Company News

On  December 5, the 17th International Conference on Sustainability  Disclosure in China was held in Beijing. Co-hosted by GoldenBee ThinkTank and China Business Council for Sustainable Development  (CBCSD), the event received strong support from China Sustainability Tribune and Caijing Magazine, attracting over 200 attendees.

Guest speakers had in-depth discussions on topics such as the global trends in sustainability disclosure,  trends and characteristics of corporate sustainability disclosure in  China, and climate-related and biodiversity-related disclosure.

At the conference, the 2024 GoldenBee Research on Corporate Sustainability Disclosure Reporting in China and "GoldenBee Sustainability Report Honor Roll 2024" were released.

Ⅰ Insights丨New global trends of sustainability disclosure

Ndidi Nnoli-Edozien, Member of the International Sustainability Standards Board (ISSB), presented the latest development and global application of  the ISSB Standards.

Ndidi Nnoli-Edozien

She said that companies should not view sustainability disclosure as a  means to realize compliance, but as a potential competitive edge. She  hoped that everyone should be well prepared, adding that understanding  and adopting of the ISSB Standards early is definitely one of the key  steps and the ISSB Standards should be used as overall standards. She  also stressed that the ISSB Beijing Office is working closely with other  offices in the world to ensure that the Chinese voice is heard in the development of ISSB Standards and make these standards in line with the  Chinese market.

Dai Yibo, Member of the IFRS Sustainability Standards Advisory Group and  Vice President of GoldenBee Consulting, gave an in-depth interpretation  of the background, main contents and specific application of the Guide on Application of ISSB Standards in China (the Guide) at the event.

Dai Yibo

She noted that the Guide is the first book in China that systematically  interprets the ISSB Standards. Based on the disclosure requirements, the  book elaborates on the background, basic requirements, governance, strategies, risk management, metrics and targets, disclosure  recommendations of ISSB Standards. The book also provides explicit and  actionable guidance for Chinese enterprises on how to understand and  apply the ISSB Standards and thus is of guiding significance for listed companies in China to comprehend and implement ISSB Standards at a high level.

Rolf Dietmar, Expert of Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ),  explained the main contents of the EU's Corporate Sustainability  Reporting Directive (CSRD) and its implications on Chinese companies.

Rolf Dietmar

He said that it is crucial for Chinese companies entering the EU market to comply with European sustainability disclosure regulations. Otherwise,  they are likely to lose market share or be excluded from the supply chain, while Chinese companies that prepare well in advance and follow these regulations will win more opportunities and be more likely to get  the attention of European investors in the EU market.

Fredré  Ferreira, Head of sustainability reporting governance and value chain of European Financial Reporting Advisory Group (EFRAG), shared the EU  sustainability disclosure conditions in the changing landscape, gave an  introduction to the situation of sustainability reporting in Europe, and interpreted the European Sustainability Reporting Standards (ESRS), CSRD and their important roles.

Fredré Ferreira

In  particular, she mentioned that the CSRD aims to establish a second  pillar of corporate reporting that is as important as financial  reporting. She also suggested that Chinese companies should strive to follow these sustainability disclosure regulations to ensure their compliance and competitiveness in the EU market.

Pan Chunsheng, Member of the Party Committee and Vice Chairman of the China Association for Public Companies (CAPCO), pointed out in his speech that in recent years, listed companies have been actively using domestic and international sustainability disclosure standards as a reference, keeping close eyes on ESG ratings and  external performance, and showing increasing willingness to proactively  disclose sustainability (ESG) information. In the future, CAPCO will continue to fulfill its fundamental missions of “providing services, reinforcing self-discipline, promoting standardization and making improvement”. We will continue to create platforms, gather resources, promote exchanges and build consensus, and further pool resources and  collective wisdom through special training, surveys and researches, publicity and initiatives, so as to give a boost to the sustainable development of listed companies.

Pan ChunSheng

The Guidelines on Sustainability Report for Listed Companies (A-share Guidelines) is one of the most influential sustainability disclosure policies for Chinese companies, especially for listed companies.

Dong Deshang, Head of ESG Ratings of Wind ESG, shared his views on the topic of "Preparedness of Sustainability Disclosure from the Perspective of  ESG Ratings".

Dong Desheng

He noted that after the correlation analysis of the preparedness of all  A-share listed companies to disclose information and the results of Wind  ESG ratings, the correlation coefficient reaches 0.77, presenting a high correlation. The data shows that the Wind ESG scores of A-share  listed companies as a whole showed an upward trend before 2022, but have  fallen since then, reflecting to a certain extent that there are still a  large number of companies that still have reservations about ESG, and  that the polarization between the two ends of the spectrum of ESG performance is intensifying.

Liu Huan, Deputy Director of the System Certification Division of China  Quality Certification Center, elaborated on the high-quality implementation of Guidelines on Sustainability Report for Listed Companies from the perspective of ESG assurance.

Liu Huan

He said that ESG assurance is a process of independent third-party  verification and validation of sustainability reports, ESG reports and  other information issued by enterprises, with the aim of ensuring the  authenticity, accuracy and completeness of the data and information,  which is crucial for enterprises to enhance the credibility and  transparency of their reports. With the continuous improvement of  policies, the assurance of sustainability reports shows increasing compliance, transparency and standardization.

Chen Li, Vice President of Strategy and Investment of Beiqi Foton Motor, unveiled Foton’s ESG strategy at the conference.

As a spearhead of sustainable development in the domestic commercial  vehicle industry, Beiqi Foton Motor adheres to the ESG strategic vision  and mission of “a contributor to green energy transformation and a guardian of the Earth”. Its strategic goal is to “strengthen ESG  leadership of the commercial vehicle industry”, which includes six major areas, including joint climate governance, all-win value chains,  concerted efforts in products, common compliance, shared employee  growth, and social sharing.

Ⅱ Focus丨Increasingly significant climate and biodiversity information disclosure 

Climate-related information disclosure plays a crucial role in sustainability disclosure.

Zhang Jiutian, Executive Director of Green Development Institute of Beijing  Normal University, shared his views under the topic of "Climate Scenario  Analysis in Sustainability Disclosure".

Zhang Jiutian

He said that current climate risks require a comprehensive and robust response from all parties. Enterprises are suggested to proactively  identify major climate risks, select appropriate climate scenarios to  simulate the future trends of climate risk, carry out climate risk  assessments, formulate appropriate climate strategies for mitigating and  avoiding climate risks, and conduct standardized and effective  disclosure of climate risk information.

At  the breakout session "Mainstreaming Biodiversity Disclosure", guest  speakers agreed that the disclosure of biodiversity has become a trend, and that biodiversity disclosure represents an infinite business opportunity to win over investors. Companies should make preparations in advance, conduct analysis and practices and material assessment of biodiversity with other business departments, and strengthen  biodiversity information disclosure.

In  the breakout session “High-Quality Sustainable Development Driven by Sustainability Disclosure". Guest speakers shared their philosophies, standards, practices and experience in sustainability disclosure.

Ⅲ Release丨 GoldenBee Sustainability Report Honor Roll 2024

The continuous introduction of new regulations and requirements for sustainability disclosure has provided strong supports for high-quality sustainability disclosure by companies in China.

Guan Zhusun, Co-President of GoldenBee Consulting, introduced the latest  trends of sustainable development in the world and in China, and  released the 2024 GoldenBee Research on Cooperate Sustainability Disclosure Reporting in China.

According to the statistics, the number of corporate sustainability reports released has reached a record high, with a total of 3,447 sustainability reports of various types collected as of September 30, 2024, and 3,379 corporate reports have been assessed. Studies based on these reports found the latest features of corporate sustainability reports in China.

Subsequently, the conference officially released the GoldenBee Sustainability Report  Honor Roll 2024. Among 3,379 assessed reports, 112 outstanding reports  from 109 companies stood out, earning distinctions such as "GoldenBee  Leading Enterprise," "GoldenBee Growing Enterprise," "Foreign-Invested  and Hongkong, Macao Enterprise" "First Time Report Award," along with disclosures on responsibilities concerning employees, customers,  community, suppliers information disclosure. They received honors for  "Innovative Information Disclosure Award," "Specialized Reports Award,"  and the "Evergreen Award."

As one of the earliest professional initiatives in China focusing on  sustainability disclosure within the realm of CSR and sustainable  development, the "GoldenBee Sustainability Report Honor Roll" selection  has assessed over 20,000 reports. A host of reports from outstanding  companies made the list. It serves as a comprehensive platform showcasing outstanding sustainability reports and fostering  professionalism among enterprises. It has significantly propelled the  improvement in both the quantity and quality of sustainability reports in China.

Over the past 17 years, the conference has adhered to the principle of "Responsible Communication Creates Value," consistently releasing studies on Chinese CSR/sustainability reports. Emphasizing professionalism and internationality, it explores topics and trends related to social responsibility/sustainability reports in standards, compilation, management, and dissemination. Through firsthand experience and observation, it actively drives the enhancement of high-quality CSR/sustainability reports. It plays a pivotal role in assisting companies to elevate the quality and level of information disclosure, fostering transparency, and innovating in stakeholder communication.