{"id":3991,"date":"2019-12-18T15:22:01","date_gmt":"2019-12-18T07:22:01","guid":{"rendered":"https:\/\/alayaconsulting.com.hk\/?p=3991"},"modified":"2023-02-02T10:51:29","modified_gmt":"2023-02-02T10:51:29","slug":"hkex-publishes-esg-guide-consultation-conclusions","status":"publish","type":"post","link":"https:\/\/alayaconsulting.com.hk\/hkex-publishes-esg-guide-consultation-conclusions\/","title":{"rendered":"HKEX Publishes ESG Guide Consultation Conclusions"},"content":{"rendered":"<p><span style=\"font-size: 12pt;\">Hong Kong Exchanges and Clearing Limited (\u201cHKEX\u201d) published conclusions to its consultation on the \u2018Review of the Environmental, Social and Governance (\u201cESG\u201d) Reporting Guide (\u201cESG Guide\u201d) and Related Listing Rules\u2019 (ESG Consultation Conclusions) in December. Key changes to the ESG Guide and related Listing Rules include:<\/span><\/p>\n<p>\n<span style=\"font-size: 12pt;\">1. Introducing mandatory disclosure requirements to include:<\/span><br \/>\n<span style=\"font-size: 12pt;\">\u2022 a board statement setting out the board\u2019s consideration of ESG matters;<\/span><br \/>\n<span style=\"font-size: 12pt;\">\u2022 application of Reporting Principles \u201cmateriality\u201d, \u201cquantitative\u201d and \u201cconsistency\u201d; and<\/span><br \/>\n<span style=\"font-size: 12pt;\">\u2022 explanation of reporting boundaries of ESG reports;<\/span><br \/>\n<span style=\"font-size: 12pt;\">2. Requiring disclosure of significant climate-related issues which have impacted and may impact the issuer;<\/span><br \/>\n<span style=\"font-size: 12pt;\">3. Amending the \u201cEnvironmental\u201d key performance indicators (KPIs) to require disclosure of relevant targets;<\/span><br \/>\n<span style=\"font-size: 12pt;\">4. Upgrading the disclosure obligation of all \u201cSocial\u201d KPIs to \u201ccomply or explain\u201d; and<\/span><br \/>\n<span style=\"font-size: 12pt;\">5. Shortening the deadline for publication of ESG reports to within five months after the financial year-end.<\/span><\/p>\n<p>\n<span style=\"font-size: 12pt;\">David Graham, HKEX\u2019s Head of Listing, stated: \u201cWe 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\u2019s commitment to enhancing Hong Kong\u2019s 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.\u201d<\/span><\/p>\n<p>\n<span style=\"font-size: 12pt;\">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.<\/span><\/p>\n<p>\n<span style=\"font-size: 12pt;\">When an issuer is required to \u201ccomply or explain\u201d, only 3 per cent of such provisions were \u201cexplained\u201d. The high percentage of reports adopting the \u201ccomply\u201d option may suggest that issuers have not properly determined what is material to them, or that the \u201cexplain\u201d option is believed to be a less-preferable option. Issuers are reminded that if a \u201ccomply or explain\u201d provision is immaterial to them, then an explanation to that effect may well be appropriate. \u201cExplanation\u201d is not a less preferred or secondary option.<\/span><\/p>\n<p>\n<span style=\"font-size: 12pt;\">The <a href=\"https:\/\/www.hkex.com.hk\/-\/media\/HKEX-Market\/News\/Market-Consultations\/2016-Present\/May-2019-Review-of-ESG-Guide\/Conclusions-(December-2019)\/cp201905cc.pdf?la=en\">ESG Consultation Conclusions<\/a>, <a href=\"https:\/\/www.hkex.com.hk\/News\/Market-Consultations\/2016-to-Present\/Responses_December_2019?sc_lang=en\">respondents\u2019 submissions<\/a>, <a href=\"https:\/\/en-rules.hkex.com.hk\/node\/2\">amendments to the Main Board Listing Rules<\/a> and <a href=\"https:\/\/en-rules.hkex.com.hk\/node\/49\">amendments to the GEM Listing Rules<\/a> are available on the HKEX website.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hong Kong Exchanges and Clearing Limited (\u201cHKEX\u201d) published conclusions to its consultation on the \u2018Review of the Environmental, Social and Governance (\u201cESG\u201d) Reporting Guide (\u201cESG Guide\u201d) and Related Listing Rules\u2019 (ESG Consultation Conclusions) in December. Key changes to the ESG Guide and related Listing Rules include: 1. Introducing mandatory disclosure requirements to include: \u2022 a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3992,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[29],"tags":[],"class_list":["post-3991","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-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 Publishes ESG Guide Consultation Conclusions - ESG Reporting and Carbon Advisory in Hong Kong<\/title>\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\/hkex-publishes-esg-guide-consultation-conclusions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"HKEX Publishes ESG Guide Consultation Conclusions - ESG Reporting and Carbon Advisory in Hong Kong\" \/>\n<meta property=\"og:description\" content=\"Hong Kong Exchanges and Clearing Limited (\u201cHKEX\u201d) published conclusions to its consultation on the \u2018Review of the Environmental, Social and Governance (\u201cESG\u201d) Reporting Guide (\u201cESG Guide\u201d) and Related Listing Rules\u2019 (ESG Consultation Conclusions) in December. 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