证监会最新发声！坚定不移支持引导上市公司做好高质量的可持续披露

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is enhancing the sustainable disclosure system for listed companies, focusing on quality and relevance rather than merely increasing the number of disclosures [1][2]. Group 1: Sustainable Disclosure System - The CSRC is guiding the Shanghai, Shenzhen, and Beijing stock exchanges to develop mandatory guidelines for sustainable disclosure, marking the first systematic regulations in this area in China [1][2]. - The revised "Management Measures for Information Disclosure of Listed Companies" mandates that companies publish sustainable development reports according to exchange regulations, establishing a dual system of mandatory and reference guidelines [2][3]. Group 2: Disclosure Rate and Quality - In 2024, 1,869 listed companies disclosed sustainable reports, achieving an overall disclosure rate of 34.7%, an increase of approximately 10 percentage points from the previous two years [2][3]. - 99.3% of companies included quantitative indicators in their reports, with over 80% disclosing more than 25 indicators, indicating a trend towards more detailed and objective reporting [2][3]. Group 3: Governance and Focus Areas - 67.3% of companies have established governance structures for sustainability, and 63.9% disclosed strategic information, reflecting a shift from mere reporting to proactive governance [3]. - The introduction of guidelines has clarified the focus areas for companies, leading to increased attention on issues such as climate change and fair treatment of small and medium enterprises [3][4]. Group 4: ESG Ratings and Future Directions - By the end of last year, one-third of companies in the Shanghai and Shenzhen markets saw improvements in their MSCI ESG ratings, with the proportion of companies rated AAA or AA rising from 0% five years ago to 7.2% [3][4]. - The CSRC plans to continue supporting high-quality sustainable disclosures, emphasizing the importance of practical guidance and training for companies to enhance their sustainability awareness [4][5].