2024年度A股上市公司环境、社会和公司治理(ESG)实践深度研究白皮书

Core Insights - In 2024, ESG has become a core issue for the high-quality development of A-share listed companies, driven by global sustainable development agendas and strengthened regulatory policies [1][13] - A total of 5,370 A-share companies and 2,462 sustainability reports were analyzed, revealing significant policy-driven ESG practices, gradual deepening of practices, but uneven development across sectors [1][2] Policy Landscape - Domestic ESG policies are entering a systematic construction phase, with a coordinated approach from national top-level design to local regulations, and mandatory sustainability information disclosure for some listed companies starting in 2026 [1][15] - International standards such as ISSB and GRI are becoming benchmarks for cross-border disclosures, providing compliance references for A-share companies [1][20] ESG Performance and Financial Correlation - There is a positive correlation between ESG performance and corporate profitability, with significant relationships observed between overall ESG scores, environmental scores, social scores, and governance scores with ROA and ROE [1][33] - Company governance scores have the most pronounced impact on profitability, indicating that effective governance can enhance financial performance [1][41] Strategic and Governance Framework - The proportion of A-share companies establishing ESG strategies is increasing, forming a four-tier structure, yet 82% of companies have not yet developed relevant strategies [2] - 34.84% of listed companies have established ESG management frameworks, with larger companies showing higher rates of framework establishment [2] Information Disclosure - The disclosure rate of sustainability reports among A-share companies reached 45.85%, a significant increase from the previous year, with larger companies exhibiting higher disclosure rates [2] - ESG reports are the predominant type of sustainability report, with exchange guidelines serving as the main reference standard, although the verification rate of reports remains low at 9.46% [2] Sectoral Practices - There are notable industry differences in ESG practices, with sectors like industrial and information technology excelling in supplier ESG assessments and green design [2] - Human resource management is gradually adopting DE&I principles, but the proportion of female employees remains below the national average, and higher-level participation in occupational health and safety management needs improvement [2] Sustainable Finance Development - The sustainable finance market is steadily developing, with green bonds continuing to play a central role, and ESG public funds and bank wealth management gradually becoming more standardized [3] - A-share companies are transitioning from compliance responses to strategic integration of ESG practices, necessitating ongoing efforts in improving disclosure quality, deepening practices, and achieving balanced industry development [3]