On March 25th, the Hong Kong SAR government issued a vision statement on the development of a sustainable disclosure ecosystem in Hong Kong, clarifying the vision and policy of the SAR government and financial regulatory agencies for the comprehensive development of a sustainable disclosure ecosystem in Hong Kong. The Vision Declaration states that the goal of the SAR government and financial regulatory agencies is to make Hong Kong one of the first jurisdictions to integrate local sustainable reporting standards with the International Sustainable Financial Reporting and Disclosure Standards (ISSB), showcasing Hong Kong's commitment to consolidating its leadership position in international sustainable finance and strengthening the competitiveness of Hong Kong enterprises to respond to the global demand for sustainable disclosure. The SAR government will develop local sustainable reporting standards and sustainable disclosure ecosystems in a comprehensive manner. The Hong Kong Institute of Certified Public Accountants, as the creator of the Hong Kong Sustainable Reporting Standards, will establish local sustainable reporting standards ("Hong Kong Standards") that align with the ISSB standards, as well as accompanying application and implementation guidelines. The vision statement states that the "Hong Kong Standards" are intended for cross-border application, including listed companies and regulated financial institutions (such as banks, fund managers, insurance companies, MPF approved trustees, etc.), and will be implemented in a phased manner, with priority applied to publicly responsible entities (such as listed companies and regulated financial service institutions). The SAR government will collaborate with financial regulatory agencies and stakeholders to develop a roadmap for the appropriate adoption of ISSB standards, with the goal of launching it within 2024 to provide transparency for Hong Kong enterprises on sustainable reporting? Provide a clear path and give companies ample time to prepare, with the aim of being ready for the implementation of the Hong Kong Code. The Secretary for Financial Affairs and Treasury of the Hong Kong Special Administrative Region Government, Hui Zhengyu, stated that the vision statement clearly sets out the specific direction for the government and financial regulatory agencies to report on sustainable development in Hong Kong. This will help Hong Kong keep up with international trends in green and sustainable finance, accelerating its move towards becoming an international green finance center. The SAR government will continue to work with financial regulatory agencies and relevant personnel to gradually improve Hong Kong's sustainable disclosure ecosystem and achieve the relevant vision. (Lai Xin She)
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Source：xinhuanet
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