可持续信披“教科书”：三大交易所发布指导文件

Core Insights - The report discusses the release of the "Guidelines for the Preparation of Sustainable Development Reports" by the Shanghai, Shenzhen, and Beijing Stock Exchanges, aimed at enhancing the quality of ESG disclosures among listed companies in China [1][7][41] - The guidelines provide a comprehensive framework for companies to follow, including general requirements, methods for identifying and analyzing material issues, and specific disclosure requirements related to climate change [2][8][37] Summary by Sections General Requirements and Disclosure Framework - The guidelines outline the general requirements for sustainable development reports, emphasizing the need for accurate, complete, and truthful information to avoid legal liabilities [8] - Companies are encouraged to adopt a unified report format, with the title "Sustainable Development Report" or "Environmental, Social, and Governance Report," and to publish these reports within four months after the end of each fiscal year [8][34] Identification and Analysis of Material Issues - The guidelines categorize 21 material issues across environmental, social, and governance dimensions, requiring companies to assess these issues based on "financial materiality" and "impact materiality" [9][33] - Companies must follow a structured process for identifying and reporting on these issues, which includes understanding their business context and stakeholder expectations [9][33] Disclosure Requirements and Examples - The guidelines specify four key elements for sustainable information disclosure: governance structure, strategic objectives, risk and opportunity management, and performance indicators [13][20] - Companies are advised to establish a governance framework for ESG, including a dedicated ESG management committee and clear reporting mechanisms [13][20] Climate Change Focus - The guidelines prioritize climate change issues, aligning with international frameworks such as TCFD and ISSB, and provide specific methods for assessing climate-related risks and opportunities [2][37] - Companies are encouraged to develop greenhouse gas emission accounting mechanisms and to integrate climate considerations into their strategic planning [22][37] Systematic Advancement and Future Outlook - The report indicates that the current regulatory framework consists of basic business rules, self-regulatory guidelines, and action plans, with the guidelines serving as a practical reference for companies [38][41] - The exchanges aim to create a comprehensive disclosure system that covers all critical topics, enhancing the overall ESG governance capabilities of listed companies [41]