上市公司ESG信息强制性披露:制度优势、法理基础与实现路径

Mandatory ESG Information Disclosure of Public Companies:Institutional Advantages,Legal Basis and Implementation Path

随着ESG投资的兴起,上市公司ESG信息应否强制性披露成为全球主要资本市场的重要议题。ESG信息强制性披露有降低信息成本和提高信息质量的制度优势,但我国选择该模式并将其制度化的法理基础及实现路径还有待探讨。社会系统论视角下风险规制的需要和证券法中信息“重大性”标准的适用可成为ESG信息强制性披露的正当性基础。ESG信息强制性披露制度的构建,可在将重要ESG信息解释为证券法框架下重大信息的基础上,通过证监会制定基本原则、证券交易所设计具体规则形成结构化披露规则体系;宜区分以满足投资者决策需要为中心的ESG理念和以关照利益相关者诉求为核心的公司社会责任理念,分两步建立ESG信息披露框架和标准;充分考虑上市公司合规成本,推行渐进式实现方案。

With the rise of ESG investment,whether ESG information of public companies should be mandatory disclosure has become an important issue for major global capital markets.Although mandatory disclosure of ESG information has institutional advantages in reducing information costs and improving information quality,the legal basis and possible implementation paths for China to choose and institutionalize this model still need to be explored.The need for risk regulations from the perspective of social system theory and the application of the materiality standard in securities law are the reasons for the legitimacy of mandatory disclosure of ESG information.The construction of a mandatory disclosure system for ESG information can be based on interpreting important ESG information as significant informatioon under the securities law framework,and forming a structured disclosure rule system through the formulation of basic principles by the China Securities Regulatory Commission and the design of specific rules by the securities exchange;it is advisable to distinguish between the ESG concept centered on meeting investor decision-making needs and the corporate social responsibility concept centered on caring for stakeholder demands,and establish an ESG information disclosure framework and standards in two steps;the compliance costs of public companies and implementation of a gradual implementation plan are supposed to be fully considered.