix 27 to the Main Board Rules; Appendix 20 to the GEM Rules) in the annual report, in a separate report or on the issuer’s website within three months after publication of the issuer’s annual report.

To amend the relevant Listing Rule such that the deadline for publication of ESG reports will be aligned with the publication timeframe of the annual report (i.e. within four months (Main Board issuers) or three months (GEM issuers) after the year-end date).

(2) Introducing mandatory disclosure requirements

(a) Governance structure

The ESG Reporting Guide states that the board has overall responsibility for the issuer’s ESG strategy and reporting.

To mandate the disclosure of a statement from the board containing:

  • a disclosure of the board’s oversight of ESG issues;
  • the process used to identify, evaluate and manage material ESG-related issues (including risks to the issuer’s businesses); and
  • how the board reviews progress made against ESG-related goals and targets.

The board statement should include information on the issuer’s current ESG management approach, strategy, priorities and goals/targets and an explanation of how they relate to the issuer’s businesses.

 (b) Reporting principles

The ESG Reporting Guide sets out reporting principles (including “materiality” and “quantitative”) that are to underpin the preparation of an ESG report.  But there is no specific requirement mandating issuers to disclose how such reporting principles are applied in the reports.

To mandate the disclosure of an explanation on how the issuer has applied the reporting principles in the preparation of the ESG report:

  • on “materiality”, the issuer must disclose a description of significant stakeholders identified, the process and results of the issuer’s stakeholder engagement (if any), and the criteria for the selection of material ESG factors; and
  • on “quantitative”, the issuer must disclose information on the standards, methodologies, assumptions and/or calculation tools used, and source of the conversion factors used for the reporting of emissions/energy consumption (where applicable).

(c) Reporting boundaries

Currently, an ESG report should state which entities in the issuer’s group and/or which operations have been included in the report, but issuers are not required to disclose the process in which entities or operations are chosen to be excluded from the ESG report.  Investors may potentially misunderstand an issuer’s overall ESG performance where poor-performing entities or operations are excluded from the ESG report without explanation.

To mandate the disclosure of an explanation of the ESG report’s reporting boundary, disclosing the process an issuer used to identify the specific entities or operations that are included in the ESG report.

(3) Requiring disclosure of significant climate-related issues

Currently, issuers are not required to disclose how climate change impacts them.

To introduce a new aspect under subject area “Environmental” (subject to “comply or explain”) requiring disclosure of the significant climate-related issues which have impacted, and those which may impact the issuer, and the actions taken to manage them. 

(4) Revising “Environmental” key performance indicators (KPIs)

Issuers are required to disclose “results achieved” from their initiatives to reduce emissions/waste, but not targets.

Issuers are required to disclose greenhouse gas emissions (GHG) in total and the intensity, but not emissions by scope types.

 

To require disclosure of a description of targets set regarding emissions, energy use and water efficiency, waste reduction, etc. and steps taken to achieve them. 

To require disclosure of Scope 1* and Scope 2* GHG emissions.

* Scopes of emissions are defined in accordance with the international reporting framework published by the World Resources Institute / World Business Council for Sustainable Development, as reported in The Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard.

(5) Upgrading the disclosure obligation of “Social” KPIs

Currently, the Social KPIs of the ESG Reporting Guide are recommended disclosures (i.e. voluntary disclosures).

To upgrade the disclosure obligation of Social KPIs to “comply or explain”.

(6) Revising “Social” KPIs

(a) Employment types

Issuers are recommended to disclose total workforce by gender, employment type, age group and geographical region.

To clarify that “employment types” should include “full- and part-time” staff.

(b) Rate of fatalities

Issuers are recommended to disclose the number and rate of work-related fatalities for the reporting year.

To require disclosure of the number and rate of work-related fatalities occurred for each of the past three years including the reporting year.

(c) Supply chain management

Issuers are recommended to describe practices relating to engaging suppliers, number of suppliers where the practices are being implemented and how they are implemented and monitored.

To introduce new KPIs to require disclosure of the issuer’s:

  • practices used to identify environmental and social risks along the supply chain; and
  • practices used to promote environmentally preferable products and services when selecting suppliers,

and how they are implemented and monitored.

(d) Anti-corruption

There is currently no KPI requiring disclosure of anti-corruption training provided to directors and staff.

To introduce a new KPI requiring disclosure of anti-corruption training provided to directors and staff.

 (7) Encouraging independent assurance

The current ESG Reporting Guide provides that the issuer may consider obtaining assurance on its ESG report. However, there is no guidance on the information to be disclosed if assurance is obtained, or the benefits of obtaining assurance.

To state in the ESG Reporting Guide that the issuer may seek independent assurance to strengthen the credibility of ESG information disclosed; and where independent assurance is obtained, the issuer should describe the level, scope and processes adopted for assurance clearly in the ESG report.

The deadline for responding to the consultation is 19 July 2019.

Expected implementation timeline – Subject to responses to the consultation, the Exchange intends to implement the proposals for financial years commencing on or after 1 January 2020, whereupon issuers would need to start gathering the necessary information for the purpose of publishing their ESG reports under the revised ESG Reporting Guide in 2021.

 

  1.      Guidance materials on ESG governance and reporting

FAQs No. 24K and 24L in Series 17 and FAQ No. 2A in Series 18 have been added to clarify how different aspects of ESG relate to the Corporate Governance Code (Appendix 14 to the Main Board Rules; Appendix 15 to the GEM Rules).

The key points are summarised below:

  • Principle C.2 of the Corporate Governance Code requires the board to be responsible for evaluating and determining the nature and extent of the risks it is willing to take in achieving the issuer’s strategic objectives.  This principle refers to all material risks in connection with the issuer’s businesses which should include, amongst others, material ESG risks.
  • For the purpose of Code Provision C.2.2 of the Corporate Governance Code, the Exchange expects the issuer to ensure the adequacy of resources for the issuer’s accounting, internal audit and financial reporting function, as well as those relating to the issuer’s ESG performance and reporting.
  • Issuers should reflect in their ESG reports their governance structure in ESG matters including the board’s role in the oversight of ESG matters and assessing and managing material environmental and social risk issues.

In addition, the Exchange has also launched an e-training course, “ESG Governance and Reporting”, which explains the board’s leadership role in ESG matters.

 

  1.      Additional disclosures in listing documents on ESG matters and board gender diversity

The Exchange has revised Guidance Letter HKEX-GL86-16 to require new applicants to include in their listing documents:

  • more specific ESG disclosures, including material information on applicants’ environmental policies, and details of the process used to identify, evaluate and manage significant ESG risks; and
  • a policy on board diversity (including gender). Where an applicant has a single gender board, it should disclose and explain:

           (a)   how and when gender diversity of the board will be achieved after listing;

           (b)   what measurable objectives it has set for implementing gender diversity (for example, achieving a specific numerical target for the proportion of the absent gender on its board by a certain year); and

           (c)   what measures the applicant has adopted to develop a pipeline of potential successors to the board that could ensure gender diversity of the board. 

[ 簡體版 ]

2019年5月17日,香港联合交易所有限公司(联交所)刊发了有关检讨《环境、社会及管治报告指引》及相关《上市规则》条文的咨询文件,咨询的重点在于提升发行人在环境 、社会及管治(ESG)方面的管治和披露。

同时 ,为强调联交所对ESG事宜及董事会多元化(特别是性别多元化)的重视 ,联交所亦刊发了以下指引材料:

  • 有关ESG管治及汇报的网上培训(普通话 / 广东话)及新增常问问题(系列17编号24K和24L和系列18编号2A);及
  •  修订指引信HKEX-GL86-16,载列了联交所预期上市申请人在其上市文件中披露有关(i)ESG事宜及(ii) 董事会多元化(包括性别)事宜的资料。
  1. 有关ESG汇报的咨询建议

下表总结了现行规定及咨询文件中的主要建议:

现行规定咨询建议
(1) 缩短刊发ESG 报告的时限
现行《上市规则》规定发行人须在年报中披露《环境、社会及管治报告指引》(《主板上市规则》附录二十七《GEM 上市规则》附录二十)(ESG报告指引》)所载的资料 ,或在刊发年报后三个月内在独立的报告或其网站上登载此等资料。 修订《上市规则》,缩短刊发ESG报告的时限,使其与年报刊发时间一致(即主板发行人刊发ESG报告的时限缩短到财政年结日后四个月,而 GEM发行人将缩短到财政年结日后三个月)。
(2) 加设强制披露要求
(a) 管治架构
《ESG报告指引》订明,董事会对发行人的ESG策略及汇报承担全部责任。增设强制披露规定、要求发行人提供包括以下内容的董事会声明:   披露董事会对ESG事宜的监管; 识别、评估及管理重要的ESG相关事宜(包括对发行人业务的风险)的过程;及 董事会如何按ESG相关目标检讨进度。 董事会声明应包括发行人现行的ESG管理方针、策略、相关重要性及目标,并解释它们如何与发行人业务有关连。
(b) 汇报原则
《ESG报告指引》载列了汇报原则(包括「重要性」及「量化」),作为编制ESG报告的基础。但《ESG报告指引》没有明确规定发行人在报告中对其如何应用汇报原则作出披露。增设强制披露规定,要求发行人解释其在编制ESG 报告时如何应用汇报原则:   就「重要性」汇报原则而言,发行人必须披露已识别的重要持份者的描述,发行人持份者参与(如有)的过程及结果,及选择重要ESG 因素的准则;以及 就「量化」汇报原则而言,发行人必须披露汇报排放量/能源耗用(如适用)所用的标准、方法、假设及/或计算工具、以及转换因素的来源。
(c) 汇报范围
根据现行规定,ESG报告应载列报告所涵盖的发行人集团实体及/或业务范围,但发行人可自行决定不在ESG报告汇报旗下哪些实体或营运范围而不须披露个中选择过程。若发行人不在ESG报告中汇报表现欠佳的实体或业务而不作解释,或会令投资者对发行人整体ESG表现产生误解。增设强制披露规定,要求发行人披露汇报范围,同时披露挑选哪些实体或业务纳入ESG 报告的过程。
(3) 新增就重大气候相关事宜的披露要求
现行规定没有要求发行人披露气候转变对自身的影响。在「环境」范畴下增设一个新层面(属于「不遵守就解释」),规定发行人披露已经及可能会对发行人产生影响的重大气候相关事宜,以及已就此采取的应对行动。
(4) 修订「环境」关键绩效指标
发行人须披露其减低排放量/废物的措施「所取得的成果」,但不须披露目标。   发行人须披露温室气体排放总量及密度,但不须披露按范围类别划分的排放量。要求发行人说明在排放量、能源使用、用水效益、减废方面设定的目标、以及为达到这些目标而采取的步骤。   规定发行人披露范围1*及范围2*的温室气体排放量。

* 排放范围乃按世界资源研究所(World Resources Institute)/世界可持续发展工商理事会(World Business Council for Sustainable Development)在《温室气体议定书:企业核算与报告准则》(Greenhouse Gas Protocol Corporate Accounting and Reporting Standard)发布的国际汇报框架界定。
(5) 将「社会」关键绩效指标的披露责任提升为「不遵守就解释」
现行的《ESG报告指引》中的社会关键绩效指标属于建议披露(即自愿披露)。将社会关键绩效指标的披露责任提升为「不遵守就解释」。
(6) 修订「社会」关键绩效指标
(a) 雇佣类型
现行的《ESG报告指引》建议发行人按性别、雇佣类型、年龄组别及地区划分披露雇员总数。厘清「雇佣类型」应包括「全职及兼职」雇员。
(b)死亡率
现行的《ESG报告指引》建议发行人披露报告年内因工作关系而死亡的人数及比率。规定发行人披露过去三年(包括汇报年度)每年因工亡故的死亡人数及比率。    
(c) 供应链管理
现行的《ESG报告指引》建议发行人描述有关聘用供应商的惯例、向其执行有关惯例的供应商数目,以及有关惯例的执行及监察方法。增设有关供应链管理的关键绩效指标之建议,规定发行人披露:   有关识别供应链每个环节的环境及社会风险的惯例;及 在拣选供应商时促使多用环保产品及服务的惯例, 以及相关执行及监察方法。
(d) 反贪污
现行的《ESG报告指引》没有要求发行人披露向董事及员工提供的反贪污培训的关键绩效指标。增设关键绩效指标,规定发行人披露向董事及员工提供的反贪污培训。
(7) 鼓励独立验证
现行的《ESG报告指引》订明发行人可考虑就其ESG报告获取验证,但没有指引提及取得验证要披露哪些资料,又或取得验证的好处。在《ESG报告指引》中订明发行人可寻求独立验证以加强所披露ESG 资料的可信性;以及发行人若取得独立验证,应在ESG 报告中清晰描述验证的水平、范围和所采用的过程。

就该咨询提交回应意见的截止日期为2019年7月19日。

预期落实有关建议时间表  – 视乎市场对咨询建议的回应意见,联交所拟202011日或之后开始的财政年度实行有关建议的修订,届时发行人需开始收集所需资料,以便于2021年按修改后的《ESG报告指引》刊发ESG报告。

  1.       有关ESG管治及汇报的指引材料

联交所新增了常问问题系列17编号24K和24L和系列18编号2A,以厘清ESG不同层面与《企业管治守则》(《主板上市规则》附录十四《GEM 上市规则》附录十五)的关系。

重点总结如下:

  • 《企业管治守则》的原则C.2要求董事会负责评估及厘定发行人达成策略目标时所愿意接纳的风险性质及程度。原则C.2指的是所有与发行人业务相关的重大风险,当中应包括与ESG相关的重大风险。
  • 就《企业管治守则》守则条文C.2.2条而言,联交所预期发行人要确保其本身在会计、内部审核及财务汇报职能方面,以及在发行人的ESG表现及汇报方面,均有足够的资源。
  • 发行人应在其ESG 报告中反映其在ESG事宜方面订有管治架构,包括董事会在监管ESG事宜以及评估及管理重大环境及社会风险事宜所担当的角色。

另外,联交所亦推出了「ESG管治及汇报」网上培训(普通话 / 广东话),解释董事会在ESG事宜的领导角色。

  1.      上市文件中就ESG事宜及董事会性别多元化的新增披露要求

联交所修改了指引信HKEX-GL86-16,当中要求新上市申请人在上市文件中就下述事宜作出披露:

  • 就ESG事宜作出更具体的披露,包括新申请人的环境政策的重要资料,以及其辨认、评估及管理重大ESG风险的程序;及
  • 董事会成员多元化(包括性别)的政策;若申请人的董事会成员全属单一性别,其应披露及解释:

(a) 上市后如何及何时达到董事会成员性别多元化;

(b) 为实施性别多元化政策而订立的可计量目标(例如缺少的性别占董事会比例要于若干年达到某具体目标数字);及

(c) 申请人建立一个可以确保董事会成员性别多元化的潜在董事继任人管道所采取的措施。

主要負責人

鄒繁霑

合夥人 | 企業融資

電郵 或致電 +852 2825 9435

郭偉强

合夥人 | 企業融資

電郵 或致電 +852 2825 9770

翁婉琪

合夥人 | 企業融資

電郵 或致電 +852 2825 9624

黃家亮

合夥人 | 企業融資

電郵 或致電 +852 2825 9798

梁銘逸

合夥人 | 企業融資

電郵 或致電 +852 2825 9415

陳玉燕

資深顧問律師 | 企業融資

電郵 或致電 +852 2825 9786

相關業務及行業:

資本市場

Portfolio Builder

Select the 本行服務 that you would like to download or add to the portfolio

Download    Add to portfolio   
Portfolio
職務 Type CV 電郵

Remove All

Download


Click here to share this shortlist.
(It will expire after 30 days.)