Hong Kong, September 4, 2025 – The Hong Kong ESG Reporting Awards (HERA), the city’s premier platform for recognizing excellence in sustainability reporting, is pleased to announce the successful close of submissions for the 2025 Awards cycle. This year, HERA received an overwhelming response from listed and non-listed companies across industries, demonstrating the region’s growing leadership in ESG and corporate transparency.

In alignment with its mission to drive societal impact, HERA is proud to announce total donations exceeding HKD 120,000 in 2025, supporting education, community well-being, and youth empowerment. Key initiatives include:

HKD 50,000 to Helping Hand Father Sean Burke Care Home for the Elderly: A registered charity under the Helping Hand Society dedicated to enhancing the well-being of Hong Kong’s elderly. This contribution will directly fund the purchase of 600 sets of bedding essentials, ensuring dignified living conditions for residents.

RMB 50,000 to Reading China: Supporting digital literacy and cultural exchange programs for youth, expanding opportunities in multimedia storytelling and cross-cultural dialogue

HKD 10,000 to Hong Kong Securities and Investment Institute: Sponsoring a ESG case competition for Hong Kong university graduates, supporting skills development and career opportunities for young professionals

Tony Wong, Director of HERA, expressed heartfelt gratitude:

“We are deeply thankful for the incredible support from the business community. The record number of high-quality submissions this year is a testament to Hong Kong’s growing leadership in ESG. Our donations to education and elderly care reflect HERA’s belief in leveraging business excellence for social good. Congratulations to all entrants for setting new benchmarks in transparency and innovation.”

The final results and award winners will be announced at the upcoming HERA 2025 Awards Ceremony. Details will be available on the HERA website (https://hkesgawards.com/).

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Hong Kong, 1 August 2025 – HERA is honored to announce a HKD 50,000 donation to Helping Hand Father Sean Burke Care Home for the Elderly, a registered charity under the Helping Hand Society dedicated to enhancing the well-being of Hong Kong’s elderly. This contribution will directly fund the purchase of bedding essentials, ensuring dignified living conditions for residents.

The donation aligns with HERA’s commitment to addressing critical needs of vulnerable groups. Tony Wong, Director of HERA, emphasized the significance of the partnership:

“We are deeply inspired by Helping Hand’s decades-long dedication to elderly care. By supporting their Father Sean Burke Care Home, we aim to improve daily comfort for seniors while affirming our belief in community solidarity. This initiative reflects HERA’s core values—turning compassion into tangible action.”

Impact Highlights

• Direct Beneficiaries: The donation will supply bedding for residents at the Father Sean Burke Care Home, which provides 24/7 residential care for elderly individuals in need.
• Broader Reach: Helping Hand annually supports over 1,000 elderly residents in its care homes and 40,000 seniors through community outreach programs.

HERA reaffirms its mission to drive positive societal change through strategic partnerships with reputable organizations.

About HERA

The Hong Kong ESG Reporting Awards (HERA) is dedicated to recognizing excellence in ESG disclosures, helping companies build trust among their stakeholders. Organized by the registered non-profit organization, Hong Kong ESG Reporting Awards Limited, HERA represents the most prestigious form of recognition for corporate sustainability in the region. HERA is the first ESG award worldwide to receive a special nomination from the United Nations Conference on Trade and Development’s (UNCTAD) ISAR Honours, highlighting its global significance and credibility in promoting transparency and accountability in sustainability practices. For more information and to apply, please visit our official website at https://hkesgawards.com/.

About Alaya Consulting

Alaya Consulting is a leading ESG consultancy renowned for its pioneering achievements in the field. We specialize in a comprehensive range of ESG services including advisory, climate-related disclosure, assurance, ratings upgrade, and GRI Certified Training. As the esteemed ESG partner of the Hong Kong ESG Reporting Awards, Alaya Consulting stands out as the first ESG Advisory in Asia to not only receive approval from the Science Based Targets initiative (SBTi) for our carbon reduction targets but also successfully meet our initial target.

For media inquiries, please contact:
Tony Wong, Director, tony@hkesgawards.com
Eleanor Shen, Communications, eleanor@hkesgawards.com

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This seminar brought together experts and representatives from the corporate sector, financial institutions, and academia to discuss enhancing corporate ESG performance and leveraging digital tools for ESG management. Participants shared the latest industry insights and practical experiences, fostering a collaborative environment for learning and innovation.

Opening Remarks: Deep Integration of ESG with National Strategies 

In his opening speech, Professor Huang Wei, Chair Professor at the School of Business of Southern University of Science and Technology and Director of DeFin-NCAMS, stated: “Low-carbon transformation and ESG strategies are not only important issues for national development but also a necessary path for Chinese enterprises to go global.”

He introduced the research achievements of NCAMS in the fields of digital economy and green finance, including the AI-driven ESG intelligent reporting system developed in collaboration with Alaya Consulting – the core modules of this system have been initially developed to help enterprises automatically generate compliant reports.

Keynote Speech: The Value and Practice of the S&P CSA Assessment System 

Robert Dornau, Head of S&P Global CSA (Corporate Sustainability Assessment), delivered a keynote speech titled How to Improve ESG Performance through S&P CSA. He reviewed the three stages of global ESG development – from concept advocacy to effective implementation, and now to the current integration period of “returning to the essence of business” – and emphasized: “The core value of CSA lies in helping enterprises transform sustainability issues into quantifiable commercial drivers.”

Through case studies, Robert pointed out that enterprises’ transparent disclosures and action commitments in supply chain management, biodiversity conservation, and other areas directly influence investor trust and market performance. He elaborated on the value of the CSA system and its implementation, noting that S&P CSA’s industry-differentiated assessment framework covers 62 industries and over 1,200 data points, with a dynamic weighting system accurately reflecting core industry issues. CSA not only helps enterprises understand their global sustainability performance but also provides important references for investors.

Alaya’s Perspective: Keys to Enhancing CSA Performance 

Tony Wong, Founder of Alaya Consulting, proposed five strategies for improving CSA ratings in his special speech: governance structure establishment, material issue identification, data transparency, stakeholder communication, and industry best practice benchmarking. He called on enterprises to “regard ESG as a long-term strategy rather than a short-term task” and shared practical cases of rapidly improving ratings through S&P gap analysis reports, providing feasible operational suggestions for enterprises.

Themed Presentation: Comprehensive Analysis of CSA Participation Strategies 

James Ching, Director of Sustainability at S&P Global, analyzed the four steps for enterprises to participate in CSA from a practical perspective: assessing the current situation, benchmarking against the industry, formulating strategies, and continuous improvement, providing effective guidance on how to prepare for CSA.

He emphasized: “CSA is not just a rating tool but also a compass for enterprises to improve governance capabilities. Small and medium-sized enterprises can gradually align with international standards through the S&P CSA Fundamental questionnaire. Enterprises intending to fill out the questionnaire are advised to consult Alaya for relevant project consulting services.”

CSA is not only an external rating tool but also an important basis for guiding enterprises’ internal sustainable development direction and actions. Continuous repeated rating, benchmarking, internal communication, and formulating action plans can progressively enhance overall performance.

Fireside Chat: Practical Experience of Corporate CSA and Sustainable Practices 

In the fireside chat session, Ms. Wang Renxiao, a senior ESG expert from the Sustainable Development Office of BYD, and Mr. Setch Chang, Director of Sustainability Account Management at S&P Global, exchanged views on BYD’s practical experience in participating in S&P CSA ratings and its long-term sustainable development practices.

Ms. Wang introduced that BYD has been deeply engaged in CSR (Corporate Social Responsibility) since 2008, publishing sustainability reports for 15 consecutive years, and officially participated in CSA assessment in 2024 due to global ESG layout needs. By establishing a three-tier ESG governance structure including a board-level strategic committee, a chief sustainability officer, and departmental interface personnel, combined with a cross-departmental interface mechanism and a system library covering over 1,200 indicators, it efficiently completed questionnaire filling and incorporated rating results into internal KPI assessments.

In addition, BYD used S&P’s peer benchmarking tools to accurately identify management shortcomings such as employee care and supply chain carbon footprint accounting, and optimized processes accordingly. She emphasized that CSA is not just an external rating tool but also a core tool for enterprises to deepen ESG governance. Its comprehensive data indicator system and benchmarking analysis functions help BYD improve disclosure transparency and management efficiency in the global competition of the new energy industry.

Academic Empowerment: AI-Driven ESG Intelligent Decision-Making 

Dr. Tang Xin, Assistant Director of the National Center for Applied Mathematics Shenzhen (NCAMS), and his team demonstrated the cutting-edge research achievements of Southern University of Science and Technology in the ESG field, including a five-dimensional carbon footprint model, an ESG intelligent decision-making system, and carbon reduction optimization projects in collaboration with multiple enterprises.

He particularly mentioned that the AI tool developed by the team and Alaya Consulting can automatically generate ESG report frameworks and predict rating trends by analyzing enterprises’ public data, providing low-cost solutions for small and medium-sized enterprises.

Guest Speech: The Retail Industry and ESG 

Xie Yongming, Executive President of the Shenzhen Retail Association, shared the connection between digital transformation in the retail industry and ESG from an industry perspective.

He emphasized that the rise of artificial intelligence will reshape the supply model and organizational structure of the retail industry, while ESG standards provide guidance for balanced development. “The key to becoming a century-old brand lies in the deep integration of data capabilities and sustainable development goals.” President Xie also shared the Shenzhen Retail Association’s experience and achievements in promoting corporate social responsibility.

Industry Collaboration: Building a Trust Foundation for the ESG Ecosystem 

In the closing remarks, Ms. Yang Mei, Director of the Party Office and Deputy Secretary-General of the Shenzhen Institute of Certified Public Accountants, stated that the certified public accounting industry will play a key role in ESG disclosure and assurance. “Authentic and credible data are the foundation for capital allocation and public trust.” She revealed that the Ministry of Finance and the Institute of Certified Public Accountants are advancing the formulation of ESG disclosure and assurance standards, and the ESG assurance standard system will be further improved.

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The consultation period concluded on July 14, 2023, and a total of 115 submissions were received from various stakeholders. Among the respondents, 79% expressed support for the proposal, while 21% opposed it.

HKEX will implement a phased approach that mandates issuers to report on the New Climate Requirements in the following manner:

Source: HKEX’s Enhancement of Climate-related Disclosures under the ESG Framework

Proposed Interim Period Removed

The new climate disclosure requirements largely align with the ISSB S2 standards. HKEX has decided to eliminate the interim period and instead offer implementation reliefs, where applicable, to address concerns related to reporting challenges faced by certain issuers due to limited resources or technical expertise. The table below provides a summary of the New Climate Requirements along with the availability of implementation reliefs.

Source: HKEX’s Enhancement of Climate-related Disclosures under the ESG Framework

Materiality –

“Materiality”, under the ESG Code, is not confined to financial materiality. This means that an issuer’s board may determine that an ESG issue is material on grounds other than its impact on the company’s financial performance or financial position. HKEX stated in the conclusion that it will not change the scope of the “materiality” reporting principle under the ESG Code. Issuers are, therefore, also allowed to prepare disclosures for the purposes of the New Climate Requirements under the double materiality approach to provide additional disclosures to meet the need of its stakeholders.

For the purpose of the New Climate Requirements, an issuer must disclose information about climate-related risks and opportunities that could reasonably be expected to affect its cash flows, its access to finance or cost of capital over the short, medium or long term.

Financial Effects

For both current and anticipated financial effects, issuers are required to disclose both quantitative and qualitative information, and quantitative information may be expressed in a single amount or a range. To address concerns over the practical challenges of quantifying climate-related financial effects, issuers need not provide quantitative information about the current financial effects of a climate-related risk or opportunity where certain conditions are met stipulated in the Financial Effects Relief

Impact on financial reporting: Where the effect of climate-related risks or opportunities is material, such an effect should also be accounted for in financial statements prepared in accordance with the relevant accounting standards. Issuers should also consider disclosing such climate-related financial effects in their annual reports in addition to the ESG report.

HKEX allows non-disclosure of quantitative anticipated financial effects if an issuer does not have the skills, capabilities or resources to provide that quantitative information

GHG Emissions

Scope 1 and 2: All listed issuers are required to disclose scope 1 and 2 GHG emissions on a mandatory basis, using the location-based method.

Impact on financial reporting: Disclosure of scope 1 and scope 2 greenhouse gas emissions for the consolidated accounting group and other investees separately is encouraged but not mandatory. For Scope 1 and 2 GHG emissions, if the emissions for unconsolidated investees are included in the issuer’s GHG emission inventory, IFRS S2 requires disclosure of Scope 1 and 2 GHG emissions to be disaggregated separately for (a) the consolidated accounting group, and (b) other investees excluded from (a) (e.g. associates, joint ventures and unconsolidated investees for issuers applying IFRS Accounting Standards) Issuers are encouraged to follow such requirement under IFRS S2. (See p.83 of Implementation Guide).

Scope 3: Issuers are required to disclose scope 3 GHG emissions, including in-scope categories of significant upstream or downstream categories and basis of selection. Under the implementation reliefs, HKEX allows issuers to measure GHG emissions using information for reporting periods that are different from its own reporting period, subject to certain conditions.

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This milestone reflects our dedication to furthering sustainability and providing the necessary tools for professionals to make impactful changes. Please check available dates for the course, please click here to register.

Since 2016, Alaya has been an accredited GRI-certified Trainer recognized for its extensive training on the leading sustainability reporting standards. With our inclusion in this Scheme, we’re joining forces with the Hong Kong Government to enhance green and sustainable finance skills in the region. Our programme doesn’t just offer key insights and abilities – it welcomes you into a network of progressive professionals dedicated to sustainable progress.

For additional details about the Alaya GRI Training Programme, please visit our website or get in touch at gritraining@alayaconsulting.com.hk for any questions. Let’s create significant change and champion a more sustainable tomorrow together.

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Tony Wong, Founder of Alaya Consulting, stated: “Our science-based target proves our commitment to building a sustainable economy, by doing not what is easy but what is necessary. We would like to express our gratitude to all our stakeholders, particularly our clients, partners, and employees, for their unwavering support and collaboration on our journey towards net-zero.”

Alaya was the first ESG reporting advisory firm (professional services sector) in Asia to have an SBT approved by the SBTi in 2019. We successfully reduced our scope 1 and 2 GHG emissions by 47% per square meter and our scope 3 GHG emissions by 7% by 2023, based on a 2017 baseline.

As an ESG advisory firm, Alaya recognizes the significance of being part of the solution to the climate crisis. We understand the challenges and opportunities that our clients encounter in terms of disclosing and managing their carbon risks and impacts, and remain committed to providing them with top-notch ESG reporting and advisory services while leading by example on how they can contribute to a sustainable business environment for future generations.

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This consideration will be taken into account during the finalisation of the Listing Rule amendments. The decision to postpone the implementation date to 1 January 2025 is aimed at providing issuers with more time to become familiar with the new climate-related disclosure requirements.

In June 2023, the ISSB published the final IFRS Sustainability Disclosure Standards, and they have also announced their intention to release an adoption guide (ISSB Adoption Guide). This guide will assist jurisdictional regulators in implementing the ISSB standards by providing guidance on scalability and phasing-in measures. In April 2023, HKEX released a consultation paper seeking feedback from the market on proposals to enhance climate-related disclosures within its environmental, social, and governance (ESG) framework. The proposed implementation date in the Consultation Paper was 1 January 2024.

The HKSAR Government will work with relevant financial regulators and stakeholders to develop a roadmap on the appropriate adoption of the ISSB standards for Hong Kong’s financial services to align with international standards. As a member of the Hong Kong Green and Sustainable Finance Cross-Agency Steering Group (CASG), HKEX will continue to work closely with the Government and other members of the CASG on the development of the roadmap.

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Tony Wong, Director of Hong Kong ESG Reporting Limited, stated: “I am glad to see the level of disclosure has been improving over the past five years as HERA has successfully identified industry best practices for ESG disclosure. With the establishment of ISSB, ESG information will continue to be under the spotlight from stakeholders, and HERA will continue to play a pivotal role in recognizing the leaders that strike a balance between their business models and ESG.”

The independent panel of judges responsible for evaluating all submissions comprises senior industry experts, including Judy Chen, Senior Researcher at the Our Hong Kong Foundation; Dr. Yarime Masaru, Associate Professor, Division of Public Policy at HKUST; Mike Wong, CEO of the Chamber of Hong Kong Listed Companies; Joseph Chan, Head of Communications and Engagement Section, Social Responsibility and Sustainable Development Office, The Chinese University of Hong Kong; and Lisa Djeng, Managing Director and Portfolio Manager of Keywise Asset Management.

HERA 2022 is proud to be supported by Financial Development Services Council, Nasdaq, InvestHK, Hong Kong Green Finance Association and Hong Kong General Chamber of Commerce and others. The winners will be announced on 20 October 2022 at Hyatt Regency Hotel.  For ticketing, please send an email to stella@hkesgawards.com.

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Our phone numbers and email addresses will remain the same, as will our website address and social media accounts. Our new facility offers us the opportunity to better serve our loyal customers and work with our valuable business partners. We look forward to continuing to serve your needs and work with you at our new location.

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1. Introducing mandatory disclosure requirements to include:
• a board statement setting out the board’s consideration of ESG matters;
• application of Reporting Principles “materiality”, “quantitative” and “consistency”; and
• explanation of reporting boundaries of ESG reports;
2. Requiring disclosure of significant climate-related issues which have impacted and may impact the issuer;
3. Amending the “Environmental” key performance indicators (KPIs) to require disclosure of relevant targets;
4. Upgrading the disclosure obligation of all “Social” KPIs to “comply or explain”; and
5. Shortening the deadline for publication of ESG reports to within five months after the financial year-end.

David Graham, HKEX’s Head of Listing, stated: “We had a very broad and strongly supportive response to this consultation, and we are pleased to be announcing significant improvements to the ESG governance and disclosure framework for Hong Kong-listed companies. The changes reflect the Exchange’s commitment to enhancing Hong Kong’s ESG regulatory framework and to meeting investor and stakeholder expectations in accordance with international best practices. We would like to thank all those who made submissions to the consultation.”

The Exchange received 153 responses from a broad range of respondents. The feedback indicated strong support for the consultation proposals to enhance the ESG reporting framework. The Exchange will implement the consultation proposals, with modifications, reflecting comments received. The changes will be effective for financial years commencing on or after 1 July 2020.

When an issuer is required to “comply or explain”, only 3 per cent of such 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-preferable 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.

The ESG Consultation Conclusions, respondents’ submissions, amendments to the Main Board Listing Rules and amendments to the GEM Listing Rules are available on the HKEX website.

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