On August 5, China Finance 40 Forum (CF40) held the 17th Sun Yefang Book Club to launch a new book “Disclosure Standards for Sustainability Information and Applications: Global Trend and China’s Practice”, co-authored by Tu Guangshao, Member of CF40 Executive Council and Chairman of Shanghai Finance Institute (SFI), and Wang Dequan, CF40 Council Member and CEO of Governance Solutions Group (GSG).
The book is based on a research project conducted by SFI and was published earlier this year. In the book, Tu Guangshao and the research team delved into global trends of sustainability disclosure standards, assessed the details and applicability of standards worldwide, reviewed major countries and regions’ practice in promoting such disclosures, and offered suggestions on the development of China’s own sustainability reporting standards. In addition, the book also provides recommendations for the regulation of sustainability disclosures and the establishment of a sustainable investing ecosystem in China.
The event kicked off with an introduction of the book by Tu Guangshao. In his speech, Tu pointed out that whether it is enterprises managing their own business, investors making investment decisions, or regulators setting out regulatory requirements, all the stakeholders need to rely on a unified set of reporting standards. However, given the varying circumstances facing different countries, it is unrealistic to adopt the same set of standards globally. Tu argued that while China should align with international practices, it should not simply copy them. Rather, China should take into account its national conditions and develop standards that tailor to the particular stage and characteristics of its development.
Following the speech was a discussion featuring Mr. Zhan Yuyin, CF40 Invited Guest and Chairman of E Fund Management, Mr. Gao Chong, President of ICBC Credit Suisse Fund, and Mr. Guo Wei, President of Schroder Investment Management (China) Ltd. The experts all agreed that setting up a sustainability disclosure framework is a systematic project, and currently more efforts need to be made to lay a solid groundwork such as clarifying basic concepts, improving relevant data and statistics, and developing more ESG evaluation tools.
The event was co-hosted by China Finance 40 Forum and Sun Yefang Economic Science Foundation, and moderated by CF40 Secretary-General Wang Haiming.