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An Overview of Sustainability and Corporate Reporting in China

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An Overview of Sustainability and Corporate Reporting in China The Reporting Exchange: An overview of sustainability and corporate reporting in China The Reporting Exchange In 2017, the World Business Council for Sustainable Development (WBCSD), in partnership with the Climate Disclosure Standards Board (CDSB) and Ecodesk, launched the Reporting Exchange. This free online platform has been designed to help business navigate the often-confusing world of corporate reporting. Compared to the development of financial Better quality reporting practices can support reporting, the evolution of non-financial reporting better internal and external decision-making on has been rapid and fragmented. There are many sustainability-related risks and opportunities regulations, reporting frameworks, guidance which, in turn, can influence capital allocations by and tools which influence the corporate investors – making more sustainable businesses, reporting process on environmental, social and more successful. governance issues (ESG). The resulting reporting landscape has been described in recent reports The Reporting Exchange also provides the by the Business and Sustainable Development evidence base to help drive action towards Commission1 and ACCA2, as complex, a more harmonized, aligned and effective overwhelming and there have been calls for corporate reporting environment. The platform more harmonization and alignment. maps sustainability reporting provisions across the world’s largest economies, showing how and What are the objectives of the where they link and align. Reporting Exchange? The Reporting Exchange has also been The primary objective of the Reporting Exchange designed as an open and collaborative space is to provide much-needed clarity to corporate for the many people and organizations active report writers on what, where and how to report in corporate reporting. It allows the latest on sustainability issues while supporting clearer, developments, insights, good practice to be more concise and better-informed reporting of easily shared across geographic borders and sustainability information. sectoral boundaries which may help accelerate harmonization and alignment of corporate ESG The Reporting Exchange summarizes and at a global scale. connects ESG reporting requirements and resources from across 60 countries and 70 sectors. 2 An overview of China’s reporting environment Case study: China Increasingly regarded as a global leader on tackling China Business Council for Sustainable Development climate change3, China is also working towards (CBCSD), a coalition of Chinese and foreign embedding sustainability across its economy. In their enterprises which provides a platform for exchange 13th Five-Year Plan, the National People’s Congress and cooperation towards the development of outlined their plans for green and low-carbon sustainable business, was one of the key partners of development by including each of the 17 Sustainable WBCSD and CDSB in conducting the research and Development Goals (SDGs) into national action plans. categorization of these requirements and resources for the Reporting Exchange. This effort is evident in the recent growth of ESG-related reporting. Research conducted through Following our work together, we asked Ms. Ji the Reporting Exchange identifies 29 corporate Qing, Secretariat Director and Ms. Jingzhu Zhang, sustainability reporting and disclosure requirements, Manager at CBCSD, a few questions about policy, most of which were published since 2010. sustainability, reporting and business practices to develop a richer understanding of the Chinese corporate reporting environment. China data snapshot ChinaReporting provisions data snapshotReporting provisions by subject by obligation 35/47 21/47 10/47 25/47 20/47 2/47 reference reference reference provisions are provisions are provisions are environmental social governance mandatory voluntary comply or subjects subjects subjects explain Reporting is most aligned with SDGs Reporting is least aligned with SDGs An overview of China’s reporting environment 3 Q. Why is the Chinese government prioritizing sustainable development issues? China’s economy is undergoing a critical period In the report delivered by General Secretary of transformation and development, and the Xi Jinping at the opening session of the government has demonstrated commitment 19th National Congress of the Communist Party to the 2030 Agenda4 by aligning its domestic of China on 18 October 2017, he emphasized mid- and long-term development strategies with that China should promote green development, the SDGs. The 13th Five-Year Plan outlines that solve prominent environmental problems, economic development will not only focus on the intensify the protection of ecosystems, reform expansion of economic scale, but also stresses the environmental regulation system, and work the importance of innovation and efficiency5. to develop a new model of modernization with The Chinese government also acknowledges humans developing in harmony with nature7. that innovative, coordinated, green and Sustainable development is one of the core shared development, will be essential for governmental strategies outlined in the China’s overall progress6. report’s 14-point basic policy, and the reference to creating an ecological civilization appears to be prominent. Q. How have the National Implementation Plan and the National Progress Report addressed the role of business in supporting sustainable development? Drawing on the achievements and experience For the business sector, the government’s of China’s development, the National report has put forward some rigorous evaluation Implementation Plan of the 2030 Agenda for mechanisms, mandatory requirements and Sustainable Development analyzes challenges supporting incentives to help companies and opportunities in implementing the 2030 support the SDGs. The report has also called Agenda. It lays out the guiding thoughts, general for related corporate evaluation standards and principles and approaches, as well as specific systems to be set up to guide the sustainable plans for the implementation of the 17 SDGs industrial transformation, innovation and and 169 targets8. The National Progress investment. It encourages both State-Owned Report, published in August 2017, presents Enterprises (SOEs) and private enterprises to a review of the progress China has made join in the action by implementing the SDGs and economically, socially and environmentally since shouldering corporate social responsibilities10. September 20159, and outlines how China will This includes introducing some specific rules pursue higher quality, more efficient and more and requirements for reporting and disclosure of sustainable development. sustainability information. 4 An overview of China’s reporting environment Q. How does reporting and disclosure support the sustainable development agenda and related plans in China? The Chinese government is encouraging Sustainability reporting is an important entry business to integrate sustainable development point in implementing the 2030 Agenda in China strategies into their daily operation and and the number of Chinese companies that management activities. The State-owned Assets produce sustainability reports on a regular basis Supervision and Administration Commission has increased rapidly, from 19 in 2006 to 3040 in of the State Council (SASAC) have issued 2016. We have seen significant improvements in regulations and guidance for the SOEs. China the quality of reporting, thanks to international Securities Regulatory Commission (CSRC) benchmarking and greater understanding also has requirements for listed companies on of materiality issues. Reporting allows for the disclosure of social responsibility-related effective internal and external communications, information. Some local authorities, e.g. and reflects an improvement in corporate Shanghai, Beijing, and Shenzhen, have issued management standards in China. The State Grid guidance on corporate sustainable development Corporation of China, China Mobile, Sinopec, and social responsibility. Baowu Group, Shenhua Group and China National Building Material Group are among the leading As for the companies themselves, many reporting companies. have implemented sustainability strategies throughout their full management process. Since 2006, CBCSD has been compiling non- They are normalizing consistent actions from financial reports from Chinese companies and the leadership to front-line staff, while creating a has published a research report about the China timely, transparent and effective communication Corporate Sustainability Index. The index is system for the public and stakeholders. Through currently being piloted amongst China’s Top 500 disclosure and reporting of sustainability companies and highlights the leading companies information, the concept of sustainability is who are reporting sustainability information. further integrated into core business strategy. “The number of Chinese companies that produce sustainability reports on a regular basis has increased rapidly, from 19 in 2006 to 3040 in 2016” An overview of China’s reporting environment 5 Q. Which sectors, regions or parts of the economy are leading in corporate reporting? According to GoldenBee China CSR Index Report foreign-invested or Hong Kong, Macau, and 2016, there have been major breakthroughs Taiwan-based enterprises included in the report. in CSR practice, including improvements in Specifically, the performance of SOEs in fulfilling disclosure11. One key conclusion from this report their
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