{"id":3158,"date":"2018-12-28T12:12:41","date_gmt":"2018-12-28T04:12:41","guid":{"rendered":"https:\/\/alayaconsulting.com.hk\/?p=3158"},"modified":"2023-02-02T10:51:32","modified_gmt":"2023-02-02T10:51:32","slug":"tcfd","status":"publish","type":"post","link":"https:\/\/alayaconsulting.com.hk\/tcfd\/","title":{"rendered":"HKEX Refers to TCFD Disclosure Recommendations"},"content":{"rendered":"<p class=\"p1\"><span style=\"font-size: 12pt;\">The Hong Kong Stock Exchange (HKEX) updated its guidance material on ESG-related listing rules in November 2018, including the <a href=\"https:\/\/www.hkex.com.hk\/-\/media\/HKEX-Market\/Listing\/Rules-and-Guidance\/Other-Resources\/Listed-Issuers\/Environmental-Social-and-Governance\/How-to-Prepare-an-ESG-Report\/steps.pdf?la=en\"><span class=\"s1\">\u201cHow to prepare an ESG report?\u201d<\/span><\/a> and <a href=\"https:\/\/www.hkex.com.hk\/-\/media\/HKEX-Market\/Listing\/Rules-and-Guidance\/Other-Resources\/Listed-Issuers\/Environmental-Social-and-Governance\/ESG-Reporting-Guide-and-FAQs\/FAQ_18.pdf?la=en\"><span class=\"s1\">Frequently Asked Questions (FAQs)<\/span><\/a> pages. One of these changes was aligning Appendix 27 disclosures with disclosure recommendations from the Task Force on Climate-related Financial Disclosures (TCFD). No changes have been made to Appendix 27 itself though.<\/span><\/p>\n<p class=\"p1\"><span style=\"font-size: 12pt;\"><b>What is the TCFD?<\/b><\/span><\/p>\n<p class=\"p1\"><span style=\"font-size: 12pt;\">The TCFD is an organization creating a set of comparable and consistent disclosures that help companies identify decision-useful information, and that demonstrate sustainable practices to their capital providers (e.g. shareholders). These disclosures are voluntary and serve to enhance existing reporting practices. Since its inception, TCFD has been widely supported by industry leaders.<\/span><\/p>\n<p class=\"p1\"><span style=\"font-size: 12pt;\"><b>What is TCFD recommending?<\/b><\/span><\/p>\n<p class=\"p1\"><span style=\"font-size: 12pt;\">TCFD recommends companies to disclose information in four key areas of a business within their annual financial accounts. These are:<\/span><\/p>\n<ul class=\"ul1\">\n<li class=\"li1\"><span style=\"font-size: 12pt;\">Governance &#8211; the company\u2019s governance around climate-related risks and opportunities.<\/span><\/li>\n<li class=\"li1\"><span style=\"font-size: 12pt;\">Strategy &#8211; the actual and potential impacts of climate-related risks and opportunities on the company\u2018s businesses, strategy, and financial planning where such information is material.<\/span><\/li>\n<li class=\"li1\"><span style=\"font-size: 12pt;\">Risk Management &#8211; how the company identifies, assesses, and manages climate-related risks.<\/span><\/li>\n<li class=\"li1\"><span style=\"font-size: 12pt;\">Metrics and Targets &#8211; the metrics and targets used to assess and manage relevant climate-related risks and opportunities where such information is material.<\/span><\/li>\n<\/ul>\n<p class=\"p1\"><span style=\"font-size: 12pt;\">The recommended disclosures within these four areas are shown in the table below:<\/span><\/p>\n<p><span style=\"font-size: 12pt;\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-3138\" src=\"https:\/\/alayaconsulting.com.hk\/wp-content\/uploads\/2019\/03\/Capture1.png\" alt=\"\" width=\"1029\" height=\"688\" srcset=\"https:\/\/alayaconsulting.com.hk\/wp-content\/uploads\/2019\/03\/Capture1.png 1029w, https:\/\/alayaconsulting.com.hk\/wp-content\/uploads\/2019\/03\/Capture1-300x201.png 300w, https:\/\/alayaconsulting.com.hk\/wp-content\/uploads\/2019\/03\/Capture1-600x401.png 600w, https:\/\/alayaconsulting.com.hk\/wp-content\/uploads\/2019\/03\/Capture1-1024x685.png 1024w, https:\/\/alayaconsulting.com.hk\/wp-content\/uploads\/2019\/03\/Capture1-768x513.png 768w\" sizes=\"auto, (max-width: 1029px) 100vw, 1029px\" \/><\/span><\/p>\n<p class=\"p1\"><span style=\"font-size: 12pt;\"><b>Source: Final Report \u2013 Recommendations of the Task Force on Climate-related Financial Disclosures, P.14<\/b><\/span><\/p>\n<p class=\"p1\"><span style=\"font-size: 12pt;\">In the \u201cHow to prepare an ESG report\u201d document, HKEX highlights that companies may refer to TCFD Recommendations for guidance on identifying and disclosing the potential financial impacts of climate-related risks and opportunities when disclosing KPIs related to climate change. For instance, one recommended disclosure centers on the climate-resiliency of a company\u2019s strategy, and their consideration of various climate-related scenarios. Disclosing strategies as to how a company may act in climate-related situations will help investors understand possible implications of climate change on the company.<\/span><\/p>\n<p class=\"p1\"><span style=\"font-size: 12pt;\">Alaya Consulting is supporting TCFD recommendations.<\/span><\/p>\n<p class=\"p1\"><span style=\"font-size: 12pt;\">https:\/\/www.fsb-tcfd.org\/tcfd-supporters\/<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Hong Kong Stock Exchange (HKEX) updated its guidance material on ESG-related listing rules in November 2018, including the \u201cHow to prepare an ESG report?\u201d and Frequently Asked Questions (FAQs) pages. One of these changes was aligning Appendix 27 disclosures with disclosure recommendations from the Task Force on Climate-related Financial Disclosures (TCFD). No changes have [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3155,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[29],"tags":[31,32,33],"class_list":["post-3158","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-en","tag-disclosure-en","tag-hkex-en","tag-tcfd-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>HKEX Refers to TCFD Disclosure Recommendations - ESG Reporting and Carbon Advisory in Hong Kong<\/title>\n<meta name=\"description\" content=\"Appendix 27 disclosures with disclosure recommendations from the Task Force on Climate-related Financial Disclosures (TCFD).\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/alayaconsulting.com.hk\/tcfd\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"HKEX Refers to TCFD Disclosure Recommendations - 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