随着环境、社会及管治（ESG）持续进入主流视野，社会各界对ESG的重视程度也与日俱增，让我们在本文聚焦于ESG中的“G（管治）”。香港为最早落实上市公司ESG汇报的司法管辖区之一，相关的汇报要求也自2013年起持续完善更新。根据2020年7月发布的修订版《ESG报告指引》，改革重点落在董事会对ESG事宜的管治和监管。优化后的ESG披露框架引入了董事会参与及监管ESG事宜的强制汇报要求，以及就四个环境层面指标及八个社会层面指标的“不遵守就解释”披露要求，而当中每个层面涵盖（一）发行人的政策及/或法律法规的合规（如适用）的一般披露及（二）关键绩效指标。

ESG披露的常规情况

2022年11月25日，香港交易所发布《2022年环境、社会及管治常规情况审阅》（下称“《2022情况审阅》”），通过审阅就2021年6月30日、2021年12月31日和2022年3月31日的财政年度发布的400份ESG报告样本，留意到董事会对ESG事宜的监督和管理的披露取得明显的进步。但香港交易所同时提醒发行人须披露董事会如何监督其所设定的ESG相关目标及所设目标之进度，未能满足此要求将构成违反《上市规则》的行为。

香港交易所建议发行人披露监察及管理ESG事宜的相关流程、监控及程序的资料，其中可包括以下范畴的说明：

就特定的环境或社会方面而言，《2022情况审阅》强调气候披露、与气候相关财务披露小组(TCFD)[1]一致的气候汇报标准和采纳TCFD的建议，同时建议发行人优化就供应链风险管理和绿色采购惯例的披露。

董事会责任和对ESG事宜的监管

作为背景，根据优化后的《ESG报告指引》，所有上市发行人须在其年度ESG报告中载有董事会声明，以披露以下事项：董事会对ESG事宜的监管，董事会的ESG管理方针及策略（包括评估、优次排列及管理重大的ESG事宜），以及董事会如何按照ESG相关目标和指标检讨进度及就该等目标如何与发行人业务有关连作解释。ESG报告亦须披露公司如何衡量各ESG因素的重要性，表述任何持份者参与及所识别的重大持份者，及发行人的持份者参与的过程及结果。

作为企业管治的一部分及根据《上市规则》[2]，董事会对公司管治及运营负有共同责任。上述责任包括处理公司的ESG事宜及履行公司的披露责任。各公司监察ESG管理事宜的内部管治机制可有所不同，并无标准惯例。然而，根据《ESG报告指引》，上市公司须披露公司的ESG管治架构，让投资者和持份者评估公司对ESG事宜的承诺及努力及其ESG治理水平。

此外，正如香港交易所在2020年3月出版的《在ESG方面的领导角色和问责性——董事会及董事指南》中阐述，公司董事会须在以下各方面发挥主导角色及承担责任：

最近的企业管治审查和于2021年12月发布的更新版《企业管治守则》（下称“企业管治更新”）皆强调企业管治、ESG及董事会就有效管治的责任与监管ESG事宜之间的关系，目的为推动有效企业管治常规及ESG措施，避免其沦为“走过场”。在2022年1月1日或之后开始的财政年度，上市公司须在其发布年度报告的同时发布ESG报告。

持份者参与及与股东通讯

另一个关乎ESG管治的重点企业管治更新为对发行人的股东通讯政策和持份者参与的强制披露要求及年度审查。上述要求应涵盖股东就影响发行人的事项发表意见的渠道，为征求并理解股东和持份者的意见所采取的步骤以及年内已检讨股东通讯政策的实施和有效性（包括发行人如何得出有关结论）的说明。上述措施旨在引入有效的双向交流，让公司可主动向股东征求意见，以及与股东和其他持份者（包括雇员、顾客、供应商和投资者）合作，以缔造长远成功。另外，更新后的《企业管治守则》的条文也进一步要求发行人制定一套举报政策及系统，让持份者（如雇员、顾客、供应商）可暗中及以不具名方式向发行人的审核委员会（或任何由独立非执行董事占大多数的指定委员会）提出其对任何可能关于发行人的不当事宜的关注。

企业使命、价值观和可持续发展的长远战略

就强调企业管治与ESG的关系方面，企业管治更新订明：

值得留意的是，企业管治更新引入了一项新规定，通过引进有关企业策略、业务模式及文化的《企业管治守则》的新条文，要求董事会确保公司的文化与其目的、价值及策略一致，以向企业上下灌输，并不断加强“行事合符法律、道德及责任”的理念。企业文化可以理解为与公司实现其目标和取得长期成功的战略密不可分，且当企业文化与战略和领导保持契合时，可助公司推动长期目标和实现长期可持续发展。

作为企业管治和监察ESG风险和机遇的一部分，上市公司董事会应当确立并考虑企业使命、价值观、战略及文化。在此方面，虽然应对气候相关风险属政策上的优先事项及当务之急，但此举应被视为发行人的整体企业管治和管理ESG事宜的一部分，发行人仍须关注与其业务有重大关连的其他环境或社会层面。就风险管理与内部控制而言，企业管治更新同时强调董事会有责任就发行人的战略目标作出风险评估和确保发行人已采纳适当及有效的风险管理和内部控制系统，相关风险包括重大的ESG风险，以及对发行人的ESG绩效及汇报进行年度审查。

董事责任

鉴于对董事会就ESG事宜的责任有清晰的期望，上市公司的董事应充分意识到在这方面履行其董事责任的重要性。

香港《公司条例》（第622章）已将董事的法定谨慎责任进行规范，根据该条例，董事须以合理水平的谨慎、技巧及努力行事。合理水平的谨慎、技巧及努力，指任何合理努力并具备以下条件的人在行事时会有的谨慎、技巧以及努力：(a) 可合理预期任何人在执行有关董事就有关公司所执行的职能时会具备的一般知识、技巧以及经验；以及 (b) 该董事本身具备的一般知识、技巧以及经验。

公司注册处也发布了《董事责任指引》，当中根据案例及法例概述了董事责任的基本原则。香港公司的所有董事均应阅读该指引，而该指引可从公司注册处、香港交易及结算所有限公司、证券及期货事务监察委员会、破产管理处及香港金融管理局的网站查阅。在上述指引所涵盖的原则中，“原则一”指出董事有责任真诚地以公司的整体利益为前提行事，而“原则二”指出董事有责任为公司成员的整体利益并为适当目的使用权力。这些原则规定要求公司董事真诚地以公司的利益为前提行事，即董事有责任为现时及未来股东的利益行事。再者，董事在履行此项责任时，必须（在切实可行对的范围内）考虑到达致的结果须对公司的各成员公平，以及在行使董事权力的基本或主要目的须为公司利益。

如上所述，就上市公司而言，更新版本的《企业管治守则》聚焦董事会的有效管治和监察ESG事宜的责任，及进一步表明整个董事会的所有董事均应专注于为股东创造长期的可持续增长和向所有持份者提供长期价值，以及表明有效的企业治理架构可让发行人更好地了解、评估及管理风险和机遇，包括环境和社会层面的风险和机遇。

除上市公司外，《公司条例》亦强制要求在香港的所有注册公司（获豁免者除外）准备一份年度董事报告，当中“须载有对成员了解公司的事务状况而言是事关重要的任何其他事宜；及董事认为，披露该事宜的详情并不会损及公司的业务。”董事报告须载有业务审视的部分，其中包括对公司面对的主要风险及不明朗因素的描述，在该财政年度终结后发生的、对公司有影响的重大事件的详情；及公司业务相当可能有的未来发展的揭示。此外，业务审视亦须包含在对了解公司业务的发展、表现或状况属必需的范围内的以下事项：

虽然符合某特定准则的公司可符合资格拟备简明报告，并获豁免上述拟备业务审视的要求（如收益或资产水平低于某门槛的私人公司），但上述要求普遍适用于公众公司。无论如何，《公司条例》下的规定为香港公司的董事就考虑适当的管理方向时纳入企业经营活动中的商业风险（包括环境及社会因素）提供了可靠的参考基准。对于规模较小的公司而言，建立健全的管制架构，为企业的成长和组织的使命、价值观及战略打好基础则属有备无患及未雨绸缪之举。

In the continuing “mainstreaming” of the importance of corporate environmental, social and governance (ESG) performance, let us focus on “G” as we start the new year. Hong Kong is one of the earliest jurisdictions to have introduced ESG reporting of listed companies, and the requirements have undergone several rounds of updates since the first iteration in 2013. Under the revised ESG Reporting Guide issued in July 2020, a key enhancement is the focus on board governance and oversight of ESG issues. The enhanced ESG disclosure framework requires mandatory reporting on the board’s engagement and oversight on ESG matters and “comply or explain” disclosure on four environmental aspects and eight social aspects; and in relation to each aspect to cover (a) general disclosures on the issuer’s policies and/or compliance with laws and regulations (as applicable), and (b) key performance indicators (KPIs).

ESG Practice Disclosure 

On 25 November 2022, Hong Kong Stock Exchange published its “2022 Analysis of ESG Practice Disclosure”(2022 Analysis), which observed significant improvement in disclosures on board oversight and management of ESG issues, from a review of 400 sample ESG reports published for the financial year ended 30 June 2021, 31 December 2021 and 31 March 2022. However, issuers are reminded of the requirement to also disclose how the board monitors the progress of ESG-related goals and targets set, and that failure to comply with this requirement would constitute a breach of the Listing Rules.

Issuers are recommended to disclose information on the relevant processes, controls and procedures used to monitor and manage ESG matters, which may involve elaboration on:

On specific environmental or social aspects, the 2022 Analysis emphasises climate disclosures, TCFD[1]-aligned climate reporting and adoption of TCFD recommendations, whereas issuers are recommended to enhance disclosures on supply chain risk management and green procurement practices.

Board responsibility and oversight on ESG issues

As background, under the enhanced ESG Reporting Guide, all listed issuers are required to include in the annual ESG report a mandatory statement on the board’s oversight of ESG issues, the board’s ESG management approach and strategy, including the process to evaluate, prioritise and manage material ESG issues, and how the board reviews progress made against ESG-related goals and targets and how these relate to the issuer’s businesses. The ESG Report must also disclose how the company addresses materiality in ESG factors, and describe any stakeholder engagement and the significant stakeholders identified, and the process and results of the issuer’s stakeholder engagement.

As a matter of corporate governance and according to the Listing Rules[2], the board of directors is collectively responsible for the management and operations of the company. This would include the responsibility to address ESG issues and to discharge disclosure obligations of the company. A company’s internal governance mechanism to supervise management of ESG issues may vary and there is no standard practice. However, under the ESG Reporting Guide, a listed company is required to disclose the company’s ESG governance structure to allow investors and stakeholders to assess the company’s commitment to and effort in ESG matters and the quality of its ESG governance.

Further, as elaborated in the “Leadership Role and Accountability in ESG – Guide for Board and Directors” published by HKEX in March 2020, the board of directors of a company should take leadership over and accountability in:

Pursuant to the most recent corporate governance review and the updated Corporate Governance Code published in December 2021(CG Update), the linkage between corporate governance and ESG and the responsibility of the board for effective governance and oversight of ESG matters were emphasised, with the stated intention to drive effective corporate governance practices and ESG measures beyond a box-ticking exercise. With effect from financial year commencing on or after 1 January 2022, listed companies are required to publish ESG reports at the same time as the publication of the annual reports.

Stakeholder engagement and communicating with shareholders

Another key CG Update relevant to ESG governance is the new mandatory disclosure and annual review of the issuer’s shareholders’ communication policy and stakeholder engagement. This should cover the channels for shareholders to communicate their views on matters affecting the issuer, steps taken to solicit and understand the views of shareholders and stakeholders, and a statement of the issuer’s review of the implementation and effectiveness of the shareholders’ communication policy conducted within the year (including how it arrives at the conclusion). The intention is to introduce effective two-way communication for companies to actively solicit feedback from shareholders, and engage with shareholders and other stakeholders (including employees, customers, suppliers and investors) to achieve long-term success. There is also an upgrade to Code Provision requiring issuers to establish a whistleblowing policy and system for stakeholders (employees, customers, suppliers) to raise concerns in confidence and anonymity with the audit committee of the issuer (or any designated committee comprising a majority of the independent non-executive directors) about possible improprieties in any matter related to the issuer.  

Corporate purpose, values and strategy for long-term sustainability

In the emphasis on the link between corporate governance and ESG, the CG Update stipulates that:

Remarkably, the CG Update introduced a new requirement on the board to align the company’s culture with its purpose, values and strategy, as a new Code Provision on corporate strategy, business model and culture, to instil and continually reinforce across the organisation values of acting lawfully, ethically and responsibly. Culture is explained as intertwined with the purpose the company seeks to achieve and the strategy to deliver long-term success, and when aligned with strategy and leadership, drive shared purpose and long-term sustainability.

Board directors of listed companies are therefore expected to establish and take into account corporate purpose, values, strategy and culture as part of corporate governance and oversight on ESG risks and opportunities. In this regard, while addressing climate-related risks are policy priorities and considered urgent, this should be regarded as one part of an issuer’s overall corporate governance and management of ESG issues, along with other environmental or social aspects that are material to the issuer’s businesses. On risk management and internal control, the CG Update also highlights that the board is responsible for evaluating risks in achieving the issuer’s strategic objectives and ensuring appropriate and effective risk management and internal control systems, and such risks include material ESG risks, as well as annual review of the issuer’s ESG performance and reporting. 

Directors’ duties

With such clear expectation on board responsibility on ESG issues, directors of listed companies should be mindful of the discharge of directors’ duties in this regard.

Under the Hong Kong Companies Ordinance (Cap. 622) which has codified the statutory duty of care of directors, a director must exercise reasonable care, skill and diligence, which is defined to mean the care, skill and diligence that would be exercised by a reasonably diligent person with: (a) the general knowledge, skill and experience that may reasonably be expected of a person carrying out the functions carried out by the director in relation to the company; and (b) the general knowledge, skill and experience that the director has.

The Hong Kong Companies Registry (CR) has published “A Guide on Directors’ Duties” which outlines the general principles of directors’ duties based on case law and statute. All directors of Hong Kong companies are advised to read the Guide, which is made accessible from the CR, the Hong Kong Exchanges and Clearing Limited (HKEx), the Securities & Futures Commission (SFC), the Official Receiver’s Office and the Hong Kong Monetary Authority (HKMA). Among the principles covered in the said Guide, “Principle 1” states the duty to act in good faith for the benefit of the company as a whole, and “Principle 2” refers to the duty to use powers for a proper purpose for the benefit of members as a whole. These are elaborated to require a director of a company to act in good faith in the best interests of the company, meaning that a director owes a duty to act in the interests of all its shareholders, present and future. Further, in carrying out this duty, a director must (as far as practicable) have regard to the need to achieve outcomes that are fair as between its members, and that the primary and substantial purpose of the exercise of a director’s powers must be for the benefit of the company.

As noted above, for listed companies the updated Corporate Governance Code emphasises the responsibility of the board for effective governance and oversight of ESG matters, and further states that the entire board should focus on creating long-term sustainable growth for shareholders and delivering long-term values to all stakeholders, and that an effective corporate governance structure is to allow issuers to have a better understanding of, evaluate and manage risks and opportunities including environmental and social risks and opportunities.

Other than listed companies, the Companies Ordinance mandates all registered companies in Hong Kong (unless exempted) to prepare an annual directors’ report which, among other requirements, “must contain particulars of any other matter that is material for the members’ appreciation of the state of the company’s affairs and the disclosure of which will not, in the directors’ opinion, be harmful to the business of the company”. The directors’ report should contain a business review section which includes a description of the principal risks and uncertainties facing the company, particulars of important events affecting the company that have occurred in the financial year and an indication of likely future development in the company’s business. Further, the business review must include, to the extent necessary for an understanding of the development, performance or position of the company’s business:

While companies that meet certain specified criteria may qualify for simplified reporting and be exempted from the said requirement for business review (for example, private companies of a revenue or asset levels below certain thresholds), the requirements are generally applicable to public companies. In any case, such requirements of the Companies Ordinance provide a solid reference for directors of Hong Kong companies in considering appropriate management approach to take into account business risks including environmental and social factors in corporate business activities. For smaller companies, it is perhaps never too early to establish solid governance structure as foundation for growth and organisational purpose, values and strategy.