Hong Kong Exchange Explores Mandatory ISSB Disclosures
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April 24, 2023 The Hong Kong Stock Exchange (HKEX) has proposed making climate related disclosures mandatory for all issuers, requiring reporting using the International Sustainability Standards Board (ISSB) standards, from 1 January 2024. The HKEX published a consultation paper this week that seeks feedback from market participants on its proposals to enhance climate-related disclosures under its environmental, social and governance (ESG) framework. The exchange is proposing to mandate all issuers to make climate-related disclosures in their ESG reports and to introduce new climate-related disclosures aligned with the ISSB standards. The Hong Kong Green and Sustainable Finance Cross-Agency Steering Group already committed the HKEX to mandating Task Force on Climate-related Financial Disclosures (TCFD) recommendations by 2025. As the ISSB standards are based on the principles of the TCFD, adopting these new standards is a natural next step for the HKEX. The proposals include interim provisions to exempt companies from certain, more burdensome disclosures such as Scope 3 Emissions for the first two reporting years, in order to facilitate and ease implementation. To find out more details please visit : https://www.xbrl.org/ |
