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美证交会将要求上市公司披露碳足迹信息

美证交会将要求上市公司披露碳足迹信息

Declan Harty,Katherine Dunn 2021年08月02日
上市公司对于气候变化对其业务运营的影响缺乏统一的标准化数据,这引起了投资界的日益不满。

华尔街主管部门准备在年底之前,公布扩大气候风险披露方案。

美国证券交易委员会(U.S. Securities and Exchange Commission)主席加里•盖斯上周三表示,该委员会要求上市公司公布更多环境影响信息的计划已见雏形,这一计划备受公众期待。盖斯勒表示,该监管机构正在权衡一系列“定性和定量”披露要求,包括上市公司是否应该报告其供应链的温室气体排放量,以及气候信息披露是否应该包含在上市公司向监管部门提交的年度报告中。

盖斯勒推动制定相关规则方案的根本原因是,上市公司对于气候变化对其业务运营的影响缺乏统一的标准化数据,这引起了投资界的日益不满。虽然气候相关财务信息披露工作组(Task Force on Climate-Related Financial Disclosures)和可持续发展会计准则委员会(Sustainability Accounting Standards Board)等机构创建了可供发行商使用的框架,但美国证券交易委员会的气候风险披露强制要求,可能增加美国公司的责任,使投资者能够更加明确公司的相关状况。

盖斯勒在负责任投资原则组织(Principles for Responsible Investment)举办的活动上表示:“这就类似于奥运会。粉丝们会比较运动员们的受欢迎程度、国家和年龄。你不能让有些短跑运动员跑100米,有些人却只需要跑90米。今天的投资者也希望能够对比不同的公司。”

最近几个月,与乔•拜登就任总统之后接管的其他监管机构一样,美国证监会也日益重视可持续发展。早在盖斯勒4月份走马上任之前,美国证监会在委员艾莉森•赫伦•李的领导下,已经公布了对美国公司的一系列环境、社会和治理相关要求。该机构增加了对企业在其业务连续性和灾难恢复计划中是否考虑到极端气候事件的审查,成立了一个与环境、社会和治理有关的欺诈执法工作组,并开始就气候风险披露要求公开征求意见。

盖斯勒称,在收到的超过550条意见中,有75%支持出台强制气候披露规定。

盖斯勒曾是高盛(Goldman Sachs)合伙人,他在2008年金融危机之后曾执掌商品期货交易委员会(Commodity Futures Trading Commission),以强硬的作风而著称。他公开表示,在他的领导下,气候风险是证监会的首要议题。盖斯勒经常表示,手持数万亿美元的投资者期待有更具有可比性的环境、社会和治理数据,以帮助他们针对自己的投资组合做出决策。

环境、社会和治理领域的资金流入是去年金融界的典型趋势之一。Morningstar的可持续资金流向报告(Sustainable Fund Flow Report)显示,第2季度,全球可持续基金的资产增长12%,达到2.24万亿美元的历史新高。欧洲依旧引领该市场,有82%的投资来自欧洲。

但该报告称,第2季度,该领域的净资金流入减少了24%,降至1,390亿美元,体现了全球市场流动速度放慢的整体趋势。在第1季度,净资金流入连续四个季度创历史新高。尽管第2季度环境、社会和治理领域的资金流入增长速度有所放缓,但依旧高于2020年同期。

过去几个月,全球监管部门都在进一步完善对环境、社会和治理投资的定义,限制具有误导性的所谓“绿色”金融产品。3月,欧盟通过一项法规,要求基金管理者披露其产品如何达到环境、社会和治理标准。6月,英国政府发布了一项处理“漂绿”行为的监管政策。在美国证监会,盖斯勒要求员工评价其基金命名规则。

然而,离美国证监会的任何气候披露规则得以正式生效,中间都有很长的路要走。针对证监会为什么应该考虑这个问题,国会里的共和党人已经集体表达了关注。与此同时,证监会的两名共和党委员赫斯特•皮尔斯和埃莱德•罗伊斯曼提出了另外两个问题,分别是环境、社会和治理因素是否构成重大信息,以及为什么公司没有报告这些信息?前者是美国证券法中判断公司是否应该报告问题的黄金准则。

罗伊斯曼在6月的一次讲话中表示:“我们的披露框架已经要求上市公司向投资者提供重大信息,有些信息可以被归纳为‘环境’、‘社会’或‘治理’领域。如果一家公司面临的其他重大风险也可以这样分类,那么在现行规则下,我找不出公司有哪些合法理由来拒绝披露这些信息。”(财富中文网)

翻译:刘进龙

审校:汪皓

华尔街主管部门准备在年底之前,公布扩大气候风险披露方案。

美国证券交易委员会(U.S. Securities and Exchange Commission)主席加里•盖斯上周三表示,该委员会要求上市公司公布更多环境影响信息的计划已见雏形,这一计划备受公众期待。盖斯勒表示,该监管机构正在权衡一系列“定性和定量”披露要求,包括上市公司是否应该报告其供应链的温室气体排放量,以及气候信息披露是否应该包含在上市公司向监管部门提交的年度报告中。

盖斯勒推动制定相关规则方案的根本原因是,上市公司对于气候变化对其业务运营的影响缺乏统一的标准化数据,这引起了投资界的日益不满。虽然气候相关财务信息披露工作组(Task Force on Climate-Related Financial Disclosures)和可持续发展会计准则委员会(Sustainability Accounting Standards Board)等机构创建了可供发行商使用的框架,但美国证券交易委员会的气候风险披露强制要求,可能增加美国公司的责任,使投资者能够更加明确公司的相关状况。

盖斯勒在负责任投资原则组织(Principles for Responsible Investment)举办的活动上表示:“这就类似于奥运会。粉丝们会比较运动员们的受欢迎程度、国家和年龄。你不能让有些短跑运动员跑100米,有些人却只需要跑90米。今天的投资者也希望能够对比不同的公司。”

最近几个月,与乔•拜登就任总统之后接管的其他监管机构一样,美国证监会也日益重视可持续发展。早在盖斯勒4月份走马上任之前,美国证监会在委员艾莉森•赫伦•李的领导下,已经公布了对美国公司的一系列环境、社会和治理相关要求。该机构增加了对企业在其业务连续性和灾难恢复计划中是否考虑到极端气候事件的审查,成立了一个与环境、社会和治理有关的欺诈执法工作组,并开始就气候风险披露要求公开征求意见。

盖斯勒称,在收到的超过550条意见中,有75%支持出台强制气候披露规定。

盖斯勒曾是高盛(Goldman Sachs)合伙人,他在2008年金融危机之后曾执掌商品期货交易委员会(Commodity Futures Trading Commission),以强硬的作风而著称。他公开表示,在他的领导下,气候风险是证监会的首要议题。盖斯勒经常表示,手持数万亿美元的投资者期待有更具有可比性的环境、社会和治理数据,以帮助他们针对自己的投资组合做出决策。

环境、社会和治理领域的资金流入是去年金融界的典型趋势之一。Morningstar的可持续资金流向报告(Sustainable Fund Flow Report)显示,第2季度,全球可持续基金的资产增长12%,达到2.24万亿美元的历史新高。欧洲依旧引领该市场,有82%的投资来自欧洲。

但该报告称,第2季度,该领域的净资金流入减少了24%,降至1,390亿美元,体现了全球市场流动速度放慢的整体趋势。在第1季度,净资金流入连续四个季度创历史新高。尽管第2季度环境、社会和治理领域的资金流入增长速度有所放缓,但依旧高于2020年同期。

过去几个月,全球监管部门都在进一步完善对环境、社会和治理投资的定义,限制具有误导性的所谓“绿色”金融产品。3月,欧盟通过一项法规,要求基金管理者披露其产品如何达到环境、社会和治理标准。6月,英国政府发布了一项处理“漂绿”行为的监管政策。在美国证监会,盖斯勒要求员工评价其基金命名规则。

然而,离美国证监会的任何气候披露规则得以正式生效,中间都有很长的路要走。针对证监会为什么应该考虑这个问题,国会里的共和党人已经集体表达了关注。与此同时,证监会的两名共和党委员赫斯特•皮尔斯和埃莱德•罗伊斯曼提出了另外两个问题,分别是环境、社会和治理因素是否构成重大信息,以及为什么公司没有报告这些信息?前者是美国证券法中判断公司是否应该报告问题的黄金准则。

罗伊斯曼在6月的一次讲话中表示:“我们的披露框架已经要求上市公司向投资者提供重大信息,有些信息可以被归纳为‘环境’、‘社会’或‘治理’领域。如果一家公司面临的其他重大风险也可以这样分类,那么在现行规则下,我找不出公司有哪些合法理由来拒绝披露这些信息。”(财富中文网)

翻译:刘进龙

审校:汪皓

Wall Street’s top regulator is preparing to issue what figures to be an expansive climate risk disclosure proposal by year end.

The U.S. Securities and Exchange Commission’s widely expected plan to require publicly-traded companies to release more information about their environmental impact has started to take shape within the agency, SEC Chair Gary Gensler said Wednesday. The regulator is currently weighing a mix of “qualitative and quantitative” disclosure requirements, Gensler said, including if companies should report the greenhouse gas emissions of their supply chains and whether the climate disclosures should be included in companies’ annual reports filed with the regulator.

Underscoring Gensler’s push for a rule proposal is a mounting frustration in the investment community around the lack of standardized and consistent data from corporate issuers on how their businesses stand to be hit by a changing climate. And while some organizations like the Task Force on Climate-Related Financial Disclosures and the Sustainability Accounting Standards Board have created frameworks that issuers can adopt, a climate risk disclosure mandate from the SEC would impose a new form of accountability onto corporate America and provide unprecedented clarity for investors.

“It’s sort of like the Olympics,” Gensler said during the event held by the Principles for Responsible Investment. “Fans can compare athletes across heats, countries, and generations. It’s not like some sprinters run a 100-meter dash and others run 90 meters. Investors today are asking for that ability also to compare companies with each other.”

Sustainability has taken on a newfound importance at the SEC in recent months, just as it has at other regulatory agencies since President Joe Biden took over. Even before Gensler’s swearing in as SEC chair in April, the agency, under the leadership of Commissioner Allison Herren Lee, unleashed a bevy of environmental, social, and governance (ESG)-related announcements on corporate America. It ramped up its examinations into whether companies were considering extreme weather events in their business continuity and disaster recovery plans, launched an ESG-related fraud enforcement task force, and opened up a public comment period regarding climate risk disclosures.

Of the more than 550 comments received by the SEC, Gensler said 75% of them spoke in favor of mandatory climate disclosure rules.

Gensler, a former Goldman Sachs partner who became known as a hard-charging regulator at the helm of the Commodity Futures Trading Commission in the immediate wake of the 2008 financial crisis, has made no secret that climate risk is a top priority for the SEC under his leadership. The SEC chair has often spoken about the trillions of dollars represented by investors who are looking for more comparable ESG data to help them make decisions about their holdings.

ESG inflows have been one of the defining financial trends of the last year. In the second quarter, sustainable fund assets grew by 12% worldwide to $2.24 trillion, a record high, according to Morningstar’s Sustainable Fund Flow Report. Europe continued to dominate the market, with 82% of those flows coming from the continent.

Net inflows did fall 24% in Q2 to $139 billion, though, a reflection of broader slowdowns in market flows globally, according to the report. In Q1, net inflows had climbed to a record high, the fourth consecutive quarter to do so. But even the slowdown in Q2 still reflects higher ESG inflows compared to 2020.

The last few months have marked a regulatory push globally to better define ESG investing, and restrict misleading financial products that claim to be “green.” In March, the EU passed regulation that requires fund managers to disclose how their products meet ESG standards, and in June, the U.K. government launched a new watchdog to tackle greenwashing. At the SEC, Gensler has asked the staff to look into reviewing the regulator’s fund names rule.

The SEC is likely still facing a long road before any climate disclosure rule proposal would go into effect, though. Republicans on Capitol Hill have already started to zero in on concerns about why the SEC should be looking at the issue altogether. Meanwhile, the agency’s two Republican representatives, Commissioners Hester Peirce and Elad Roisman, have raised questions about if such ESG factors are material — the gold standard in U.S. securities laws that mandates an issue be reported — then why are companies not reporting them.

“I feel like a broken record, but our disclosure framework already requires public issuers to provide information that is material to investors, including information one might categorize as ‘E,’ ’S,’ or ‘G,’ Roisman said in a June speech. “To the extent that other material risks to a company can be classified as ‘E,’ ’S,’ or ‘G,’ I do not see a legal justification for failing to disclose that information under our existing rules.”

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