Study on the Construction of ESG Information Disclosure System for Listed Companies

Abstract

With the deepening reform of China's capital market and the advancement of the "dual carbon" goals, the construction of an ESG (Environmental, Social, and Governance) information disclosure system for listed companies has become a core issue in the legal construction of the capital market. The Guidelines for the Sustainable Development Reports of Listed Companies issued by the Shanghai, Shenzhen, and Beijing stock exchanges in 2024 provide preliminary specifications for ESG information disclosure. However, problems such as inconsistent disclosure standards, lack of quantitative indicators, imperfect third-party assurance mechanisms, and an ambiguous legal liability system still exist. Using methods such as normative analysis and comparative research, this paper reviews the current status and dilemmas of China's ESG information disclosure legal system. It comparatively analyzes the experience and practical controversies of the EU's CSRD and the US's ESG information disclosure system. Combined with the actual situation of China's capital market, this paper proposes a legal system for ESG information disclosure that is aligned with accounting standards. This includes unifying industry-specific disclosure standards, improving the application rules for carbon accounting, establishing a statutory third-party assurance system, and strengthening a multi-level legal liability system. The aim is to provide institutional support for the implementation of mandatory ESG disclosure in China by 2026, promoting the high-quality development of the capital market and the green, low-carbon transformation of the economy and society.