Hong Kong Exchanges and Clearing Ltd is likely to upgrade key aspects of environmental, social and governance (ESG) disclosure to 'comply or explain’ status within the next 12 months. Ivan Tong, Richard Chou and Brian Ho at Ernst & Young, give some advice on how to disclose and manage ESG performance successfully.

Environmental, social and governance (ESG) factors have been gaining importance in the business environment in response to increasing stakeholder pressure – coming from governments, regulators, investors and consumers – for accountability and transparency of businesses in ESG matters. In response to this global trend, Hong Kong Exchanges and Clearing Ltd (HKEx) published its ESG Reporting Guide as one of the appendices to the main board listing rules in 2012. HKEx has very recently published a consultation paper on proposed changes to the guide, proposing the compliance to part of the guide to become a 'comply or explain’ obligation for all listed companies in Hong Kong. This article aims to explain the rationale for disclosing your ESG performance, introduce the key ESG aspects for business and identify the steps required for your company to prepare a compliant ESG report

ESG 101

You may get confused by terms like 'corporate social responsibility’, 'corporate sustainability’, 'corporate responsibility’, 'corporate citizenship’, and so on. They are very commonly used and, very often, they are interchangeable with what we refer to as 'ESG’ here. In short, it is the management of operational, non-financial risks of a business so as to achieve sustainable development. Corporate risks traditionally cover economic, technological and political risks. They are well monitored by the risk management functions of most companies. Yet, corporate risks become more diverse as the influence of stakeholders, namely employees, regulators, suppliers, mass media, opinion leaders and local communities, intensifies in the emerging global landscape. Businesses can no longer please only their investors and customers, they need to consider the stakeholders mentioned above. ESG risks often arise from the changing business-stakeholder relationship, the market environment and exposure to sophisticated social networks. Most companies find it difficult to understand ESG risks and manage them effectively. However, we observe frequently that businesses which ignore this issue suffer losses or are forced to reform under stakeholder pressure. Many businesses still think of ESG as a liability, or they confuse it with corporate philanthropy and 'paying back the community’. Such a mindset undermines the true value of ESG management.

Stakeholder pressure as a driver for ESG disclosure and management

ESG issues are on managers’ radar because stakeholders nowadays are more empowered. Businesses must disclose and manage their ESG performance properly. Authorities and regulators, who work in the public interest, are pressing businesses to be more transparent in how their operational activities may impact the public. According to a study by Ernst & Young (EY), by 2012, governments or stock exchanges of 33 territories had mandated or encouraged local enterprises to disclose their ESG performance. In China, all state-owned enterprises (SOEs) had published their ESG reports according to the instructions of the State-Owned Assets Supervision and Administration Commission of the State Council. The Shanghai Stock Exchange and Shenzhen Stock Exchange had published their respective ESG reporting guidelines for their listed companies. These were followed by the publication of the HKEx ESG Reporting Guide in 2012. Investors are a major stakeholder. More and more investors recognise the correlation between ESG performance and the long-term prosperity of a venture. More investors, especially those who seek for long-term value, like pension and sovereign funds, are integrating ESG performance considerations into their investment decision making process. This approach is justified because ESG risks that are not identified and managed result in external costs, implying that the company may be overvalued. On the other hand, businesses with better ESG management in place are more efficient, enjoy greater productivity, are better able to innovate and have better internal controls. To ensure they are well-informed before putting in money, investors demand ESG performance disclosure. Inaugurated in 2006, the United Nations Principles of Responsible Investment (UNPRI) offer a set of voluntary standards. The standard seeks to ensure that investors are informed about the ESG performance of businesses before investing and drive the continuous improvement of the business’ ESG performance. According to recent UNPRI statistics, to date there are more than 1,200 institutional investors who have signed the UNPRI. These signatories are managing an AUM of 34 trillion USD, or 15% of global investible assets. Customers or consumers can exert their influence through the market. Market shares are damaged due to corporate scandals like food safety scandals in food processing or food and beverages industries. But consumers increasingly vote for products and services with good quality and businesses with a responsible brand image. This is especially true if your industry is subject to fierce competition, with ever-increasing customer bargaining power. In the European and US markets, for instance, customers joined hands to request businesses to enhance their environmental policies and deliver products and services with a reduced environmental footprint. Global supply chains are also affected as downstream customers are requiring their suppliers to follow their ESG standards. Civil society has also been empowered as a corporate watchdog. Over the years, opinion leaders have been rallying civil actions to fight against global challenges like climate change and pollution. This has raised general awareness about how businesses can be part of the solution, or part of the problem. With the leverage of social media and pressure groups such as green groups and labour groups, have become more tactical in their advocacy against businesses. Businesses have to respond if pressure groups put their irresponsible acts under the spotlight. It is better if businesses disclose their ESG management status themselves, in a controlled manner, rather than have pressure groups do that for them.

Key ESG aspects

The ESG risks of a business will vary greatly based on the nature and location of the business. ISO 26000, the corporate social responsibility guideline, has outlined the key ESG aspects that apply to a wide range of businesses. This framework serves as a basis for businesses to develop their ESG strategies. The graphic (opposite) shows these key aspects of ESG.

1. Corporate governance

How the board and the management team approach the governance of ESG issues is the key factor for a successful ESG strategy. This covers how the ESG governance bodies are structured, for example, who is in charge of ESG risk management in the organisation and the authority he or she has. It could also be of interest to stakeholders to know whether the remuneration of board members and senior managers is linked to the ESG performance of the company.

2. Environmental protection

The wellbeing of nature and mankind is closely linked. All businesses, to a certain extent, have an impact on the natural environment. It is an obvious responsibility of businesses to understand their potential environmental impact and to adopt mitigation measures. Common topics of this aspect include: carbon emissions, climate change mitigation, pollution prevention, sustainable use of resources and the protection of natural habitats.

3. Labour and workplace

Companies rely on their labour force to create financial value. Employees, on the other hand, are dependent on their employers for their earnings. Common topics of this aspect include: labour relations, working conditions and social protection.

4. Human rights

Companies run the risk of violating human rights in various parts of their value chain. According to The Universal Declaration of Human Rights, human rights can be categorised as citizenship, political, economic, social and cultural rights. For companies, human rights violations may take the form of the use of child labour or forced labour in the supply chain, impacts on the livelihood of indigenous residents due to land development and workplace discrimination. Marketing promotion might also involve various forms of discrimination. Companies should have an effective management system in place to mitigate such risks.

5. Consumer rights

Consumers expect companies to provide sufficient and accurate information for them to make purchasing decisions. Companies should not only address the expectations of their direct customers, but also those of the end users. Consumer rights aspects may include: fair marketing, health and safety protection, sustainable consumption, dispute resolution, data and privacy protection.

6. Ethical operating practices

When companies build business relationships with organisations or individuals, they need to guard against unethical business practices such as corruption, unfair competition and collective pricing. Stakeholders expect companies and their suppliers to abide by socially responsible behaviour and to respect intellectual property rights.

7. Community involvement and development

This aspect goes well beyond philanthropic initiatives and is much more about community involvement. Companies can leverage their resources and networks to improve the living standards of their neighbouring communities. With innovative strategies, businesses can also benefit from community investment.

The ESG management and disclosure cycle

The guidelines published by the Global Reporting Initiative (GRI) are the most widely referenced ESG reporting guidelines worldwide. Many local reporting guidelines are based on the GRI guidelines, including the HKEx's ESG Reporting Guide. GRI emphasises the importance of setting up the necessary governance structures and cyclical disclosure processes (see graphic opposite). Once the process is in place, the reporting organisation will have a good idea about which ESG aspects it should manage, and can evaluate respective performances in a systematic manner. As a start, setting up an ESG governance body that is led by senior management or directors ensures the company has the necessary resources allocated to ESG disclosures. This body should also be assigning roles to different departments, setting ESG management goals and initiating programmes. The board's support is also crucial for making sure that the sustainability message is spread throughout the organisation. Board committees dedicated to this area have been observed in many Western-based multinational corporations. What we observe from companies in this part of the world is that the audit committee usually takes the lead in bringing the ESG topic to the boardroom. Departments such as the company secretarial, investor relations or corporate communications department are commonly assigned to ead ESG disclosure at a working level. Companies that have better experience with ESG management tend to establish their own sustainability departments. Once the necessary institutions have been set up, management can define the reporting boundary based on the organisation's sphere of influence. 'Sphere of influence' refers to the organisations or individuals who are directly or indirectly affected by the operational activities of the companies. Bear in mind that they may pose various risks to the company and, in this sense, defining the scope of the ESG report is based on the identification of sources of ESG risk. It is particularly challenging for conglomerates and investment holding companies to define their sphere of influence. For conglomerates, their operations may cover a few industries in different parts of the world. Consequently, their sphere of influence is vast and there is a good chance they might miss out on some material impacts. Investment holding companies may have an even less defined boundary because of the diversity of their investments. After defining your sphere of influence, you will then need to define the material ESG aspects that you will be managing, disclosing and evaluating from now on through a logical materiality analysis process. In short, ESG aspects that are deemed important to your stakeholders and are relevant to your business development are those you should disclose. This implies that you need to identify your stakeholders and talk to them so as to learn about the environmental and social impacts of your organisation relevant to them. Under each ESG aspect considered material, respective key performance indicators (KPIs) are designated. The KPIs designated should be relevant to the business, fairly comparable throughout an extended period of time and comparable with other similar organisations. Of course, the need to disclose KPIs will mean that you will need to know where your data will be coming from within your organisation. Very likely, this is where first-time reporters hit a hard wall because this process involves different departments within the organisation and the collection of ESG data is a new thing for them. As many parties are going to be involved, you may not get the expected results even where you are backed up by your senior managers. The key is to provide clear instructions and offer instant support if any of your colleagues encounter difficulties. Data collection manuals and spreadsheet tools can be prepared to help different departments submit the information regularly. The graphic (above) illustrates how carbon footprint data can be consolidated for reporting. If you are confident that the data and information you obtain is accurate and complete, you can start putting together your ESG report. In order to enhance the credibility of the report content and the data presented, some companies seek for independent assurance by a third party. The assurer would give an opinion that the ESG report is prepared based on appropriate processes in defining the report content and managing data. It is common for companies in Mainland China and Japan to attach a third party 'comment’ to the report. Once the content is assured, the management can be confident about the data disclosed and make use of the data to inform ESG management decisions. Also, as the company's ESG risks are disclosed in the ESG report, investors can take the report into account when making investment decisions. It is important for the management team to set specific goals to ensure improvement takes place. Stakeholders can also provide feedback to the management on how the company can perform better. This feedback helps to define the scope of the report in the next reporting cycle.

Conclusion

Disclosing ESG performance is a global trend and will increasingly become a survival issue for companies. ESG disclosure is only a means to an end, once you start reporting you begin the process of continually improving your ESG performance and responding to the demands of stakeholders through appropriate sustainability programmes. Ivan Tong, Richard Chou and Brian Ho Climate Change and Sustainability Services, Ernst & Young The views reflected in this article are the views of the authors and do not necessarily reflect the views of the global EY organisation or its member firms.  

香港联合交易所计划于12个月内对《环 境、社会及治理报告指引》的主要披露要 求提升为不遵守就解释。安永的唐嘉欣、 侴景垚和何智权就如何有效地披露ESG信 息和管理ESG表现提供意見。

近年来，环境、社会及治 理 ( Env ironment , S o cial and Governance,，简称ESG；香港一般称「治 理」为「管治」) 是一个新兴的话题， 不管是政府、监管机构、投资者及消费 者都在这概念上对企业提出了不同的要 求，希望企业在经营过程中披露与ESG 相关信息，以及提升自身表现。香港联 合交易所亦在2012年出台了《环境、社 会及管治报告指引》，并在刚过去的七 月开展了有关建议修订《环境、社会及 管治报告指引》的谘询，以建议将此指 引大部分条文的责任要求提升为不遵守 就解释 (comply or explain)。这代表着上 市公司必须为将来在ESG信息上的披露 作好准备，提升自身的透明度。本文希 望通过描述国际上ESG发展的方向以及 ESG的内容，向读者简单解释ESG信息披 露的要求和情况。

ESG的基本理念

ESG和有些字词类似，例如企业社会责 任 (Corporate Social Responsibility)、 企业可持续发展 ( C o r p o r a t e Sustainability)、企业责任 (Corporate Responsibility)及企业公民 (Corporate Citizenship)等，它的着重点在于企业如 何在经营过程中管理好非财务风险，达 到自身的可持续发展。 企业传统的三大类风险管理，即经济、 技术和政治，这些风险管理模块通常已 纳入企业的常规管理当中。但由于企业 经营模式的转变导致了市场力量的变 化，企业需要满足的不只是消费者和传 统的投资者，而且还包括愈来愈重要的 利益关联方群体，例如社区、员工、政 府、供货商、非政府组织甚至媒体。这 些与新的市场环境和企业网络化经营相 关的风险，我们可称之为“ESG风险”。 在大部分企业中，ESG风险既不容易被 理解，也不存在有效的管理。这些社会 风险在环保、人权、劳工标准、环境标 准和可持续发展等领域的存在尤为显 著。在大部分情况下，ESG风险就是不同的利益关联方通过识别到易损性从而 施加压力，令企业做出行为上的改变。 现在很多人都认为ESG是一种企业账， 履行企业社会责任就是去做公益活动， 但这种认知会令企业对ESG的价值减 低。一个企业在运作过程中，首先会和 客户、政府、竞争者以及其他利益关联 方接触，去平衡各方的利益；其次是企 业自身在运作过程中要注重内部的结构 优化以及外部环境的保护，最终达到经 济、环境、社会的平衡以及企业和社会 的可持续发展。实现这个可持续发展的 过程其实就是履行社会责任的过程。

企业面对来自多方的ESG要求

由于诸多利益关联方的压力，使得ESG信息披露和管理成为企业必须认真面 对、妥善处理的议题。ESG信息披露可 以说是由几方面的压力而造成： 首先是政府和监管机构的要求。由于 社会对于企业的定位和期望有所改 变，希望企业在经营过程中履行社会 责任，故此政府和监管机构正在要求 和鼓励企业在ESG上提升自身的透明 度。根据安永的研究，截至2012年， 33个国家的政府或证券交易所要求或 鼓励企业进行某种程度的ESG信息披 露，其中包括大部分欧洲国家、美 国、日本、新加坡、马来亚西等。而 在我国，在国资委的指引下，所有央 企都必须发布社会责任报告，故此截至2012 年底，所有央企都已发布企业 社会责任报告；而上海证券交易所和深 圳证券交易所都已经在2009年前发布 相关的指引，对上市公司社会责任报告 的发布提出了要求。这亦是香港联交所 2012年正式发布ESG报告指引的动机， 希望通过指引鼓励所有香港上市公司从 2012年12月31日之后的财政年度起自 愿通过报告或其他方式披露ESG信息。 其次是资本市场对企业期望的转变。 愈来愈多投资者发现企业的CSR绩效 与其财务表现的稳定性具有一定关 联，尤其是在欧洲和美国，责任投资 概念的兴起令更多投资者在关注传统 的财务指标之外，以环境、社会及治 理表现为基础，评价并选择企业进行 投资。投资者视非财务信息为评估企 业将面对风险的重要指标，他们认为 拥有良好ESG管理的企业往往会更有效 率，具更强的生产力及创新能力，以 及更良好的内控水平。联合国于2006 年正式颁布了“责任投资原则”，一 组给投资者采用的自愿性标准，将特 定投资组合中与投资表现相关的ESG 因素纳入考虑范围中，它鼓励投资者 初始投资时，不仅要分析传统的风险 和机遇指标，而且要分析ESG元素。当 投资完成后，投资者成为推动企业及其管理层关注ESG风险和机遇的重要力 量。责任投资原则指出的ESG因素对一 家机构的投资过程的影响是动态的， 不论任何企业、行业、区域、资产类 别，ESG因素都会影响投资组合的表 现。根据责任投资原则的数据显示， 截至目前，全球共有超过1200家投资 机构已经签署了责任投资原则，他们 代表着超过34兆美元的资产管理，或 者说是全球可投资资产的15%。 我们亦不难看到，在欧美市场，责任 投资的资产总额在过去十年出现倍增 的情况（见下图）。因此，关注ESG 表现的投资者主要是追求长期回报的 投资者，例如退休金信托人、主权基 金、家族基金等。社会责任投资正在 成为新的投资理念，而具有社会/环境 效益的产品/服务正在成为投资重点， 如企业没有对ESG风险作识别及管理， 投资者或会认为企业价值被高估，因 为因ESG风险而产生的外部成本并未有 被考虑。 第三是社会及公众对企业的要求提 高。由于现在的社会及环境问题的突 出，例如气候变化、环境污染等问 题，促进公众对企业在ESG和可持续 发展上的意识有所提升，他们对于大型公司承担起责任有更高的期望，例 如企业如何协助解决社会和环境问题 等，而由于信息科技的发达，社会上 的压力团体如环保组织和劳工组织等 亦愈来愈专业和有针对性，他们通过 社会媒体将企业在社会责任上的丑闻 曝光，这样加强了对企业的监督，令 企业不得不回应他们的要求。 最后是客户及消费者可对企业的ESG表 现通过市场的力量进行监督。由于频 频出现的企业丑闻如食品安全等，消 费者对企业的产品和服务有着新的期 望，他们会选择一些具有负责任的形 象以及提供优质产品和服务的企业， 在面对愈来愈大的市场竞争的环境 中，消费者的「议价力」正在增加， 比如欧美消费者的环保意识提升，他 们会要求企业改变其环境政策，生产 更绿色环保的产品。故此消费者的要 求令责任供应链和绿色供应链的要求 成为新的贸易规则，企业为了满足市 场的要求从而提升在ESG上的表现和透 明度。由于以上种种原因，企业必须 认真面对、妥善处理自身在ESG表现和 信息披露上的情况。

国际间的ESG相关指引及内容

有读者会问“ESG的内容听起来很广，到底有没有一些通用的指引可以让企 业参考﹖”其实国际上对ESG、企业可 持续发展及企业社会责任等已经有相 关的通用框架可供企业参考，例如国 际标准化组织的ISO26000 社会责任指 引、全球报告倡议组织(GRI) 的可持续 发展报告指引，还有知名社会责任组 织Accountability的AA1000准则等，亦有 在联合国下的全球契约以及OECD多国 企业指导纲领。故此企业如有需要建 立ESG相关体系及信息披露，可以参考 以上的框架。当然如果读者是在香港 的上市公司的话，亦可以参考联交所 的ESG报告指引进行披露。 一般来说，ESG的管理包含了企业在经 营过程中不同层面的元素，这些元素 和外部利益关联方有着重大的关系。 笔者在这里列举一些例子，供各位读 者参考（见右图）。

ESG包含的元素

(一) 企业治理

董事会及管理团队如何看待社会责任 的治理，是企业是否能真正推行社会 责任策略的关键。包括社会责任治理 架构的组成，例如谁在企业内主管经 济、环境、社会风险治理的事务；他 的决策权限是否足够；他为何胜任这 个职务；董事会及管理团队的薪酬会 否和企业的经济、环境、社会绩效挂 钩等。

(二) 环境保护

大自然和人类生存和繁衍密不可分。 所有企业对自然环境均有不同程度 上的影响，企业应负起环境责任，了 解所有对环保的可能影响，并制定减 缓措施。一般企业在环保问题上需要 考虑的元素包括碳排放、气候变化应 对、污染防治、可持续的资源运用方 式及生态环境保护等。

(三) 劳动条件

企业依靠劳动力为其创造经济价值， 另一方面企业与员工的日常生活和生计息息相关。企业需要留意其决策对 员工的影响，了解员工的士气和业绩 的正面关系。需要关注的元素包括聘 雇关系、工作条件与社会保护、和员 工有持续的双向沟通途径、工作的健 康与安全及发展与培训等。

(四) 人权

企业的价值链的各个部分都有机会出 现违反人权的风险。人权按照《世界 人权宣言》，分为公民权与政治权， 以及经济、社会与文化的权利。企业 容易出现侵犯人权的情况包括供应链 中有童工工作或有强逼劳动的情况、 企业在发展土地上影响原居民的生 活、企业制度上员工受歧视、产品及 服务的设计令部分消费者受歧视、市 场推广上涉及歧视意识，以及企业或 供货商直接侵犯人权，企业需要防范 这些风险出现。

(五) 消费者权益

消费者在选购企业的产品和服务之 余，亦非常依赖企业公开与他们切身 相关的信息。企业不应只考虑直接付 费的客户，更应留意产品最终用户 的期望，例如公平的营销、信息与 契约、保护消费者的健康与安全、推 广可持续消费、消费者的服务、争端 处理、消费者的数据保护与隐私、以 及有责任给予消费者产品的健康、安 全、环保等信息等。

(六) 公平营运

企业在商业上和不同的机构或个人建 立关系，在处理这些商业关系的时 候，企业要留意是否有违反道德或公 平原则的风险，企业需要考虑的包括 反贪腐、公平竞争、防止集体定价行 为、促进价值链的社会责任、尊重知 识产权、为供货商提供ESG指引等。

(七) 社区参与及发展

慈善事业只是社区参与的一小部分。 企业有能力可以直接改善邻近社群的 生活。只要公益策略得宜，企业便可 透过社区投资直接获益，例如社区参 与去增强与社区互动、教育与文化、 创造就业机会及传授技术、创造本地 财富及收入以及改善健康状况等。

ESG如何披露及管理

ESG信息披露属于非财务披露，就是企 业在财务和治理的披露之外，亦会披露企业对环境及社会影响的定质及定 量信息；与财报不一样，ESG报告的主 要读者为利益关联方，故此企业需要 披露对广大利益关联方造成影响的信 息，例如营运对环境的影响等。 对于首次计划披露ESG信息的企业，笔 者建议进行ESG信息整理五部曲（见上 图）： 首先是管理层的支持和投入。这是建 立ESG信息披露和管理的大前提，国外 很多企业都已经在董事会层面设立相 关的可持续发展和社会责任委员会， 专门指导和监督企业在ESG上的表现， 这做法对很多在亚洲的企业来说比较 新，在一开始时亦比较困难，但如果 不设立的话，亦至少有个别董事或由 审核委员会负责将ESG日程提到企业的 营运中，令企业的前线人员了解企业 对ESG的重视和资源投入，其次是将 ESG的管理架构搭建，指定专门的部门(如公司秘书、投资关系或企业传播部 门) 负责ESG相关事宜，到架构成熟后 可专门建立ESG相关的部门。 其次是识别重大的ESG议题以及要量度 的KPI。包括业务边界定义，描述每个 相关议题（即潜在的实质性方面）的影 响范围。在设定边界时，企业应考虑企 业内和企业外的影响，而报告的主题的 边界因具体情况而异。其次是利益关联 方识别，包括企业要鉴定企业的营运对 哪些人造成直接或间接的影响，以及哪 些利益关联方有力量为企业的营运造成 直接或间接的影响? 一般的企业识别的 利益关联方包括雇员、客户、供货商、 投资者 / 银行、公众人士、政府以及环 保团体等。企业通过与利益关联方进行 对话，把他们的期望和要求进行整理， 并纳入ESG信息披露的具体计划中，以 预防相关的风险。最后是管理层重大性 议题判定，在完成前两部分后得出的重 大性议题列表，以及这些议题入选的 原因，管理层需要研讨其对这些议题的 理解，并分析这些议题是否属利益关 联方的合理要求，以及和企业战略是 否相关。 第三步是ESG信息的日常管理及数据收 集。当企业清楚了解自身需要披露的 ESG信息后，他们需要建立内控流程管 理，如果企业是第一年准备ESG报告的 话，企业内部需要评估各个重大议题 的管理现状，在总部层面明确相关ESG 议题所属的部门，并确定每个部门对 各个议题对应指标的管理范围，建立 ESG信息披露指标清单，评估和分析现 有相关管理体系（ISO9000、ISO14001 等），根据相关的披露要求，明确总 部各个部门在ESG方面的主要职能。企 业可根据自身情况建立相关的信息收 集手册和系统，让不同的部门定期递 交相关的信息，以碳排放数据为例， 右页的流程图说明收集和整理数据的 过程。 第四步是ESG报告的撰写及验证，负 责的相关部门在收集足够的数据后 可以根据自身的需求撰写报告，一般 来说企业会将ESG信息放在年度报告 中，或独立发布企业社会责任报告， 而发布时间亦与发布年报的时间大致 相同。有些企业为了提高报告内容和 所列数据的可信性，以及提高企业可 持续发展举措的认受性，他们会寻找 独立第三方对报告及其所含信息（无 论是定性还是定量信息）的质量发表 结论，第三方亦会对系统或流程（如 界定报告内容的流程，包括运用实质性原则或利益关联方参与）发表结 论，这可以使管理层更放心地参考已 鉴定的数据制定可持续发展政策，而 因ESG风险已经尽可能地被披露，责 任投资者可以放心为企业评价并作投 资决定，并可以让利益关联方认为企 业经已充分地在报告编写过程中咨询 利益关联方。 当这个流程完成后，ESG相关信息及报 告会提交给董事会作决策参考，并根 据发现的结果及差距提出改正意见， 就此建立一套完整的ESG管理体系。

总结：ESG信息披露是大潮流

  总括而言，无论从投资者的角度还是 社会的大环境，ESG披露已成为国际 趋势，它在商界中的地位日渐增加。 但读者需要谨慎的一点是：ESG披露 是一个工具，而不是一个目的，ESG 报告可以作为ESG管理的重要的第一 步。藉由向利益关联方公开ESG绩效 信息，企业能得知如何改善ESG表现 及响应利益关联方要求。企业透过利 益关联方的参与和内部讨论决定具实 质性的ESG议题，订立短、中、长期 目标加以监控管理，而良好的ESG报 告的认证可以大幅提高报告内容的可 信性及让报告更具权威性。如果您的 企业还没有发布ESG报告的话，笔者 建议可以根据此文尽早作好准备。 如对本文内容有兴趣或希望进一步探 讨，请联络我们。 唐嘉欣、侴景垚、何智权 安永 气候变化与可持续发展服务 (本文仅反映作者的个人见解，不一 定代表安永全球机构或其成员机构的 意见。)