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Source: brokerage China

In order to further improve the quality of information disclosure related to sustainable development, on April 12, the Shanghai Stock Exchange, Shenzhen Stock Exchange and Beijing Stock Exchange (hereinafter referred to as "Shanghai-Shenzhen-North Stock Exchange") issued guidelines on Sustainable Development reports of listed companies (hereinafter referred to as "guidelines"), which adopted the combination of mandatory disclosure and voluntary disclosure.BlackoutbingoskillzTo establish the information disclosure framework for the sustainable development of listed companies, to meet the international disclosure requirements related to climate change, and to clarify the disclosure issues of environmental, social and corporate governance.

Industry insiders believe that the guidelines are in the field of sustainable development.BlackoutbingoskillzThe important milestone will help to provide standardized, comparable and high-quality information, highlight the investment value of high-quality companies, attract medium-and long-term capital, and enhance the international influence of A-shares.

Strengthening the letter of Sustainable Development and promoting the accelerated formation of good Market Ecology

In order to thoroughly implement the spirit of the Central Financial work Conference and the "opinions of the State Council on strengthening Supervision and preventing risks to promote the High-quality Development of the Capital Market", to implement the China Securities Regulatory Commission's "opinions on strengthening the Supervision of listed companies (for trial implementation)" and other policy documents, the Shanghai, Shenzhen and North Stock Exchange officially issued the guidelines, which will be implemented as of May 1, 2024.

There are 6 chapters and 63 articles in the guidelines. In view of the more than 80 feedback collected from all parties in the market during the public consultation process, the CSRC and the Shanghai, Shenzhen and North Stock Exchange attach great importance to and seriously study them, and most of them have been fully absorbed and adopted. Compared with the draft for soliciting opinions, the guidelines make the following adjustments:

First, appropriately relax some of the disclosure requirements. If disclosure is required before April 30, but not at the same time as the annual report, in order to alleviate the pressure on listed companies to focus on the disclosure of annual reports and sustainable development reports, and to increase the financial impact of quantitative disclosure exemption provisions.

The second is to increase the details of the topics. The list of topics included is directly listed in the annex to the guidelines, which is convenient for enterprises to implement.

The third is to clarify the disclosure requirements of different important issues. Topics of financial importance should be disclosed in accordance with the four-element framework of "governance-strategy-impact, risk and opportunity management-indicators and objectives". Disclosure is required according to the relevant indicators of specific topics.

The fourth is to improve specific disclosure requirements and written expressions. Such as integration and optimization of some topic chapters, new stakeholder management, due diligence, flexible employment, inclusive finance, carbon emissions trading and other disclosure requirements, allow integrated disclosure of governance-related information, increase data retrospective adjustment exemption, and so on.

With regard to the implementation of the rules, it is clear that the guidelines will continue to be included in the sample companies of SSE 180, Kechuang 50, Shenzhen Securities Index and gem during the reporting period, as well as companies listed at home and abroad should disclose the 2025 Sustainable Development report for the first time in 2026 at the latest, and if the company voluntarily discloses the 2024 Sustainable Development report, the contents of the report shall be consistent with the requirements of the guidelines.

In terms of disclosure framework, companies should analyze and disclose issues of financial importance around the four core contents of "governance-strategy-impact, risk and opportunity management-indicators and objectives". In terms of specific topics, the guidelines set 21 topics, including climate change, pollutant emissions, ecosystem and biodiversity conservation, rural revitalization, innovation-driven, and employees, and set differentiated disclosure requirements for different issues through a combination of qualitative and quantitative, mandatory and encouraging methods.

Industry insiders pointed out that the release of the ESG report brings investors a new perspective to analyze the company's growth quality and long-term development momentum. Compared with the boring words in the annual report, the illustrated analysis in the ESG report is more helpful for investors to understand the development potential of the company's various businesses. At the same time, ESG disclosure can enhance the standard operation level of the company itself, promote the sustainable and healthy development of the company and economy and society, and further protect the interests of investors.

Regulators and exchanges work together to promote the optimal allocation of green resources

The realization of "carbon peak, carbon neutralization" and sustainable development is a profound change in all economic and social fields, which needs the optimal allocation of financial resources to provide strong support. The Central Financial work Conference held at the end of October 2023 requires that five major articles including "green finance" be done well.

In order to make more effective use of financial services to support the implementation of national strategies, promote green development and actively fulfill social responsibilities, capital market regulators or self-regulatory organizations have actively issued a series of financial support policies aimed at optimizing the allocation of resources. so as to effectively promote sustainable and high-quality social and economic development. In November 2022, the China Securities Regulatory Commission, in the "three-year Action Plan for improving the quality of listed companies (2022lle 2025)", required to establish and improve the information disclosure system for sustainable development, formulate a system of information disclosure rules for the sustainable development of listed companies based on China's reality, in line with international trends and with Chinese characteristics, make clear the implementation path, and gradually promote it in stages.

The Shanghai Stock Exchange said that in recent years, it has continued to guide listed companies to strengthen the disclosure of information related to sustainable development, and actively integrate green sustainable elements in promoting the reform of the investment side, the financing side and the trading side. By the end of 2023, a total of 1020 listed companies on the Shanghai Stock Exchange had disclosed annual social responsibility reports, ESG reports or sustainable development reports in 2022, with a disclosure rate of 47%, with a new high in the number and proportion of disclosures. The sample companies of Shanghai 50 and Kechuang 50 index basically achieved full coverage, and the disclosure rate of the sample companies of Shanghai 180 index was more than 90%.

The Shenzhen Stock Exchange has also successively issued the White Paper on Environmental Information Disclosure of listed companies and the White Paper on Information Disclosure of Sustainable Development of listed companies, by sharing the practices and excellent cases of information disclosure of sustainable development of listed companies in Shenzhen Stock Exchange, guide listed companies to strengthen the awareness of information disclosure of sustainable development and actively practice the concept of sustainable development.

The Beijing Stock Exchange said that it will give full play to the market function of the "main position", deepen the concept of sustainable development, speed up the promotion of the effectiveness of market construction, and promote innovative small and medium-sized enterprises to thoroughly implement the new development concept and actively make a green transformation. to actively contribute to the construction of a new development pattern and the promotion of high-quality development.

Do a good job of ESG rating and investment to promote the construction of a good sustainable ecology

In recent years, listed companies have actively disclosed social responsibility reports, ESG reports and sustainable development reports, the quantity and quality of reports have been continuously improved, the scale of investment markets related to sustainable, green and low-carbon development has continued to grow, and a good market ecology in which sustainable information disclosure and sustainable investment promote each other is accelerating.

Compared with relying solely on financial indicators to evaluate the value of investment, ESG investment philosophy integrates the three core elements of environment, social responsibility and corporate governance into the decision-making considerations of investment institutions. This is not only a beneficial expansion of the traditional investment strategy, but also in line with the current "double carbon" strategy and the trend of green development. ESG investment concept further enriches the criteria for measuring the investment value of enterprises, so that investors can more accurately identify high-quality investment targets with long-term sustainable development potential.

"ESG investment is an integrated approach to investment, including any financial and non-financial factors that may have a significant impact on investment performance. Compared with influential investments that focus more on the combination of moral or ethical returns, ESG investments emphasize both the pursuit of financial returns and the consideration of environmental, social and corporate governance and other non-financial return factors that affect the company's sustainable development. " Liu Ping, founder and chairman of Jin Changchuan Capital, pointed out in an interview with the Securities Times.

In the next step, under the unified deployment of the CSRC, the Shanghai, Shenzhen and North Stock Exchange will do a good job in market training and other services, formulate more detailed disclosure guidelines in a timely manner, provide specific guidance for listed companies to implement the guidelines, and support relevant departments to do a good job in ESG rating, index development and investment, so as to further strengthen positive incentives and promote the building of a good sustainable ecology. In addition, according to the implementation of the guidelines, the Shanghai, Shenzhen and North Stock Exchange will timely evaluate and expand the scope of the subject of compulsory disclosure, promote more listed companies to disclose high-quality sustainable development information, and promote the consolidation of the high-quality development foundation of listed companies.