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In This Issue
Editor's Note
Improving ESG Disclosure in China
Disclosure on environmental, social and governance (ESG) issues in China has come a long way in just a few years. In 2006, there were only 23 ESG or sustainability reports released in China--and many of them were by foreign companies. Yet in 2011, there were more than 700 such reports released, the vast majority of which were by Chinese companies. One of the major influencers of this tremendous growth was guidelines released by the Shanghai and Shenzhen stock exchanges that has lead to more than 25 percent of all listed companies releasing such a report. Though these reports are an important step in the right direction towards greater transparency—and in turn improved performance—the investment community believes more needs to be done.
In this issue’s feature article, BSR Advisory Services Associate Lindsey Lim reports back from a recent focus group co-hosted by BSR and the Shanghai Stock Exchange to gather investor perspectives on CSR disclosure by Chinese companies.
Feedback and comments on this newsletter are encouraged and should be directed to Adam Lane at alane@bsr.org.
In Depth
Investor Insights: Improving CSR Disclosure by Chinese Companies
Contrary to what many Chinese companies believe, investors do value ESG disclosure. At a recent focus group held by BSR and the Shanghai Stock Exchange, investors shared their views on how they use ESG data, how to improve report delivery and integrity, and how to improve the system through collaboration between the stock exchange, investors, and listed companies.
Learn more →
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News to Know
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Guizhentang Faces Opposition Over IPO Due to Bear Bile Extraction (March 12, 2012, People's Daily)
Lawmakers, journalists, nonprofits, and the public have criticized Guizhengtang Pharmaceutical Company's IPO plans amid animal welfare concerns. Activists have contacted investors to explain how the product may not be used legally in many products, thus affecting the company's financial viability.
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New Green Credit Guidelines Launched by CBRC (February 25, 2012, People's Daily)
The China Banking Regulatory Commission (CBRC), the top banking regulator, issued the guidelines to reduce lending to industries with high-energy consumption, high levels of pollution or excessive capacity, and to increase lending projects that are environmentally friendly.
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In a new water management decree, the government has introduced a system of penalties for water misuse. Hu Siyi, vice minister of China’s Ministry of Water Resources, issued a “stark warning,” stating that water usage in China had “already surpassed what our natural resources can bear.”
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China Takes on Labor Disputes With New Regulations (January 16, 2012, BSR)
With ongoing and increasing labor disputes between workers and enterprises in China, the Chinese government has released new regulations on consultation and mediation for labor disputes in business. The aim of the new regulations is preventative—to address labor disputes while they are still small and manageable, and resolve them before they become a full-fledged strike or protest.
On the Horizon
Upcoming Events
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Carbon Disclosure Project Investors Roundtable (April 25, 2012 | Hong Kong)
ASrIA presents a roundtable for Carbon Disclosure Project (CDP) signatories, investors and analysts to discuss the findings from the CDP survey in Asia.
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CLSA China Forum (May 14-16, 2012 | Beijing)
CLSA Investor Forums as a platform to examine the economic, political, environmental, technological and financial trends impacting global markets.
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TBLI Conference Asia 2012 (May 24-25, 2012 | Hong Kong)
The Annual TBLI Conference in Asia will be in Hong Kong in 2012.
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