Mandatory ESG Information Disclosure of Public Companies:Institutional Advantages,Legal Basis and Implementation Path
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 in-formation 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 in-formation can be based on interpreting important ESG information as significant informatioon under the se-curities 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.
social system theoryclimate related riskssystemic risksmateriality standardcompliance cost
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