The Report analysed the disclosures made by 400 randomly selected issuers across industry sectors. Some key points are outlined below :

1) Non-compliance
Issuers did not give considered reasons for non-disclosure in relation to an Aspect. Non-compliance without giving considered reasons amounts to a breach of the Listing Rule.
2) Information on compliance with Laws and Regulations
Issuers should specify the relevant Laws and Regulations and ways in which the issuer has ensured compliance.
3) Board involvement is essential
All issuers should establish an ESG working group that reports to the board, with clear terms of reference.
4) Reporting Principles should be applied with no exception
For example, the Materiality principle entails detailed disclosure of the process of determining material topics. In our view, issuers are required to be more clear and specific in terms of :
  1. Listing out the laws and regulations that have a significant impact to the business
  2. Disclosing concrete initiatives to ensure compliance to the above laws and regulations, rather than just saying “We have complied with all relevant laws and regulations.”
  3. Providing considered reasons for non-disclosure aspects
Click here to read the full report.
Share This