Hong Kong's Financial Services Development Council (FSDC) on Wednesday set out key recommendations for fostering the development of an Environmental, Social and Governance (ESG) ecosystem1 in China's Hong Kong Special Administrative2 Region.
香港金融发展局周三制定了促进特区环境、社会和治理生态发展的主要建议。
"ESG investment has become a
mainstream3 investment area which many developed economies strive to seize through a combination of
incentives4 and regulations," FSDC chairman Laurence Li said when releasing the ESG Strategy for Hong Kong report.
"An
optimal5 balance between the two is not easy to achieve but there is a need for Hong Kong to take this into serious consideration in order not to be left behind."
The report recommends the government take the leadership role in encouraging public funds' support for ESG
integration6.
It suggests the Securities and
Futures7 Commission strengthen the emphasis on ESG through upgrading the Principles of Responsible Ownership to at least "comply or explain."
It also advises the Stock Exchange of Hong Kong to strengthen the emphasis on ESG for both listing
applicants8 and listed companies.
The FSDC was established in 2013 in response to the financial services industry's call for a high-level government
advisory9 body to support the sustained development of the industry.
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