环境、社会、治理（Environmental, Social, and Governance, ESG）概念正在深刻影响企业投融资、并购等交易的推进，以及治理结构的更新。我们与正在崛起的中国ESG领域律师聊了聊此领域实践，以及他们对于搭建律所ESG业务板块的思考。
气候变化正在重塑全球经济。根据德勤《2021气候检查报告》，全球有30%的企业已见证了气候变化对业务的影响。中国也制定了相关政策，力争二氧化碳排放2030年前达到峰值，2060年前实现碳中和。
同时，更宽泛意义上的ESG概念不仅影响着全球企业的发展，也成为了投资者做出决策前重要的考虑因素。
2004年，联合国在《Who Cares Wins》报告中首次提出ESG概念。而后，联合国的负责任投资原则（UNPRI）提出将ESG纳入投资决策过程，列出6大原则、34项建议可行性方案。此后，全球报告倡议组织、美国可持续发展会计准则委员、世界经济论坛、气候相关财务信息披露工作组、气候披露准则理事会等相继发布了各自的ESG编制和披露标准。
目前，ESG作为一种投资策略，盛行于欧美地区。近几年来，ESG在中国内地也逐渐受到广泛关注。
更严格的规定
2010年以来，国内外出台了许多有关ESG的政策，这些政策对中国企业的发展有着深刻的影响。金诚同达研究院ESG研究中心牵头人、上海办公室高级合伙人贺国良律师告诉ALB，这些政策为企业编制和披露ESG作出了贡献，但同时增加了企业等选择和遵循标准的成本。
2016年1月，香港交易所正式实施更为严格的《环境、社会及治理报告指引》，上市公司须按“不遵守就解释”条文履行环境、社会及治理报告的义务。这也愈发引起内地市场对ESG的关注。
2020年以来，中国政府出台了一系列有利于ESG发展的战略与措施，出台了绿色金融政策，提出了碳中和目标等，旨在促进中国市场ESG体系的进一步完善。
中国证监会、沪深交易所、生态环境部等发布的相关政策文件构成了中国ESG信息披露的主要依据。2021年以来，国家陆续公布了碳中和、反垄断、共同富裕等多个与ESG中的 “E”和 “S”议题高度一致的顶层政策。2022年5月15日施行的《上市公司投资者关系管理工作指引》也明确要求上市公司向投资者披露ESG信息。
“国际可持续发展准则理事会拟于2022年底发布准则第1号和准则第2号，其总部可能设在北京。这将是国际准则与中国智慧的结合，会对中国企业在上市、估值、缴税等方面产生较大影响。”
贺国良，金诚同达
国际可持续发展准则理事会拟于2022年底发布准则第1号和准则第2号，其总部可能设在北京。贺国良律师认为，这将是国际准则与中国智慧的结合，会对中国企业在上市、估值、缴税等方面产生较大影响。
“随着国家政策法规强调发展中的可持续、高质量与公平等问题，ESG因素对企业生产经营的影响力将显著加强。上市公司正在加强ESG治理工作，资本市场对此也予以正向反馈。我们认为，中国企业应立足于国情、社情、民情，结合行业要求与企业自身实际，才能做好ESG。”贺国良律师说道。
与此同时，ESG概念也正给中国企业带来更多机会。中国人民银行副行长陈雨露早前指出，例如在绿色金融产品方面，2021年第二季度末，中国本外币绿色贷款余额已达到14万亿元，同比增长26.5%。2021前8个月，中国绿债发行规模超过3500亿元，同比增长152%，已超过去年全年发行额。其中，碳中和债券累计发行1800多亿元。
ESG广泛影响企业投融资
各项ESG新规在重塑企业治理的同时，也逐渐影响到资本市场及投资者对于企业的态度。
竞天公诚律师事务所权益合伙人江家喜律师告诉ALB，目前ESG主要涉及两个主题：一是作为合规要求，二是作为投资标准。
“中国企业对这两个主题都关注。在香港交易所于2019年底将ESG信息披露作为强制要求后，在港上市及拟赴港上市的中国企业已经将其作为一个合规要求予以积极关注。而随着联合国《负责任投资原则》签约方越来越多，以及MSCI、标普等ESG评级指数越来越引起关注，中国企业也已经认识到ESG建设和披露，是吸引投资、进行融资的一个重要方面。同时，中国企业也在积极加入联合国《负责任投资原则》，并自觉将ESG作为自己投资与并购的一个标准。”江律师说。
“目前ESG主要涉及两个主题：一是作为合规要求，二是作为投资标准。国际上已经出现多种权威ESG评级机构，中国企业若要吸引重视ESG投资的国际国内资本，也需要尽快建设和披露ESG信息。”
江家喜，竞天公诚
他进而具体介绍道：“首先，在境外融资方面，如果中国企业在香港等地上市，或准备在香港等地上市，则需要立即按这些政策要求构建自己的ESG体系，并准备和发布ESG报告；即使中国企业目前不在香港等地上市，也不打算在香港等地上市，中国也有政策强制要求某些企业，如‘重点排污单位’等披露环境方面信息。”
“其次，在境内融资方面，无论是上海证券交易所还是深圳证券交易所，都已经出台有关规定，倡导在其交易所上市的企业披露ESG方面信息；上海证券交易所和深圳证券交易所可能很快会出台规定，强制要求所有上市企业发布ESG报告。”江律师说。
“最后，国际上已经出现多种权威ESG评级机构，中国企业若要吸引重视ESG投资的国际国内资本，也需要尽快建设和披露ESG信息。”他补充道。
贺国良律师则指出，“目前ESG已成为影响公司上市和退市的重要因素”。
他举例道，港交所要求首次公开招股申请人上市前额外披露ESG；沪深交易所发布的新版《股票上市规则》对社会责任报告编制与披露、环境信息披露、重大风险情形信息披露、利益相关方权益信息保护披露以及公司治理等ESG信息披露方面有了更显性的要求；沪深证券交易所发布的强制退市规则中明确，上市公司涉及国家安全、公共安全、生态安全、生产安全和公众健康安全等ESG相关重大违法行为，可能构成强制退市理由之一。
市场和投资者除了关注公司治理这一长期影响公司表现和收益的因素外，对社会责任和环境保护也给予高度重视。上市央企、金融机构、机构投资者非常关注ESG，但不同行业的上市公司对ESG关注度、议题的优先排序、工作目标和规划有所不同。
贺国良律师认为，整体而言，ESG已经直接影响商业活动和资本投资市场。如在并购交易、供应链合规中，除了进行传统的财税、法律、技术尽调之外，越来越多的交易主体引入第三方专业机构对目标公司进行一体化的ESG尽职调查与治理建议。
从投资来看，ESG投资理念正逐步成为社会共识，私募股权基金进行投资时更注重ESG尽职调查， UNPRI 甚至给出了一个短平快的全阶段操作指南。在融资方面，ESG表现优异的公司能够显著降低融资成本，贺律师说。
律所加紧提升服务能力
随着企业对ESG的关注，律所也加强了就ESG主题为客户提供服务的能力。
贺国良律师说，此前金诚同达已经为客户提供了诸多类型的ESG法律服务，如助力河钢集团与美国TMS集团携手打造减少碳足迹合作典范项目、中国铁投发行20亿元绿色公司债券（专项用于碳中和）项目、江苏首单“长江大保护”专项债券项目等。
另一方面，金诚同达也十分重视自身的ESG建设，数位高级合伙人是全国人大代表、政协委员，积极推动涉及ESG因素立法政策。律所官网专设“社会责任”一栏，每年对合伙人参与社会公益等ESG实践进行考核和表彰。
未来，“我们一方面通过设立ESG研究中心，致力于研究和推广ESG理念，力求提供兼容国际标准与中国实践、兼顾通用性与行业特性的ESG法律服务。另一方面，我们将以ESG尽职调查、ESG信息披露为主打服务产品，以金融机构及机构投资人、矿产资源及新能源、医药、具有准公共服务特征的物业服务企业等客户为重点服务对象，构建和拓展ESG业务”， 贺国良律师说道。
竞天公诚也在公司治理与合规、融资上市、投资并购等方面为客户提供ESG主题方面的咨询服务。
“本所重点在已经在内地、香港、境外上市的公司或拟上市公司中开拓ESG业务。因为本所在上市方面具有较强的实力，并拥有较多这方面的客户，我们相信竞天公诚的ESG业务会发展得很快。” 江家喜律师说道。
而律所为客户提供新的ESG服务过程中，势必遇到一些挑战。贺国良律师指出，律所同时面临来自外部和内部的挑战。
“外部挑战主要是客户和市场培育问题，客户对ESG的法律服务需求是碎片化、分散化的，尚未形成整体的、批量的需求。同时，内部挑战是要整合涉及ESG各领域的律师团队，打造ESG标签的法律服务产品，树立ESG法律服务品牌。”贺律师坦言。
“在ESG服务方面，本所面临的主要挑战是中国内地一些企业对ESG要求认识还不充分，对ESG方面工作重视程度不够，同时中国内地有关ESG要求还不够明确、具体。”江家喜律师补充道，“但是我们相信，近期这些方面的挑战都将得到改善。”
GROW WITH RESPONSIBILITY
The broader concept of Environmental, Social and Governance (ESG) is having profound impact on the fundraising, investment and M&A transactions of companies. We speak to emerging ESG lawyers in China about practice in this field, and their thoughts on building the ESG business sector of law firms.
Climate change is reshaping the global economy. More than 30 percent of companies surveyed in Deloitte’s 2021 Climate Check report said they were starting to feel the operational impact of climate-related disasters. China has also formulated a series of policies, which aims to reach a peak in carbon emission before 2030 and to achieve carbon neutrality by 2060.
The environmental, social, and governance factors affect the development of global companies. It is also an important consideration for investors to make decisions. ESG impacts global investment and financing, mergers and acquisitions (M&A), as well as governance structures.
In 2004, the United Nations first proposed the concept of ESG in the "Who Cares Wins" report. Then, the United Nations’ Principles for Responsible Investment (UNPRI) proposed to incorporate ESG into the investment decision-making process. It listed six principles and 34 feasible proposals. Since then, organizations including the Global Reporting Initiative, the US Sustainability Accounting Standards Board, the World Economic Forum, the Task Force on Climate-related Financial Disclosures, and the Climate Disclosure Standards Board have all issued their respective ESG disclosure standards.
Now, ESG has become an important investment strategy in Europe and the US. Recently, it has been gaining more attention in mainland China.
STRICTER RULES
Since 2010, governments around the world introduced many ESG-related policies, which have also impacted Chinese companies. While it has led to the disclosure of ESG by enterprises, it has also increased the cost for companies to follow standards, He Guoliang, senior partner at Jincheng Tongda & Neal, tells ALB.
In 2016, the Stock Exchange of Hong Kong upgraded all environmental disclosures from “recommended practice” to “comply or explain,” which also drew the attention of the mainland market.
The Chinese government has introduced a series of strategies and measures to promote the development of ESG since 2020, including green finance policies and carbon neutrality, aiming to further improve the ESG system in the Chinese market.
The policies issued by the China Securities Regulatory Commission, the Shanghai Stock Exchange, the Shenzhen Stock Exchanges, and the Ministry of Ecology and Environment laid the foundation for China’s ESG disclosure.
Since 2021, China issued a series of policies that are highly consistent with the E and the S factors in ESG, such as carbon neutrality, anti-monopoly, and common prosperity. The Work Guidelines for Investor Relations Management of Listed Companies came into force on May 15, 2022, and required listed companies to disclose ESG data to investors.
He Guoliang, Jincheng Tongda & Neal
The International Sustainability Standards Board plans to issue Standard No. 1 and No. 2 by the end of 2022, and Beijing might be chosen as its headquarters. The Standards intend to provide a global baseline and to be compatible with jurisdiction-specific requirements, including those intended to meet broader stakeholder information needs. He Guoliang believes that this will be a combination of international standards and Chinese wisdom, and it will have a great impact on Chinese companies in terms of listing, valuation, and tax payment.
"As national policies and regulations are paying attention to sustainability, high quality, and fairness, ESG will have a greater influence on the operation of companies. Listed companies are improving ESG work, while the capital market actively responds to it. We think Chinese companies should improve their ESG work based on national conditions, and combine industry requirements and their own conditions,” says He Guoliang.
Apart from different responsibilities, the ESG concept is also bringing new opportunities. For example, as of the second quarter of 2021, the balance of green loans in both local and foreign currencies in China had reached 14 trillion yuan, increasing by 26.5 percent year-on-year, according to Chen Yulu, deputy governor of the People's Bank of China. For the first eight months of 2021, China issued over 350 billion yuan in green bonds, a year-on-year increase of 152 percent, which exceeded the issuance amount of the previous year. Among them, it issued more than 180 billion yuan carbon neutral bonds.
IMPACTING FUNDRAISING AND INVESTMENT
While various new ESG regulations are reshaping corporate governance, they are also gradually affecting the attitude of capital markets and investors towards companies.
ESG mainly involves two topics, namely compliance requirements and investment standards, Jiang Jiaxi, equity partner at Jingtian & Gongcheng, tells ALB.
“Chinese companies pay attention to both topics. After the Stock Exchange of Hong Kong made ESG disclosure a mandatory requirement at the end of 2019, Chinese companies that were listed in Hong Kong and planned to go public in Hong Kong paid close attention to it as a compliance requirement,” says Jiang.
Jiang Jiaxi, Jingtian & Gongcheng
“With the increasing number of signatories to the United Nation’s Principles for Responsible Investment and ESG rating indexes such as MSCI and S&P attracting more attention, Chinese companies have realized that ESG disclosure is the key to attracting investment and financing. Meanwhile, Chinese companies are also actively joining the Principles for Responsible Investment, and regard ESG as a standard for their own investment and M&A.”
Jiang elaborates: "Firstly, in terms of overseas fundraising, if a Chinese company is listed in Hong Kong or other places, or is going to be listed in Hong Kong and other places, it needs immediately build its own ESG system according to requirements, and prepare and publish ESG reports.”
Even if the Chinese company is not listed in Hong Kong, nor do they plan to list in Hong Kong, Jiang says companies must disclose environment-related information such as key pollutant discharging units.
“Secondly, in terms of domestic fundraising, both the Shanghai Stock Exchange and the Shenzhen Stock Exchanges have issued regulations to advocate companies that are listed on their exchanges to disclose ESG data. furthermore, both stock exchanges may soon require all listed companies to publish ESG reports.”
“Finally, there are already many authorized ESG rating agencies worldwide. Chinese companies need to disclose ESG information as soon as possible if they want to get support from investment companies at home and abroad that value ESG investment,” says Jiang.
“Meanwhile, ESG has now become an important factor affecting the listing and delisting of companies," He Guoliang points out.
The Stock Exchange of Hong Kong requires IPO applicants to additionally disclose ESG practices before listing.
The new version of the Rules Governing the Listing of Stocks issued by the Shanghai and Shenzhen Stock Exchanges also clearly explains the preparation and disclosure of social responsibility reports, environmental information disclosure, information disclosure of major risk situations, disclosure of information on the protection of stakeholders' rights and interests, and corporate governance.
The compulsory delisting rules issued by both stock exchanges clearly said that major ESG-related violations of listed companies involving national security, public security, ecological security, production safety, and public health and safety may become one of the reasons for compulsory delisting.
Apart from governance that impacts company performance and earnings in the long run, investors attach great importance to social responsibility and environmental protection.
Listed state-owned enterprises, financial institutions, and institutional investors pay close attention to ESG. However, listed companies in different industries have different ESG concerns, priorities, goals, and plans.
Overall, ESG has directly impacted business activities and the investment market, according to He Guoliang. For example, in M&A and supply chain compliance, more and more companies are seeking third parties to conduct integrated ESG due diligence and governance advice on target companies, apart from traditional finance, tax, legal, and technical due diligence.
From an investment perspective, ESG investment is supported by a growing a social consensus, and private equity funds pay more attention to ESG due diligence when investing. UNPRI even provides full-stage operation guidance. In terms of financing, companies with good ESG performance can reduce financing costs.
ENHANCING SERVICES
As companies pay more attention to ESG, law firms have also stepped up their efforts to provide ESG-related services for clients.
He Guoliang says that JT&N has provided ESG services for clients in different projects. These include such as helping HBIS Group and TMS Group to set up a model of cooperation in reducing carbon footprint, China Railway Investment Co. Ltd.’s issuance of 2 billion yuan of green bonds project for carbon neutrality, and Jiangsu's first "Yangtze River Protection" bond project.
Meanwhile, JT&N attaches great importance to building its own ESG capability. Several senior partners are deputies to the National People's Congress and members of the National Committee of the Chinese People's Political Consultative Conference, and are actively promoting ESG legislation. JT&N also evaluates and commends partners’ participation in social welfare and other ESG practices every year.
“We are committed to researching and promoting ESG concepts by setting up an ESG research centre. We aim to provide ESG legal services that are compatible with international standards and Chinese practices, as well as commonality and industry characteristics. On the other hand, our main service will be ESG due diligence and ESG disclosure. We will build and expand ESG business, focusing on customers such as financial institutions, institutional investors, mineral resources, new energy, pharmaceuticals, and property service companies,” says He Guoliang.
Jingtian & Gongcheng also provides clients with ESG-related services in corporate governance and compliance, financing and listing, investment, and M&A.
"Our firm is providing ESG services for companies that are listed in mainland China, Hong Kong, or overseas, and companies that are planning to go public. We believe our ESG business will develop very quickly as the firm is good at offering listing-related services and has many clients in this area," says Jiang.
However, law firms will inevitably meet challenges in the process of developing a new service.
He Guoliang points out that the law firm mainly faces both external and internal challenges.
"The external challenge is to cultivate clients and the market. The clients' demand for ESG legal services is fragmented, and there is no model for it. Meanwhile, the internal challenge is to integrate ESG lawyers to create ESG-labelled legal service products and to establish an ESG legal service brand,” says He.
"In terms of ESG services, the main challenge is that some Chinese companies do not fully understand ESG regulation. They do not pay much attention to ESG building. Meanwhile, ESG requirements in mainland China are not clear and specific enough.” Jiang adds, “However, we believe that we can address all these challenges in the near term.”