中国上市公司环境、社会责任及公司治理- IFC

Ru Ting Ting

中国上市公司环境、社会责任及公司治理 The ESG of China’s Listed Companies

中国证监会一直高度重视上市公司的社会责任和环境影响。2002年颁布的《上市公司治理准则》第八十六条要求“上市公司应关注所在社区的福利、环境保护、公益事业等问题，重视公司的社会责任”，对上市公司环境和社会责任实践提出了原则性要求。之后中国证监会逐步提高了对上市公司环境、社会责任的认识，在实践中对已上市公司加强相关的信息披露要求，对拟上市公司强化信息披露责任和中介机构的核查责任，严格执行环境、社会责任相关的法律法规。

China Securities Regulatory Commission (CSRC) has always been highly valuing the social responsibilities and environmental impact of listed companies. Article 86 of the Guiding Principles on Governing Listed Companies (“Guiding Principles”) promulgated in 2002 provides that “a listed company shall be concerned with the welfare, environmental protection and public welfare etc., of the community where it is located, and shall pay attention to the company's social responsibilities”, which sets fundamental requirements to the practice of listed companies’ environmental and social responsibilities. CSRC has gradually improved its commitment regarding the environmental and social responsibilities of listed companies after that. In practice, CSRC has enhanced requirements for the disclosure of relevant information for listed companies, strengthened information disclosure responsibilities and agencies’ verification responsibilities as to companies applying for listing, and strictly enforced laws and regulations relating to environmental and

social responsibilities. In the future, the CSRC will further improve the social responsibility information disclosure rules

一、提高上市公司社会责任

2005年修订的《公司法》首次从法律层面明确提出公司应承担社会责任。证监会要求重大社会安全企业在年报的董事会报告中披露相关信息，鼓励其他上市公司披露社会责任报告。深交所要求“深证100指数”公司披露社会责任报告，上交所对“上证公司治理板块”公司、境内外同时上市公司及金融类公司提出强制披露要求。当前交易所鼓励上市公司在社会责任报告中披露每股社会贡献值并聘请第三方验证公司履行社会责任的情况，鼓励社会中介机构对上市公司社会责任履行情况进行评价、编制上市公司社会责任指数。

利益相关者还可以从上市公司发布的《社会责任报告》中了解上市公司在保障职工权益、保护消费者权益、保障产品质量、保护自然环境、从事社会公益事业等方面所采取的措施。上市公司披露企业社会责任报告数量呈上涨趋势。今后证监会也将进一步完善社会责任信息披露规则。

I. Enhance Listed Companies’ Social Responsibilities

The Company Law of the People’s Republic of China was revised in 2005 for the first time, which explicitly put forward that companies shall undertake social responsibilities from legal perspective. CSRC requires that enterprises which have major impacts on social safety should disclose relevant information in the board of directors’ reports in their annual reports, and encourages other listed companies to disclose social responsibility reports. Shenzhen Stock Exchange requires companies

whose shares are included in the Shenzhen 100 index to disclose social responsibility reports. Shanghai Stock Exchange makes mandatory disclosure request to companies whose shares are included in the Shanghai Stock Exchange corporate governance sector, companies listed in domestic and foreign stock markets simultaneously and financial companies. Currently the stock exchanges encourage listed companies to disclose social contribution value per share and hire third-party to verify the company’s situation regarding carrying out its social responsibilities, and encourage social agencies to evaluate the social responsibility fulfilment status of listed companies and create listed company social responsibility index.

The stakeholders may also learn from the CSR Report issued by listed companies about what has been done in the protection of employee rights and interests, product safety guarantee, environmental protection and charity and welfare. The number of listed companies that disclose social responsibility reports shows an upward trend.

二、发展绿色金融

当前中国正积极推动绿色低碳经济发展、构建绿色金融体系。资本市场推动绿色金融主要体现在如下几个方面：

1. 积极支持绿色产业企业上市融资和再融资。中国证监会积极支持符合条件的绿色产业企业在资本市场融资。同时，积极引导市场参与主体增强环保责任意识、严格执行国家环保法律法规。拟公开发行股票的企业生产经营活动、募集资金投资项目应当符合法律、行政法规和公司章程的规定，符合国家产业政策及环境保护政策；最近36个月内存在违反环保法律、行政法规和规章，受到行政处罚且情节严重或者受到刑事处罚的，不得公开发行股票。

II. Develop Green Finance

Currently China is actively promoting the development of green, low-carbon economy and establishing green finance system. The capital market’s promotion on green finance is mainly reflected on the following aspects:

1. Support financing by listing and refinancing of green industry enterprises actively.

CSRC actively supports green industry enterprises that satisfy relevant requirements to raise capital in capital market. Meanwhile, CSRC actively guides market participants to strengthen environmental awareness and strictly enforce state environmental protection laws and regulations. Production and operation activities and projects invested by the raised funds of companies intend to issue stock publicly shall comply with provisions of laws, regulations as well as their articles of associations, conforming to the state industrial policies and environmental protection policies. Companies that have been administratively penalized for serious violation or have been criminally penalized for violation of any environmental protection laws or administrative regulations in the past 36 months shall not issue any stock publicly. In the future, CSRC will work with the Ministry of Environmental Protection to work out the rules of the environmental information disclosure for listed companies

2.建立和完善上市公司强制性环境信息披露制度。2016年12月，中国证监会正式发布修订公开发行证券的公司信息披露内容和格式准则，强制要求属于中国环境保护部门公布的重点排污单位的上市公司及其子公司在年度报告及半年度报告中进行环境信息披露。目前上海和深圳两个证券交易所已对绿色公司债券募集资金使用和存续期信息披露提出了严格的要求。今后证监会也将与环保部合作共同制定上市公司环境信息披露规则。

2. Establish and improve the mandatory environmental information disclosure system for listed companies.

In December 2016, CSRC formally issued the revised Guidelines on Contents and Formats of Information Disclosure for Listed Companies, and has obliged the listed companies and their subsidiaries, which are major pollutant discharging companies announced by the Chinese environmental protection departments, to disclose environmental information in their annual and semi-annual reports. At present, Shanghai Stock Exchange and Shenzhen Stock Exchange have enacted strict requirements for the use of raised funds and information disclosure on the duration of green corporate bonds.

3.发展绿色债券市场，降低绿色企业融资成本。上海、深圳证券交易所均对绿色债券的申报受理及审核建立了专门的“绿色通道”，鼓励发展绿色公司债及绿色资产证券化。2017年3月，中国证监会发布《关于支持绿色债券发展的指导意见》，鼓励市场主体投资绿色公司债，支持证券交易所建立绿色公司债板块。

3. Develop the green bond market and reduce financing costs for green enterprises.

Shanghai Stock Exchange and Shenzhen Stock Exchange both have established the special “green channels” for acceptance and examination of application for issuance of green bonds to encourage the development of green corporate bonds and green asset securitization. In March 2017, CSRC issued Guidance on Supporting the Development of Green Bonds to stimulate the investment in green corporate bonds by market participants and support the establishment of the green corporate bond sectors in stock exchanges.

此外证监会鼓励绿色金融产品的开发，引导各类机构投资者投资绿色金融产品，推动开展绿色金融国际合作。

In addition, CSRC encourages the development of green financial products, guides a variety of institutional investors to invest in green financial products, and

promotes international cooperation in green finance.

三、上市公司治理的改革

良好的上市公司治理，有利于进一步夯实资本市场的基础，增强投资者信心，降低企业融资成本，更好发挥市场优化资源配置的功能。OECD《公司治理原则》于2004年、2015年经历了两次大的修订。我国2002年发布实施的《上市公司治理准则》，与我国资本市场发展现状和当前全球公司治理新的原则与标准相比，已明显滞后。2016年5月，中国证监会正式启动了《上市公司治理准则》修订工作。

Good governance of listed companies is conducive to further consolidate the foundation of the capital market, enhance investor confidence, reduce the cost of corporate financing, and optimize the allocation of resources in the market. The OECD Principles of Corporate Governance underwent two major revisions in 2004 and 2015. In 2002, China promulgated the Corporate Governance Code. It is obviously lagging behind, compared with the current situation of Chinese capital market development and the new principles and standards of global corporate governance. In May 2016, CSRC officially initiated the revision of Listed Company Corportae Governance Code.

中国作为OECD《公司治理原则》的倡导国和支持国，目前正抓紧修订《上市公司治理准则》。一个国家的公司治理，在遵循国际准则的同时，必然受到自身的历史、政治、经济、文化、法律等多方面的影响。完善中国公司治理，既要立足中国国情，又要吸收借鉴国际公司治理实践的新成果，并紧紧围绕加强上市公司信息披露透明度。

China is the advocator and supporter of The OECD Principles of Corporate Governance. At present, China is making efforts to amend CG Code. A country's Listed Company CG Code, while following international codes, must be influenced by its own history, politics, economy, culture, and law etc. Improving corporate

governance in China should be based on Chinese national conditions, absorb new achievements of international practices and strengthen the transparency of information disclosure of listed companies.

在修订《上市公司治理准则》的过程中，我们会综合考虑内地资本市场多年来的实际运行情况、相关法律体系完备性及有效衔接、境外成熟市场公司治理的实践经验，以及国内公司治理的特有要求，将强化关键股东及实际控制人的规范与监管，不断增强公司履行社会责任的意识，完善独立董事和监事会等内部监督制度。

During revising CG Code, we will take into account the actual operation of the mainland capital markets over the years, the completeness and effective cohesion of relevant legal systems, the practical experience of corporate governance in overseas mature capital markets, and the special requirements of domestic corporate governance practice. We will strengthen the regulation and supervision of key shareholders and actual controllers, enhance the company's commitment of social responsibility and improve the internal supervision system, like the independent director, the board of supervisors etc.

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