According to news from the Shanghai Stock Exchange (hereinafter referred to as the “Shanghai Stock Exchange”), Shenzhen Stock Exchange (hereinafter referred to as the “Shenzhen Stock Exchange”) and Beijing Stock Exchange (hereinafter referred to as the “Beijing Stock Exchange”) on the 8th, the three exchanges issued the “Listing” on the same day. Company Self-Regulation Guidelines – Sustainability Report (Trial) (Draft for Comments)” (hereinafter referred to as the “Sustainable Development Information Disclosure Guidelines”), and has been publicly soliciting opinions from the public since February 8.
Generally speaking, the “Sustainable Development Information Disclosure Guidelines” of the three exchanges in Shanghai, Shenzhen and North focus on establishing a sustainable development information disclosure framework and environmental information disclosure, social information disclosure, corporate governance disclosure, transitional arrangements and mitigation for listed companies. Measures and other requirements.
Industry insiders believe that the “Sustainable Development Information Disclosure Guidelines” issued by the three exchanges will help better exert the hub function of the capital market, guide various elements to gather in green and sustainable fields, and promote the realization of the dual carbon goals and the economic, social and environmental The sustainable development of listed companies will help enhance the five capabilities and medium- and long-term sustainable development capabilities of listed companies, and improve the quality of listed companies; it will also help outstanding listed companies that value sustainable development stand out from their peers and gain wide recognition from the market and investors. , thereby further improving the valuation level.
Standardizing information disclosure by listed companies
Help build a rule system for sustainable development
In terms of the sustainable development information disclosure framework, the three exchanges have clarified the disclosure content and disclosure principles of listed companies, requiring companies to focus on governance, strategy, impact, risk and opportunity management, indicators and goals under the principle of dual importance disclosure. Each core content analyzes the sustainable development issues to be disclosed, improves the readability and effectiveness of sustainable development disclosure data, and improves the quality of disclosure by listed companies.
In terms of environmental information disclosure, the three exchanges have clarified the information disclosure requirements of listed companies in response to climate change, pollution prevention and ecosystem protection, resource utilization and circular economy. The exchange requires listed companies to combine quantitative and qualitative analysis, and promote listed companies to actively practice green and low-carbon development by disclosing transformation plans, response measures, etc., and integrate the prevention and control of environmental pollution, recycling of resources, etc. into the company’s development strategy.
In terms of social information disclosure, the “Sustainable Development Information Disclosure Guidelines” set out rural revitalization, social contribution, innovation drive, science and technology ethics, supply chain security, equal treatment of small and medium-sized enterprises, product and service safety and quality, data security and customer privacy protection. , employees and other important social information issues.
In terms of corporate governance information disclosure, the “Sustainable Development Information Disclosure Guidelines” require listed companies to disclose the corporate governance structure, internal systems, control measures and procedures established according to different topics and importance, and disclose anti-corruption, anti-bribery, anti-infringement, etc. Situations related to fair competition.
In terms of transitional arrangements and mitigation measures, both Shanghai and Shenzhen stock exchanges require listed companies that are subject to mandatory disclosure of “Sustainable Development Reports” to publish the 2025 “Sustainable Development Report” before April 30, 2026. Listed companies do not need to disclose year-on-year changes in relevant indicators in the first reporting period. For indicators that are difficult to disclose quantitatively, they can make qualitative disclosures and explain the reasons; in the 2025 and 2026 reporting periods, it will be difficult for the disclosure entity to quantitatively disclose sustainable development If relevant risks and opportunities have an impact on the current financial situation, only qualitative disclosure may be made. The Beijing Stock Exchange does not impose mandatory disclosure requirements on sustainability reports and encourages companies to “act within their capabilities.”
Optimize green resource allocation
Improve the quality of listed companies
According to reports, achieving “carbon peaking, carbon neutrality” and sustainable development goals is a broad and profound economic and social systemic change, which cannot be separated from more effective financial resource allocation. The Central Financial Work Conference held at the end of October 2023 also further requested that five major articles including green finance be completed.
In order to better leverage the role of finance in serving national strategies, supporting green development, fulfilling social responsibilities, and optimizing resource allocation, capital market regulatory authorities or self-regulatory organizations have actively introduced relevant financial support policies to promote sustainable and high-quality social and economic development. In November 2022, the China Securities Regulatory Commission required the establishment and improvement of a sustainable development information disclosure system in the “Three-Year Action Plan to Promote Improvement of the Quality of Listed Companies (2022-2025)” and formulate an information disclosure system based on my country’s reality, in line with international trends, and with Chinese characteristics. Listed companies’ sustainable development information disclosure rules system has clear implementation paths and plans to gradually promote it in stages.
As core institutions and important platforms in the capital market, the three exchanges in Shanghai and Shenzhen implement the concept of sustainable development, give full play to their market hub functions, promote resource allocation efficiency, and actively provide direct financing support for the development of emerging industries in line with national strategies, taking multiple measures. Guide the financial market to serve the transformation and upgrading of the real economy, and guide listed companies to actively fulfill their social responsibilities.
The Shanghai Stock Exchange stated that in recent years, it has continued to guide listed companies to strengthen information disclosure related to sustainable development, and actively integrate green and sustainable elements into the promotion of investment, financing, and transaction reforms. As of the end of 2023, a total of 1,020 listed companies on the Shanghai Stock Exchange have disclosed their 2022 social responsibility reports, ESG reports or sustainable development reports, with a disclosure rate of 47%, and both the number and proportion of disclosures have reached new highs. SSE 50 and Science and Technology Innovation 50 index sample companies have basically achieved full coverage, and the report disclosure rate of SSE 180 index sample companies has exceeded 90%.
The Shenzhen Stock Exchange stated that it has successively launched the “White Paper on Environmental Information Disclosure by Listed Companies” and “White Paper on Sustainable Development Information Disclosure by Listed Companies” to guide listed companies to strengthen sustainable development information by sharing the sustainable development information disclosure practices and excellent cases of listed companies in Shenzhen Stock Exchange. Disclosure awareness and actively practice the concept of sustainable development.
Beijing Exchange stated that it will give full play to the market function of the “main position”, deepen the concept of sustainable development, accelerate the improvement of market construction results, promote innovative small and medium-sized enterprises to thoroughly implement new development concepts and actively green transformation, in order to build a new development pattern and Actively contribute to promoting high-quality development.