cryptoplaytoearn| The latest statement by the China Securities Regulatory Commission cannot be over-packaged under ESG's "coat"

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Listed companies should not mislead investors by providing inaccurate information through excessive packaging in the "coat" of ESG.

On April 29th, the relevant responsible person of the listing Department of the CSRC said when attending the parallel forum of "ESG contributing to the Construction of Beautiful China" of the Zhongguancun Forum, that the CSRC will continue to evaluate the adaptability of the guidelines on Sustainable Development reports of listed companies (hereinafter referred to as "the guidelines"), further improve the rules in the light of the actual situation, and study and promote the disclosure of sustainable development reports by more companies. At the same time, listed companies cannot take advantage of the "coat" of ESG to overpack and provide inaccurate information to mislead investors. The CSRC will continue to enhance its regulatory capacity and continue to strengthen supervision.

The relevant responsible person of the listing Department of the CSRC pointed out that the capital market has always attached great importance to guiding listed companies to improve their performance in the aspects of environment, social responsibility and corporate governance, and required listed companies to disclose environmental information in their annual reports in accordance with the law. In 2023, nearly 1800 listed companies disclosed reports on sustainable development, with a record number; more than 3000 companies disclosed measures and effects taken to reduce carbon emissions, accounting for more than 60 per cent.

The CSRC recently instructed the Shanghai, Shenzhen and North exchanges to formulate "guidelines" to further upgrade and "integrate" the previous requirements for sustainable information disclosure, systematically standardizing the disclosure of sustainable development reports of listed companies, and opening a new stage in the field of sustainable development in China.

The relevant person in charge of the listing Division of the CSRC said that the guidelines generally draw lessons from the four-element disclosure framework, namely, "governance", "strategy", "impact, risk and opportunity management", "indicators and objectives". And make it clear that issues of financial importance need to be disclosed in accordance with the four-element framework to promote better internal governance of listed companies and specific actions to drive high-quality information disclosure. At the same time, the issue of dealing with climate change with a high degree of international consensus is taken as a priority in the guidelines, and the main disclosure requirements are basically consistent with various international rules to achieve better compatibility and connectivity. At the same time, fully taking into account the characteristics of national conditions, the topic setting fully takes into account the key concerns of development at the present stage, and defines 21 specific topics in the three aspects of environment, society, and corporate governance. including pollution control, control of greenhouse gas emissions, comprehensive revitalization of rural areas, timely payment for small and medium-sized enterprises and other issues. The guidelines also set mandatory disclosure requirements for key index companies and companies listed at home and abroad.CryptoplaytoearnHis listed companies encourage and support their voluntary disclosure, but at the same time require that voluntary disclosure must comply with the provisions of the guidelines in order to standardize the order of information disclosure and enhance comparability.

The relevant person in charge of the listing Division of the CSRC pointed out that in order to better promote the development of ESG, three points are very important.

First, promote development through consensus-building. Due to the wide range of ESG disclosure, and the increasing difficulty, the understanding of all aspects is also gradually deepening, and there is still a lot of discussion about ESG in the market. For example, whether the scope of three-carbon emissions must be disclosed, whether the four-element disclosure framework is applicable to issues of impact importance, the boundaries and accounting of the impact of the value chain, and so on. These follow-up still need continuous research, strengthen exploration in practice, and further build consensus. The SFC will also continue to assess the adaptability of the guidelines, further improve the rules in the light of the actual situation, and study and promote the disclosure of sustainable development reports by more companies.

The second is to promote development in strengthening norms. "guidelines" is a "test outline" for sustainable information disclosure of listed companies, not extracurricular reading materials. Since it is an "examination outline", it is necessary to accept "invigilation" to prevent cheating and "green". For most listed companies, sustainable development reports are not mandatory, but it does not mean that they can be disclosed at will. Companies can not take the announcement as an "advertisement" and ESG disclosure as a means of brand marketing, through the excessive packaging of ESG's "coat" to provide inaccurate information to mislead investors. In the early stage, many cases have been punished or taken regulatory measures by the Securities Regulatory Commission because the disclosure of environmental information is not true and inaccurate. The Securities Regulatory Commission will continue to improve its regulatory capacity and continue to strengthen supervision.

The third is to promote development in a sound ecology. The development of ESG is a systematic project, which needs not only information disclosure, but also back-end authentication, rating, investment and other cooperation to form positive incentives, so that companies that do well can attract more medium-and long-term capital and reduce financing costs. The capital market is an important platform for the development of ESG. The CSRC will, together with relevant departments, strengthen the training of listed companies; at the same time, promote the external verification and verification of ESG information, continuously improve the accuracy and disclosure quality of ESG data of listed companies; support credit rating agencies to continue to establish and improve the rating method system of green enterprises and green bonds. Promote more ESG investment and launch more index and fund products to promote a virtuous circle with a more sound ESG ecosystem.

The relevant person in charge of the listing Division of the CSRC said that ESG is an important starting point to guide listed companies to enhance their awareness of green and low-carbon development and support the construction of a beautiful China, as well as an effective tool to guard against tail investment risks and improve investors' medium-and long-term returns. High-quality listed companies that have made outstanding achievements in green and low-carbon development should also show the great contributions made by Chinese enterprises in dealing with climate change and green low-carbon transformation through better information disclosure.