A stock exchange plan to increase ESG disclosure in Hong Kong has met resistance from local firms. The city already lags the likes of Singapore on such reporting; protests hardly add to its appeal. A corporate victory would be pyrrhic. sharonlamhk
The Stock Exchange of Hong Kong, a wholly-owned subsidiary of Hong Kong Exchanges and Clearing, on May 17 released a consultation paper to support and improve issuers’ governance and disclosure on ESG activities and metrics.
The Chamber of Hong Kong Listed Companies, which include Tencent and Henderson Land Development as members, said in a submission on July 19 that “it is too soon to introduce such mandatory disclosure requirements” and that fulfilling such requirements would be a “costly and time-consuming process, requiring much management effort”.
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