2024年香港上市公司环境、社会与管治报告调研 2024 ESG Reporting Study for Hong Kong Listed Companies

TableTableofContents OurfocusesofthisyearOurfocusesofthisyear2.2Casestudy2:Ascompaniesarelateddisclosuresare3.2Mandatorydisclosure3.3Managementanddisclosureofe3.4ManagementanddisclosureofAppendix:CitationListAuthorsPwC BackgroundBackgroundandMethodologyoftheStudyPwCPwC2024ESGReportingStudyforHongKongListedCompaniesMaterials—Gold&PreciousMetals,Materials—Gold&PreciousMetals,0.6%SincethelaunchoftheEnvcontinuouslyrevieweditsESGreportingframeworkandrules,companies.EnteringtbecomingmorecomprehensiveandmatevolvedtobecomemorestringentanConclusionsonEnhancementofClimate-relatedDisclSocialandGovernanceFrameworktofacilitatethepreparationofClimatedisclosure(ISSB)climatedisclosureBasedontheESGReportIndustryClassificationSystemforthisin-depthstudy.ThisstudyanalysesthesamplesfromthIndustrydistributionofsampledcompanies(byHaResearchlimitations:AllanalysesarebasedonweightedrandomsamplesreflectingthKonglistedcompanies,etc.Duetothepossiblesamplingerroroftheestimatedactualpopulation,theresearchfindingsmaynotperfIndustrydistributionofsampledcompanies(byHaPwC2024ESGReportingStudyforHongKongListedCompanies3SampledistributionoflistedcompaniessurveyedThedistributionofcompaniesstudiedintermsoftimeoflistingandHSDistributionoftimeoflistingofsampledcompanDistributionoftimeoflistingofsampledcompan41% 29% PwCProportionofHSIconstituentstocksselectedforHangSengCorporateSustainabilityBenchmarkIndex44.3%HangSengESG50Index52.0%HangSengCorporateSustainabilityIndex63.3%HSIESGEnhancedIndex50.0%HSILowCarbonIndex50.0%ThematicHangSengChinaNewEconomyIndexHangSengSCHKChinaTechnologyIndex45.2%HangSengStockConnectGreaterBayAreaCompositeIndexHangSengStockConnectChina500IndexHangSengCompositeSizeIndexes42.5%HangSengCompositeIndex25.7%HangSengTECHIndex50.0%HangSengIndex50.0%HangSengChinaEnterprisesIndex48.0%2024ESGReportingStudyforHongKongListedCompanies4Disclosurequalityisimproving,usAscompaniesareactivelyaddressingclimatechallenges,climate-relateddadvancingIntroducingtheTNFDframework,reshaOurfocusesofthisyearusheringinaneraofmaturqualityOnAprilqualityOnApril19,2024,HKEXpublishedtheconsultationconclusionsonenhancementofclimate-relateddisclosuresundertheenvironmental,social,andgovernance(ESG)framework.TheconsultationresultedinamendmentsAppendixC2ofthe“ListingRules”,renamingthe"ESGReportingGuide"tothe"ESGReportingCode”(“ESGCode”).ThischangehasfurtherincreasedthemandatorynatureofESGdisclosureforlistedcompanies.Concurrently,the"ESGCode"iscommittedtoaligningwithinternationalstandardsbyintroducingnewclimatedisclosureprovisionsconsistentwiththeISSB'sclimatestandards,aimingtoacceleratetheimplementationofISSBstandardsbylistedcompanies.Therevised"ListingRules"willcomeintoeffectonJanuary1,2025,enhancingthetransparencyandcomparabilityofESGreportingwhilealsosettinghigherstandardsfortheofESGdisclosure.PwCCaseCaseStudy1:DisclosureMaturityCaseStudy2:ClimateChangeCaseStud2024ESGReportingStudyforHongKongListedCompanies6HongKonglistedcompanies'ESGreportESGmatters,climatechantransparencyandaccountabilityoflistedcompanies,butalsoprovideinvestorsandotissuesarerelatingtodailyopedifficultyofdisclosureislalreadymetthecompliancerequirenteredthestageofoptimisedmanagem50%and80%.Mostoftheseissuesareemeareasofattention,suchasclipolicy/environmentalobjectives/supplymanagement.ThedisclosureraticontinuousupwardtrendintheincreasingimportanceattachedtoESGgovernancebylistedcompanies,since2022thediscofallissueshasexceeded50%,andnoitemsbelongtothiscategory.TrendsinthedisclosureofESGissuesfromFY2020toFY2023PwCCaseCaseStudy1:DisclosureMaturityCaseStudy2:ClimateChangeCaseStud2024ESGReportingStudyforHongKongListedCompanies7HongKonglistedcompanies'ESGreportenteredthematurityphasAccordingtothesuroflistedcompanies'supervisionofESG-relatedmatterswiththefastestgrowthratesincludetheestablishmentofESGcothatlistedcompaniesareactivelyadaptingtotheglobaltrendofsuCategoryDisclosureSt certaintopictothetotalnIssuesofenvironmentalinformation100%90%80%70%60%50%GSGovernancestructureRPReportingprincipleRBReportingboundary0%5%10%15%20%Year-on-yeargrowth:Year-on-yeargrowthindisclosedcertaintopiccoMandatorydisclosurerequirementsIssuesofsocialinformationPwCCaseCaseStudy1:DisclosureMaturityCaseStudy2:ClimateChangeCaseStud2024ESGReportingStudyforHongKongListedCompanies8IntheenvironmentalIntheenvironmentalandsocialcategories,thedisclosurreachedthe"mature"category.Exceptforcommunityinvestnaturalresourcespolicies,employmentpolontheresultsofmaterialityaandoperationalactivA1.2TotalgreenhousegasemissionsandintensityA1.4Totalnon-hazardouswasteproducedA2.1EnergyconsumptionintotalandintensityA2.2WaterconsumptionintotalandintensityA2.5TotalpackagingmaterialusedforfinishedproductsandintensityB1.1Totalworkforcebygender,employmenttype,agegroupandgeographicalregionB2.3Descriptionofoccupationalhealthandsafetymeasuresadopted,andhowtheyareimplementedandmonitoredB5.2Descriptionofpracticesrelatingtoengagingsuppliers,numberofsupplierswherethepracticesarebeingimplemented,andhowtheyareimplementedandmonitoredB6.4DescriptionofqualityassuranceprocessandrecallB6.5Descriptionofconsumerdataprotectionandprivacypolicies,andhowtheyareimplementedandmonitoredB7.2Descriptionofpreventivemeasuresandwhistle-blowingproceduresandhowtheyareimplementedandmonitored99%99%97%98%96%98%99%99%99%99%95%Policy:ThevastmajorityofcompaniesDisclosureofESGpolA1EmissionA2UseofResourcesA3TheenvironmentandnaturalresourcesA4ClimateChangeB1GeneralDisclosurePolicyandLegalRegulationsforEmploymentB2HealthandSafetyB3DevelopmentandTrainingB4LaborStandardsB5SupplyChainManagementB6ProductResponsibility B7Anti-corruptionB8CommunityInvestment97%97%96%95%96%94%96%94%92%90%82%99%PwCCaseCaseStudy1:DisclosureMaturityCaseStudy2:ClimateChangeCaseStud2024ESGReportingStudyforHongKongListedCompanies9II:Moderately-discloComparedtothefiscalyearof2022,HongKonglistedcompanieshavegraduallyimprovedtheirdisclosurComparedtothefiscalyearof2022,HongKonglistedcompanieshavegraduallyimprovedtheirdisclosurtogovernancestructure,targetsettingandsupplychainESGmanagement,withthedisclosurerateformostissuese80%,reachingthewell-disclosedcategory.Thedisclosureratesfortheapplicationofreportingprinciples,wastereductiontargetsetting,waterefficiencytargetsettingandresponsetolabourstandardviolationshavealsoincreasedfromoverover70%.Listedcompaniesareactivelyrespondingtoregulatoryrequirementsandmarketexpectations,continuouoptimisinganddeepeningtheirESGmanagementstrategies,andenhancingmanagementpractisesinkeyESGarA1.6Wastereductiontarget(s)B4.2StepstakentoelA1.6Wastereductiontarget(s)B4.2Stepstakentoelwhendiscoveredconsistency)areappliedinthA2.4WaterefficiencyPwCCaseCaseStudy1:DisclosureMaturityCaseStudy2:ClimateChangeCaseStud2024ESGReportingStudyforHongKongListedCompaniesExamplesofESGdisclosureforEmployment:LivzonPharmaceuticalhasestablishedacomprehensvariousgoalsandemploymLivzonLivzonPharmaceutical“TheGroupiscommittedtotheprinciplesofdiversity,equalityandinclusionandfullyrespectsthediversityanddifferencesofincorporatetheprincipleofdiversityineachenterpriseoftheGroup,andexplprejudicialbehaviour.Wecreateandmaintainaninclusive“TheGroupiscommittedtotheprinciplesofdiversity,equalityandinclusionandfullyrespectsthediversityanddifferencesofincorporatetheprincipleofdiversityineachenterpriseoftheGroup,andexplprejudicialbehaviour.Wecreateandmaintainaninclusiveanenvironment,andstrivetoprovideeachemployeewithequaloppo•Wehavesetaquantitativediversitytargetof“theshareoffemalereviewstheimplementationoftheGyear,collectsrelevantquantitativedata,evaluatestheprimplementationofdiversityta•TheGroup’strainingsondiversitycoveredall(100%)ofthemanagementofficers.ThetrainingsincludedaspectssuchassocialmulticulturalicorporatecultureofLivz•Weofferaspecial“femaleleadershipdevelopmenttrainingprogram”forfemaleemployeestohelpthembetterplantheircareerdpathsandsetcareerdevelopmentgoalSource:LivzonPharmaceutical2023ESGReport,LivzonPharmaceuticalofficialwebsitePwCCaseCaseStudy1:DisclosureMaturityCaseStudy2:ClimateChangeCaseStud2024ESGReportingStudyforHongKongListedCompaniesExamplesofESGdisclosureforagreen,safeandsustainawithPepsiCo'sbeverage348branchesand30376,875distributorsandagricultureforyears.Aimingatgreenandsustainabledevelopment,wehaveintegratedpracticesinsustaifriendlinessanddigitalizationintothecoreoftheCompany’sstratdevelopment.Wehaveestablished“EnvironmentallyFriendlyleveragingourtechnologyandscaleadvantage,wehavedevel“enterpriseplusbaseplusfarmers”industrialchainmodel.Mastalsocollaboratewithsupplierstointroducesmartagriculturaltechnology.Weutilisean“AIautomatedagriculture”operationmodetoentheentireprocessofplanting,harvesting,andprocessianddiscardeddisposablemulchfilmwouldcompletelydegradeintoormonths,withzeropollutiontotheenvironment,totalsupplycomesfromsuppliershaveobtainedtheBonsucrocertifdecreasedby21.1%comparedwith2017.ThecombinedenergyconsumptionpermillionofSource:MasterKongSource:MasterKong2023AnnualReport,MasterKong2023SustainabilityReportPwCCaseCaseStudy1:DisclosureMaturityCaseStudy2:ClimateChangeCaseStud2024ESGReportingStudyforHongKongListedCompaniesExamplesofESGdisclosurefordisclosedsustainabledevelopmentgoals“MideaGroupadherestotheconceptof"CreatingaBetterLifeforEveryoneintheWorld",focusesoncoproducts,integratestheconceptofsustai“MideaGroupadherestotheconceptof"CreatingaBetterLifeforEveryoneintheWorld",focusesoncoproducts,integratestheconceptofsustaicommittedtocreatingsharedvaluetogetherwithstakeholders.ofenvironmentallyfriendlymaterials;•SupplyChainProcurement:•Manufacturing:Innovativetechntesting,qualityandsafetycertification;•Logistics&Transportation:Automation,•ProductDistribution:Global•ProductUse:After-recycling,trade-in,dismantlingmanagement.”-MideaGroup2023EnviroSource:MideaGroup2023Environmental,SocialandGovernance(ESG)Report,MideaGroupofficialwebsitePwCCaseCaseStudy1:DisclosureMaturityCaseStudy2:ClimateChangeCaseStud2024ESGReportingStudyforHongKongListedCompaniesExamplesofESGdisclosureforCommunityInvestmentactivelycarriesoutcommunityinvestmenttShanghaiElectricactivelyparticiPakistan,andthroughitscontributionstasimprovingqualityoflife,eliminatingpovertyofmedicalservicefacilities,itpromotesculresponsibility,contributingsubstantialassistancprojectprovidescontinuous,stable,clean,andafforimprovingPakistan'senergystructure,enhancingenergyreducingforeignexchangerisks.”-ShanghaiElectric202directionof"servingthenachievinghigh-qualitydevelopment."Thecompanyfocusesontwomajorsectors:productionandtransmission,industrialproductionandautomasystemsandthefullindustrialchaElectricdrivestechnologicalinnovation,empowersvariousindustries,andcrgreen,sustainablevalueforaSource:ShanghaiElectric2023ESGReport,ShanghaiElectricofficialwebsitePwCCaseCaseStudy1:DisclosureMaturityCaseStudy2:ClimateChangeCaseStud2024ESGReportingStudyforHongKongListedCompaniescontinuouslystrengthenedtherequirementsforgovernanceprocess,opportunitiesThestrategyemployedtoaddregovernanceprocess,opportunitiesThestrategyemployedtoaddresignificantclimate-relatedriopportunitiesmandatoryclimate-relateddisclosures.ThecTheprocessusedtoidrelatedrisksandopportunitiesThemetricsandtargetsutilisedtomeTheprocessusedtoidrelatedrisksandopportunitiesThemetricsandtargetsutilisedtomemonitorandmanagesignificantrelatedrisksandopportheassessmentofperformance(iprogresstowardsthetaremissions,improveenergyefficiencyandexptothechallengesofclimaPwCCaseStudy1:DisclosureMaturityCaseStudy2:ClimatCaseStudy2:Climat2024ESGReportingStudyforHongKongListedCompaniesCurrentstatusofclimate-randgapsintheclimate-relateddisclosuresbylistedcompanies,providingarefshownapositiveattitudetowardsthedisclosureofclimate-relatedinformationmechanismsforclimate-relatedrisksandopportunitiesattheboardandmanagementlevels,identifiedemissions.TomeetthedisclosurerequirementsofHKEX,theywillneedtocontinuetoBasedontheclimate-relateddisclosureBasedontheclimate-relateddisclosurerequirementsmTheBoard'soversightofclimate-relatedopportunitiesandrisksManagement'sroleinassessingandmanagingclimate-relatedrisksandopportunitiesIntegrationofclimate-relatedmattersintoremunerationpolicies87%86%Significantimpactsofclimate-relatedrisksandopportunitiesonbusinessoperations,businessmodelsandstrategiesCompany'stransitionplantoalowcarboneconomyReviewofprogresstowardstargetsDescribetheresilienceoftheorganisation'sstrategy,takingintoconsiderationdifferentclimate-relatedscenariosImpactofclimate-relatedrisksandopportunitiesonshort-term,medium-termandlong-termfinancialplanningImpactofclimate-relatedrisksandopportunitiesonfinancialcondition,financialperformanceandcashflow23%34%52%56%63%96%Proceduresforidentifyingandassessingclimate-relatedrisksProceduresformanagingclimate-relatedrisksClimate-relatedrisksareintegratedintotheorganisation'soverallriskmanagement77%77%52%EmissiontargetsettingEmissionsindicators(Scope1andScope2)Emissionsindicators(Scope3) Amount/percentageofassetsorbusinessactivitiesvulnerabletoclimate-relatedrisks Amount/percentageofassetsorbusinessactivitiesrelatedtoclimate-relatedopportunitiesCapitalexpenditure,financingorinvestmentamountforclimate-relatedrisksandopportunities31%73%99%PwCCaseStudy1:DisclosureMaturityCaseStudy2:ClimatCaseStudy2:Climat2024ESGReportingStudyforHongKongListedCompaniesNewclimate-relatedNewclimate-relateddisclosurerequirementsAnissuershalldiscloseinformationabout:•thegovernancebody(s)(whichcanincludeaboard,committeeorequivalentbodychargedwithgovernance)orindividual(s)responsibleforoversigclimate-relatedrisksandopportunities;•Management’sroleinthegovernanceprocesses,controlsandproceduresusedtomonitor,manageandoverseeclimate-relatedrisksand•Anissuershalldisclosewhetherandhowclimate-relatedconsiderationsarefactoredintoremunerationpolicy,oranappropriatenegativestatemDiscloseDisclosetheboard'soversightofresponsibilitiesforclimate-relatedrisksandopportunitiesDisclosetheassessmenmanagementofclimate-relatedrisksandopportunitiesbythemanagementIncorporatedclimate-relatedtheirremunerationpolicies•Inthefiscalyearof2HongKonglistedcompanieshasbecomemorecomprehyearof2022.Themajorityofsamplecompoversightofresponsibilitiesforclimate-relatedrisksandopportunmanagement'sassessme•Itisrecommendedthattheboarconsiderincorporatingclimate-relatedKPIsintotheirpromotethemanagementofclimate-relatedrisksandop46%DataanalysisandinterpretationPwCCaseStudy1:DisclosureMaturityCaseStudy2:ClimatCaseStudy2:Climat2024ESGReportingStudyforHongKongListedCompaniesDataanalysisandDataanalysisandinterpretationDisclosethesignificantclimate-relatedrisksandopportunitiesandtheirimpactsAmongthem:DiscclosetransitionrisksSetqualitativeorquantitativeemissiontargetsReviewtheprogresstowardsDevelopetransitionplanscarboneconomyConsiderdifferentclimatescenariostoassesstheclimateresilienceofthecompany•96%ofthesamplesdisclosedthesignificantclimate-relatedriskswhichincluphysicalrisksandtransitionrisksandopportunorquantitativeemissiontargclimate-relatedrisksandopportunities,andtheirownbusinessoperations,conductclimatescenario56%50%29%23%69%67%69%61%69%52%96%75%73%8%Newclimate-relateddisclosurerequirements•Climate-relatedrisksandopportunities：Anissuershenableanunderstandingofclimate-relatedrreasonablybeexpectedtoaffectthofcapitalovertheanunderstandingofthecurreopportunitiesontheissuer’sb•Strategyanddecision-making:Anissuershunderstandingoftheeffectsofclimate-relatedrisanddecision-making.•Financialposition,financialperformanceandcashcurrentandanticipatedfinancialeffectsofclimate-relatedrisksandopportu•Climateresilience:Anissuershalldisclosclimate-relatedchanges,developmentsanduncertaintheissuer’sidentifiedclimate-relatedrisksandoppoPwCCaseStudy1:DisclosureMaturityCaseStudy2:ClimatCaseStudy2:Climat2024ESGReportingStudyforHongKongListedCompaniesClimate-relateddisclosure:RiskManagDataanalysisandDataanalysisandinterpretationDisclosetheprocessforidentifyingaassessingclimate-relatedriskopportunitiesDisclosetheproceduresformanagingclimate-relatedrisksandopportunitiesIntegrateclimate-remanagementintotheoveralle•77%ofthesampledcompanieshavedisclosedtheirprocessesforidentifyassessingclimate-relaclimate-relatedriskmanagementintotheiroverallenterrelatedrisksandopportunities,priorit三Newclimate-relateddisclosurerequirementsAnissuershalldiscloseinformationabout:•theprocessesandrelatedpoliciesitu•theprocessestheissuerusestoidentify,assess,prioritiseandmorelatedopportunities(includinginformationaboutwhetherandhowtheissusesclimate-relatedscenarioanalysistoinformitsidentclimaterelatedopportunities);•theextenttowhich,andhow,theprocessesforidentifying,assessing,prioritisingandmonitoringclimate-relatedrisksandopportunitiesareiintoandinformtheissuer’soverallriPwCCaseStudy1:DisclosureMaturityCaseStudy2:ClimatCaseStudy2:Climat2024ESGReportingStudyforHongKongListedCompaniesClimate-relateddisclosure:MetricsDataanalysisandDataanalysisandinterpretationDiscloseScope1andDisclosseScope3emissionsDisclosetheamount/percentageofassetsorbusinessactivitiesvulnerabletoclimate-relatedrisksDisclosetheamount/percentageofassetsorbusiness activitiesexposedtoclimate-relatedopportunitiesDisclosetheamountofcapitalexpenditu orinvestmentallocatedtoclimate-relatedrisopportunities•Themajorityofsampledcompanieshasdevelopedafoundationinthemanagement•ItisrecommendedthatlistedcompansourcesandscenariosofgreenhouscalculateanddiscloseScope3emis•Itisrecommendedthatlistedcompaniesfurtheridethatarevulnerabletoclimatechange,strengthenthemanagementofclimate-indicators,inordertobetterassessthefinaNewclimate-relateddisclosurerequirements•Climate-relatedtransitionrisks,physicalrisks,andeployment:Anissuershalldisclosethbusinessactivitiesthatarevulnerabletotransition/physicalrisksorclimate-relatedopportunities;andtheamountofcapitalexpenditure,financinginvestmentdeployedtowardsclimate-relatedrisksandopportheissuerisapplyingacarbonpriceindestatementthattheissuerdoesnot•Climate-relatedtargets:Anissuershalldisclosethequalitativeandquanclimate-relatedtargetstheissuerhassettomoniitsapproachtosettingandreviewiPwCCaseStudy1:DisclosureMaturityCaseStudy2:ClimatCaseStudy2:Climat2024ESGReportingStudyforHongKongListedCompanies2020TheConsultationconclusionsindicatethatftoprepareforclimate-reofclimate-relatedrisksandopclimate-relatedtargetsandexplorintensitytargetsth1)Identifyclimate-related•Closelymonitorupdateregulatoryrequirementsandinternatio3)Qualitativelyassessthecurrentandanticipatedeffectsofclimate-relatedrisksandopportunities.Continuouslyimproveandincorporateclimate-relatedissuesintotheESGgovernanceframework,andconsidergraduallyincludingclimate-relatedperformanceindicatorsincompensation2)Conductclimatescenarioanalysistoassesstheclima2)Qualitativelyassesstheeffectofclimate-relatedrisksandopportunitiesonthecompany'sbusinessmodel,valuechaistrategyanddecision-making.2)2)Identifytheproportionofassetsthatarevulnerabletotransitionandphysicalriswithclimate-relatedopportunities,aswellasthecapitalexpenditure,financingorinvestmentdepltowardsclimate-relatedrisksandoppor3)Setquantifiedclimate-relate3)Setquantifiedclimate-relateEstablishorimprovemanagementsystemsandprocessesfclimate-relatedrisksandopportunities.Conductscope1andscope2emissionsaccounting,andidapplicablescope3categories.PwCCaseStudy1:DisclosureMaturityCaseStudy2:ClimatCaseStudy2:Climat2024ESGReportingStudyforHongKongListedCompanies2121ExamplesofESGdisclosureforinformationinaccordanceClimate-relateddisFosunClimate-relateddisFosunTourismGroup-FosunTourismGroup2023Climate-RelatedDisclosuresReportFosunTourismGroupisonHappinessEcosystem,oneofWealthandIntelligentManufacturing.ForgingaheadwiththemissHoliday,BetterLife",itendeavortheholidaylifestyleandcreateaworld-continuouslypursuedstrategicinnovatiandtransformation,definingitsdevelopmentstrategyaroundtwomaindimens"vacation-likelifestyle,lifestyle-basedvacation.Source:FosunTourismGroup2023Climate-RelatedDisclosuresReport,FosunTourismGroup2023ESGReport,FosunTourismGroupofficialwebsitePwCCaseStudy1:DisclosureMaturityCaseStudy2:ClimatCaseStudy2:Climat2024ESGReportingStudyforHongKongListedCompanies2222ExamplesofESGdisclosureforCKInfrastructureassessCKInfrastructureHoldingsLimitedClimateScenarioAnalysisInfrastructure,TranWasteManagement,WasinvestmentsandopeUnitedKingdom,ContinentaAustralia,NewZealantoserveasbookendstoadequatconsiderbothphysicalanddifferentfuturestates.Theresultsdonotconsidermitigationstrategiesstructuralreinforcements,emergencyresponseplansunitleveland,assuch,post-mitigationrisklevelsareSource:CKInfrastructureofficialwebsitePwCCaseStudy1:DisclosureMaturityCaseStudy2:ClimatCaseStudy2:Climat2024ESGReportingStudyforHongKongListedCompanies2323ExamplesofESGdisclosureforChinaOverseasLand&InvestmentLimiteChinaOverseasChinaOverseasLand&InvestmentLimited“AsweoperateinmultipleregionsandcitiesinChina,andregionaldifferencesinclimatevariablesneedtobeprojectedbasedonthelocationofoperations,wehavecategorisedourmajorpropertiesinHoMain