資訊洞見

更嚴格的ESG報告要求將於2020年7月生效

[ 本內容只備有英文及簡體中文版 ]

On 18 December 2019, The Stock Exchange of Hong Kong Limited (Exchange) published conclusions to its consultation on the “Review of the Environmental, Social and Governance (ESG) Reporting Guide and Related Listing Rules”.

The Exchange noted clear market support for its proposed amendments and decided to implement them with certain modifications taking into account comments received.

The changes will be effective for financial years commencing on or after 1 July 2020.

The table below summarises the current requirements and the key changes:

Current requirements Key changes
(1) Shortening the deadline for publication of ESG reports
The current Listing Rules require an issuer to publish an ESG Report no later than three months after publication of the issuer’s annual report. To shorten the deadline for publication of ESG reports to a revised timeframe of within five months after the financial year-end.

Note:   The Exchange encourages issuers to publish ESG reports at the same time as the publication of annual reports, and has indicated that it would consider aligning the publication timeframe of ESG reports and annual reports in the future.

The Listing Rules and the ESG Reporting Guide will also clarify that issuers are not required to provide printed form of the ESG report to shareholders except for responding to specific requests, but are required to notify shareholders about the publication of the ESG report on the Exchange’s and the issuer’s website.

(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. But there is no requirement to disclose details of the board’s involvement in the ESG reporting process and governance structure.

According to the Exchange’s report published on 18 December 2019 entitled “Analysis of Environmental, Social and Governance Practice Disclosure In 2018” (2018 Review Report), the Exchange observed that ESG reports from a majority of the sample listed issuers contained little or no description of board involvement.

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

  • disclosure of the board’s oversight of ESG issues;
  • the board’s ESG management approach and strategy, including the process used to evaluate, prioritise 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 with an explanation of how they relate to the issuer’s businesses.
(b) Reporting principles
The ESG Reporting Guide sets out reporting principles (including “materiality”, “quantitative”, “consistency” and “balance”) that are to underpin the preparation of an ESG report.  But there is no requirement 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:

  • materiality: The issuer should disclose: (i) the process to identify and the criteria for the selection of material ESG factors; (ii) if a stakeholder engagement is conducted, a description of significant stakeholders identified, and the process and results of the issuer’s stakeholder engagement.
  • quantitative: The issuer should disclose information on the standards, methodologies, assumptions and/or calculation tools used, and source of conversion factors used, for the reporting of emissions/energy consumption (where applicable).
  • consistency: The issuer should disclose any changes to the methods or key performance indicators (KPIs) used, or any other relevant factors affecting a meaningful comparison.
(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 boundaries, 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 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 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, among other things, “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.

 

Remarks

Some of the new requirements, in particular, advancing the deadline for publication of ESG reports and the new mandatory disclosure requirements, may involve substantial adjustments to an issuer’s ESG infrastructure and compliance process. The new aspect on climate change and the new KPIs on supply chain may require issuers to collect the relevant data for the first time.  Issuers are encouraged to familiarise themselves with the new requirements and start the process as early as possible to allow fine-tuning of the infrastructure for ESG reporting under the new requirements.  The Exchange will launch a new set of director e-training on ESG reporting and will also update other resources on ESG reporting on the dedicated webpage on its website.

Issuers are also encouraged to take into account the Exchange’s recommendations set out in the 2018 Review Report.  In particular, the Exchange noted that one or more of the “comply or explain” provisions were not addressed in some of the ESG reports reviewed by it, and it reminded issuers that this is technically a breach of the Listing Rules.  If a provision was immaterial, the issuer is required to say so.  The Exchange also noted in its review that only 3% of the “comply or explain” provisions were “explained”.  The high percentage of reports adopting the “comply” option may suggest that issuers have not properly determined what is material to them, or that the “explain” option is believed to be a less preferred option.  Issuers are reminded that if a “comply or explain” provision is immaterial to them, then an explanation to that effect may well be appropriate – “explanation” is not a less preferred or secondary option.

[ 簡體版 ]

2019年12月18日,香港联合交易所有限公司(联交所)刊发有关检讨《环境、社会及管治(ESG)报告指引》及相关《上市规则》条文的谘询总结

有关修订建议获得明确的市场支持,联交所决定按所接获的意见作适当修订后,落实该等修订。

相关修订将于202071或之后开始的财政年度生效。

下表总结了现行规定及主要修订内容:

现行规定主要修订
(1) 缩短刊发ESG 报告的时限
现行《上市规则》规定发行人须在不迟于刊发年报后三个月内刊发ESG报告。将刊发ESG报告的时限缩短至财政年度结束后五个月内。   :    联交所鼓励发行人在刊发年报的同时刊发ESG报告,并表示将来会评估ESG报告与年报刊发时限应否一致。 《上市规则》及《ESG报告指引》亦将厘清,发行人无须向股东提供ESG报告的印刷本(应个别股东要求除外)。不过,发行人在联交所网站及其网站登载ESG报告后仍须通知股东。
(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。但《ESG报告指引》没有规定要求发行人披露董事会参与ESG汇报过程及管治架构的详情。   根据联交所于2019年12月18日刊发的《有关2018年发行人披露环境、社会及管治常规情况的报告》(2018年审阅报告),联交所观察到,大部分样本发行人的ESG报告对董事会参与的程度着墨甚少甚或没有说明。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; 董事会的ESG管理方针及策略,包括评估、优次排列及管理重要的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,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」、「量化」及「一致性」),作为编制ESG报告的基础。但《ESG报告指引》没有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: 重要性:发行人应披露:(i) 识别重要ESG因素的过程及选择这些因素的准则;(ii) 如发行人已进行持份者参与,已识别的重要持份者的描述及发行人持份者参与的过程及结果。 量化:发行人应披露:有关汇报排放量/能源耗用(如适用)所用的标准、方法、假设及/或计算工具的数据,以及所使用的转换因素的来源。 一致性:发行人应披露统计方法或关键绩效指标的变更(如有)或任何其他影响有意义比较的相关因素。
(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「全职及兼职」为「雇佣类型」的其中一种例子。
(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。

结语

部分新要求(尤其是缩短ESG报告发布期限及强制披露要求)可能涉及发行人ESG合规程序的大幅调整。另对于有关气候变化的新层面及有关供应链的新关键绩效指标,发行人可能是首次收集相关数据,因而需要更多时间去建立相关的必要系统。发行人宜尽早了解及熟悉新规定以及开展有关程序,调整相关汇报基建。联交所会就ESG汇报推出全新的董事网上培训,以及更新其网站上的指定网页内的其他资源。

发行人亦应参考联交所在2018年审阅报告内列出的建议。其中,联交所留意到,其审阅的某些ESG报告未能满足一项或以上「不遵守就解释」的条文。联交所提醒,此举在技术上已属违反《上市规则》。若发行人认为条文对其不重要,其必须就此提供说明。联交所亦留意到,在其审阅的ESG报告中,仅3%「不遵守就解释」的条文以「解释」的方式处理。选择「遵守」条文的比例如此之高,也许表明发行人并未妥善考虑对自身而言什么是重要的条文,又或是发行人认为以「解释」的方式处理不太可取。联交所提醒,若个别「不遵守就解释」条文对其自身而言并不重要,如实说明其实亦无不可,「解释」并非退而求其次的选择。

2019年12月18日,香港联合交易所有限公司(联交所)刊发有关检讨《环境、社会及管治(ESG)报告指引》及相关《上市规则》条文的谘询总结

有关修订建议获得明确的市场支持,联交所决定按所接获的意见作适当修订后,落实该等修订。

相关修订将于202071或之后开始的财政年度生效。

下表总结了现行规定及主要修订内容:

现行规定主要修订
(1) 缩短刊发ESG 报告的时限
现行《上市规则》规定发行人须在不迟于刊发年报后三个月内刊发ESG报告。将刊发ESG报告的时限缩短至财政年度结束后五个月内。   :    联交所鼓励发行人在刊发年报的同时刊发ESG报告,并表示将来会评估ESG报告与年报刊发时限应否一致。 《上市规则》及《ESG报告指引》亦将厘清,发行人无须向股东提供ESG报告的印刷本(应个别股东要求除外)。不过,发行人在联交所网站及其网站登载ESG报告后仍须通知股东。
(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。但《ESG报告指引》没有规定要求发行人披露董事会参与ESG汇报过程及管治架构的详情。   根据联交所于2019年12月18日刊发的《有关2018年发行人披露环境、社会及管治常规情况的报告》(2018年审阅报告),联交所观察到,大部分样本发行人的ESG报告对董事会参与的程度着墨甚少甚或没有说明。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; 董事会的ESG管理方针及策略,包括评估、优次排列及管理重要的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,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」、「量化」及「一致性」),作为编制ESG报告的基础。但《ESG报告指引》没有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: 重要性:发行人应披露:(i) 识别重要ESG因素的过程及选择这些因素的准则;(ii) 如发行人已进行持份者参与,已识别的重要持份者的描述及发行人持份者参与的过程及结果。 量化:发行人应披露:有关汇报排放量/能源耗用(如适用)所用的标准、方法、假设及/或计算工具的数据,以及所使用的转换因素的来源。 一致性:发行人应披露统计方法或关键绩效指标的变更(如有)或任何其他影响有意义比较的相关因素。
(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「全职及兼职」为「雇佣类型」的其中一种例子。
(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。

结语

部分新要求(尤其是缩短ESG报告发布期限及强制披露要求)可能涉及发行人ESG合规程序的大幅调整。另对于有关气候变化的新层面及有关供应链的新关键绩效指标,发行人可能是首次收集相关数据,因而需要更多时间去建立相关的必要系统。发行人宜尽早了解及熟悉新规定以及开展有关程序,调整相关汇报基建。联交所会就ESG汇报推出全新的董事网上培训,以及更新其网站上的指定网页内的其他资源。

发行人亦应参考联交所在2018年审阅报告内列出的建议。其中,联交所留意到,其审阅的某些ESG报告未能满足一项或以上「不遵守就解释」的条文。联交所提醒,此举在技术上已属违反《上市规则》。若发行人认为条文对其不重要,其必须就此提供说明。联交所亦留意到,在其审阅的ESG报告中,仅3%「不遵守就解释」的条文以「解释」的方式处理。选择「遵守」条文的比例如此之高,也许表明发行人并未妥善考虑对自身而言什么是重要的条文,又或是发行人认为以「解释」的方式处理不太可取。联交所提醒,若个别「不遵守就解释」条文对其自身而言并不重要,如实说明其实亦无不可,「解释」并非退而求其次的选择。

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