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THE NEED FOR SUSTAINABILITY DISCLOSURE STANDARDS
可持續性披露標準的必要性

In today’s capital markets, high demand for sustainability information is driven by investors and companies alike as the advantages of sustainability in investment and corporate performance management are realized in practice and proved through scholarly research. However, it was not always this way. The history of financial disclosure illuminates the core objectives, defining developments and past limitations that underpin the need for standardized sustainability disclosure
在今日的資本市場上，隨著永續性在投資與企業績效管理上的優勢在實踐中被體認，並經由學術研究被證明，投資人與企業都對永續性資訊有很高的需求。然而，事情並非一直如此。財務揭露的歷史說明了核心目標、定義發展和過去的限制，這些都是標準化永續性揭露需求的基礎。

Part I provides:  第一部分提供：

  • an exploration of the drivers of demand for sustainability information;
    探索對永續資訊需求的驅動因素；
  • an overview the history of financial disclosure;
    概述財務揭露的歷史；
  • an introduction to the concept of materiality established for investor-focused reporting; and
    介紹為以投資者為中心的報告而建立的重要性概念；以及
  • a discussion of how financial disclosure meets and does not meet the needs of companies and investors.
    討論財務揭露如何滿足或無法滿足公司與投資人的需求。

DEMAND FOR SUSTAINABILITY INFORMATION
對永續資訊的需求

LEARNING OBJECTIVE(S) COVERED IN THIS CHAPTER:
本章涵蓋的學習目標：

◻ 1 ◻ 1 ◻1\square 1 IDENTIFY the factors influencing investor use of sustainability information.
◻ 1 ◻ 1 ◻1\square 1 指出影響投資人使用永續性資訊的因素。

16 RECOGNIZE the role of sustainability management in corporate strategy and risk management.
16 認識可持續發展管理在企業策略和風險管理中的角色。

1.1. WHAT IS SUSTAINABILITY?
1.1.什麼是永續性？

Today, the term ‘sustainability’ commonly appears in corporate and investor vernacular, though it can mean different things to different people. Perhaps the most widely accepted meaning of the term originates from the pivotal 1987 Brundtland Report published by the World Commission on Environment and Development. Titled Our Common Future, it states that ‘humanity has the ability to make development sustainable to ensure that it meets the needs of the present without compromising the ability of future generations to meet their own needs.’ 11 11 ^(11){ }^{11} Many others have articulated the concept of sustainability for different purposes. A few examples are listed below:
今天，「永續性」一詞常出現在企業與投資人的口頭禪中，不過對不同的人而言，它可能有不同的意義。或許該詞最廣為人接受的意義來自世界環境與發展委員會於 1987 年發表的布倫特蘭報告（Brundtland Report）。該報告以 「我們共同的未來 」為題，指出 "人類有能力實現可持續發展，以確保在滿足當前需求的同時，不影響後代滿足自身需求的能力。 11 11 ^(11){ }^{11} 許多其他人為了不同的目的闡述了永續性的概念。以下列出幾個例子：
‘In a sustainable society, nature is not subject to systematically increasing: 1. concentrations of substances extracted from the earth’s crust, 2. concentrations of substances produced by society, 3. degradation by physical means, 4. and, in that society, people are not subject to conditions that systemically undermine their capacity to meet their needs.’
在可持續發展的社會中，大自然不會受到系統性增加的影響：1. 從地殼中萃取的物質濃度，2. 社會製造的物質濃度，3. 以物理方式造成的退化，4. 在該社會中，人們不會受到有系統地破壞其滿足需求能力的條件的影響。
-The Natural Step Framework, first developed in 1989 by Karl-Henrik Robert
-自然步驟架構，1989 年由 Karl-Henrik Robert 首次開發
‘The possibility that human and other life will flourish on the planet forever.’
'人類和其他生命永遠在地球上繁衍的可能性。

—John R. Ehrenfeld, academic and executive director of the International Society
-John R. Ehrenfeld，學者兼國際協會執行董事

for Industry Ecology  產業生態
[A sustainable investment is] ‘an investment in an economic activity that contributes to an environmental or social objective, provided that the investment does not significantly harm any environmental or social objective and that the investee companies follow good governance practices.’
[可持續投資是指]「對有助於環境或社會目標的經濟活動的投資，前提是該投資不會嚴重損害任何環境或社會目標，且被投資公司遵循良好治理實踐。
-The European Commission, as stated in The Sustainable Finance Disclosure Regulation
-歐盟委員會在《永續金融披露法規》中指出
No two interpretations are exactly alike. Their differences lie in the context within which they were developed-each shaped by different societal, political, industrial and organizational circumstances at different points in time. The Brundtland Report sought to define ‘sustainable development’ to inform global policy in response to growing concern for the environmental and social problems associated with a rising standard of living and the global population in the 1980s. The Natural Step Framework sought to define a ‘sustainable society’ to support organizational planning in the early 1990s. 2 2 ^(2){ }^{2} John R. Ehrenfeld defined sustainability in the context of industrial ecology in 2009. 3 3 ^(3){ }^{3} The European Commission defined ‘sustainable investing’ within regulation that seeks to improve transparency among financial service providers in 2019.4 Though no single, universal interpretation of sustainability exists, one common directive permeates them all: actions and decisions made today must not threaten our ability to function and thrive in the future.
沒有兩種詮釋是完全相同的。它們的差異在於其發展的背景 - 每種詮釋都是在不同的時間點，由不同的社會、政治、工業與組織環境所塑造。布倫特蘭報告 (Brundtland Report) 試圖定義「永續發展」，以提供全球政策資訊，因應 1980 年代生活水準與全球人口不斷提高所帶來的環境與社會問題。自然步驟架構」（Natural Step Framework）試圖定義「永續社會」，以支援 1990 年代早期的組織規劃。 2 2 ^(2){ }^{2} 2009年，John R. Ehrenfeld 在工業生態的背景下定義了永續性。 3 3 ^(3){ }^{3} 歐盟委員會於 2019 年在法規中定義「永續投資」，以提高金融服務供應商的透明度。4 儘管沒有單一、普遍的永續詮釋，但有一個共同指令貫穿其中：今日的行動與決策不得威脅我們未來運作與繁榮的能力。
The FSA Credential focuses on sustainability information in the context of capital markets. For the purpose of this curriculum, sustainability information (sometimes called sustainabil-ity-related financial information or ESG information) is the information about companies’ environmental, social and governance matters that effect financial performance but are not traditionally captured in financial reports-in other words, the sustainability-related information needed to evaluate companies’ ability to function and thrive in the future.
FSA 認證著重於資本市場背景下的永續性資訊。就本課程而言，永續性資訊（有時稱為與永續性相關的財務資訊或 ESG 資訊）是關於公司的環境、社會及治理事項的資訊，這些資訊會影響財務績效，但傳統上財務報告中並不包含這些資訊，換句話說，是評估公司未來運作及成長能力所需的與永續性相關的資訊。
One cannot ignore that within capital markets the increasing prevalence of the terms ‘sustainability’ and ‘ESG,’ with all their intended meanings, reflects mounting evidence of the usefulness of some sustainability information for achieving business objectives. Companies and investors have come to a shared realization that financial returns can be sustained only if companies are well governed and the social and environmental assets underlying those returns are not depleted. Far more than an exercise in altruism, sustainability constitutes a key focus area of even the most financially motivated companies and investors.
我們不能忽視的是，在資本市場中，「永續性」和「ESG」這些詞彙的日漸普及，以及這些詞彙所代表的各種意義，反映出有越來越多的證據證明，某些永續性資訊對於實現商業目標是非常有用的。公司與投資人已共同意識到，唯有公司治理良好，且這些回報所依據的社會與環境資產不被耗盡，才能維持財務回報。即使是最有財務動機的公司和投資者，可持續性也遠遠不只是利他主義，而是一個關鍵的重點領域。

1.2. GROWING INVESTOR DEMAND
1.2.投資者需求日增

Many institutional investors demand sustainability information to improve fundamental performance, manage risk and volatility to protect against diminished returns and, in some cases, achieve above-market returns. Other investors seek to improve environmental and social investment outcomes with financial returns as an equivalent or a secondary consideration. A robust body of independent research provides a compelling picture of the benefits of sustainability information for achieving investors’ objectives.
許多機構投資人要求永續性資訊，以改善基本績效、管理風險與波動性，以避免回報減少，並在某些情況下取得高於市場的回報。其他投資者則尋求改善環境與社會投資成果，並將財務報酬視為同等或次要的考量。大量的獨立研究顯示，永續性資訊對於達成投資人的目標有相當大的助益。

1.2.1. IMPROVED INVESTMENT PERFORMANCE
1.2.1.改善投資績效

Some research demonstrates that companies committed to sustainability outperform in stock market performance-evidence that more sustainable companies can 'adopt environmentally and socially responsible practices without sacrificing shareholder wealth creation. 55 55 ^(55){ }^{55} For example, a controlled model developed by researchers at Harvard Business School predicted that
一些研究表明，致力於可持續發展的公司在股票市場上表現優於其他公司，這證明更具可持續性的公司可以「採用對環境和社會負責任的做法，而不犧牲股東財富的創造」。 55 55 ^(55){ }^{55} 例如，哈佛商學院的研究人員開發了一個控制模型，預測
an investment of US$1 made in 1993 in a value-weighted portfolio of a company performing well in sustainability would have grown to US $ 22.6 $ 22.6 $22.6\$ 22.6 by the end of 2010 , while a control portfolio of non-sustainability performers would have grown to only US$15.4 in the same time period (see figures below). 6 6 ^(6){ }^{6} This finding suggests that sustainability information can support evaluation of market value.
在 1993 年以 1 美元投資於可持續性表現優異的公司的價值加權投資組合，到 2010 年底將成長為 $ 22.6 $ 22.6 $22.6\$ 22.6 美元，而在同一時期投資於非可持續性表現優異的公司的對照投資組合，則僅會成長為 15.4 美元（見下圖）。 6 6 ^(6){ }^{6} 這一發現表明，可持續性資訊可以支持市場價值評估。
Various studies have found that ESG performance has also been linked to improved profitability. Companies focused on sustainability have ‘reduced costs, improved worker productivity, mitigated risk potential, and created revenue-generating opportunities.’ 7 7 ^(7){ }^{7} Where sustainability performance is directly linked to profitability, sustainability information supports analysis of fundamental corporate performance.
多項研究發現，ESG 績效也與獲利能力的提升有關。注重可持續性的公司「降低了成本、提高了工人生產力、減輕了潛在風險、創造了創收機會」。 7 7 ^(7){ }^{7} 當永續績效與獲利能力直接相關時，永續績效資訊就能支援企業基本績效的分析。
Figures 1 and 2: Sustainability performance benefits on a value-weighted portfolio
圖 1 和 2：價值加權投資組合的永續績效優勢
Source: Robert G. Eccles, Ioannis Ioannou, and George Serafeim, “The Impact of Corporate Sustainability on Organizational Processes and Performance” (working paper), Harvard Business School, 29 July 2013
資料來源Robert G. Eccles、Ioannis Ioannou 和 George Serafeim，「企業永續性對組織流程和績效的影響」（工作論文），哈佛商學院，2013 年 7 月 29 日

1.2.2. RISK MANAGEMENT  1.2.2.風險管理

Research also demonstrates that sustainability information can be a strong signal for price volatility. For example, one study found that companies with higher sustainability or ESG ratings have lower price and earnings per share (EPS) volatility than those with low sustainabili-ty-performance scores. 8 8 ^(8){ }^{8} Based on historical data, Bank of America Global Research found that companies in the top quintile of ESG performance experienced the lowest volatility in earnings per share in a subsequent five-year period. By contrast, ‘companies with the worst environmental, social and governance records averaged 92 % 92 % 92%92 \% volatility.’ Notably, the researchers found that sustainability information was the only reliable signal for predicting EPS volatility, providing better insight than traditional measures such as return on equity. Sustainability information can be important to investors when assessing risk and the predictability of investment outcomes.
研究也顯示，永續性資訊可成為價格波動的強烈信號。例如，一項研究發現，可持續性或 ESG 評級較高的公司，其價格和每股收益 (EPS) 的波動性要低於可持續性表現評分較低的公司。 8 8 ^(8){ }^{8} 根據歷史數據，Bank of America Global Research 發現，ESG 績效最高的五分之一公司在隨後五年期間的每股收益波動性最低。相比之下，'環境、社會和治理記錄最差的公司平均波動性 92 % 92 % 92%92 \% 。值得注意的是，研究人員發現可持續性資訊是預測每股收益波動性的唯一可靠信號，比股本報酬率等傳統衡量標準提供了更好的洞察力。可持續性資訊對投資人評估風險和投資結果的可預測性非常重要。
Relatedly, sustainability information has been shown to help avoid major losses. The same Bank of America Global Research study found that, if investors bought only stocks from companies with above-average ESG scores five years ahead of a company’s bankruptcy, they would have avoided more than 90 % 90 % 90%90 \% of the bankruptcies that occurred in the S&P 500 from 2005 to 2015.9 Similarly, research indicates that poor sustainability performers have a higher likelihood of experiencing major negative credit events. 10 10 ^(10){ }^{10} Investors in public companies increasingly rely on sustainability information to support risk analysis, to identify signals of future volatility and value declines and to protect portfolio value.
與此相關的是，可持續性資訊已被證明有助於避免重大損失。同一項美國銀行全球研究發現，如果投資者在公司破產前五年只購買ESG評分高於平均值的公司股票，他們將可避免2005年至2015年標準普爾500指數中超過 90 % 90 % 90%90 \% 的破產事件。 10 10 ^(10){ }^{10} 上市公司的投資人越來越依賴永續性資訊來支援風險分析、識別未來波動和價值下跌的訊號，以及保護投資組合價值。
While these studies tend to focus on public equity for its availability and abundance of data, it is important to acknowledge that investors in private companies also increasingly rely on sustainability information. Many private equity investors recognize ESG investing as a means to improve portfolio performance, mitigate risk and generate alpha. 11 11 ^(11){ }^{11} Robust public, academic and scholarly research on the benefits of sustainability information in private markets is limited, in part due to the less transparent nature of reported data and corporate value in private markets.
儘管這些研究傾向於以公開股權為重點，因為其可用性和豐富的數據，但重要的是要承認，私人公司的投資者也越來越依賴可持續發展資訊。許多私募股權投資者將 ESG 投資視為提高投資組合績效、降低風險和產生 Alpha 的一種手段。 11 11 ^(11){ }^{11} 有關私人市場中永續性資訊效益的強大公開、學術和學術研究有限，部分原因是私人市場中報告數據和企業價值的透明度較低。
As with all research, one can find flaws in individual studies that identify the benefits of sustainability to investors. However, the benefits of sustainability information are borne out when looking across a large sample of research. A 2015 meta-analysis of more than 2,000 empirical studies found that the majority of studies demonstrate a positive relationship between sustainability performance and financial performance. In the sample, 90 % 90 % 90%90 \% of studies demonstrated a non-negative relationship between sustainability and corporate financial performance. In other words, a corporate focus on sustainability need not come at the expense of financial objectives. Rather, it enhances companies’ abilities to achieve those objectives.
就像所有的研究一樣，我們可以在個別的研究中找到瑕疵，以確定永續性對投資人的益處。然而，從大量的研究樣本來看，可持續性資訊的好處得到了印證。2015 年對 2,000 多項實證研究進行的元分析發現，大多數研究都證明了可持續性績效與財務績效之間的正向關係。在樣本中， 90 % 90 % 90%90 \% 的研究證明了永續性與企業財務績效之間的非負向關係。換句話說，企業對永續性的重視不一定會犧牲財務目標。相反，它會增強公司實現這些目標的能力。
Part IV expands on the diverse range of investor use cases for sustainability data.
第四部分闡述投資人對永續性資料的各種不同使用案例。

1.3. DEMAND WITHIN COMPANIES
1.3.公司內部需求

The factors described above drive investor demand for sustainability information from companies. Some leading companies also generate their own internal demand for this information for similar reasons: sustainability data can help provide insight into financial performance and contribute to success in the near, medium and long term.
上述因素驅使投資人要求公司提供永續發展資訊。一些領先的公司內部也基於類似原因對這些資訊產生需求：永續發展資料有助於深入瞭解財務績效，並有助於近期、中期和長期的成功。
Some studies suggest that most corporate executives today recognize the link between sustainability information and business success. According to a 2019 CEO study jointly conducted by the UN Global Compact and Accenture, 94 % 94 % 94%94 \% of CEOs believe that ‘sustainability issues are important to the future success of their business’ and ‘recognize that sustainability can drive competitive advantage.’ Moreover, 40 % 40 % 40%40 \% ‘are seeing business value through revenue growth’ and are creating ‘genuine value’ through risk
一些研究表明，當今大多數企業高管都意識到可持續性資訊與企業成功之間的聯繫。根據聯合國全球盟約與埃森哲共同進行的 2019 年 CEO 研究， 94 % 94 % 94%94 \% 的 CEO 認為「可持續發展問題對企業未來的成功非常重要」，並且「認識到可持續發展可以推動競爭優勢」。此外， 40 % 40 % 40%40 \% 「透過收入成長看到商業價值」，並透過風險創造「真正的價值」。
“About 12 years ago, several people thought sustainability would cost money and was nice to do. Now, 12 years later… creating value for our society and planet can go hand-in-hand with business successes.”
"大約 12 年前，有幾個人認為永續發展需要花錢，而且做起來很好。12 年後的今天......為我們的社會和地球創造價值可以與商業成功並駕齊驅"。
  • Feike Sijbesma, CEO of Royal DSM, 2019
    皇家帝斯曼執行長 Feike Sijbesma，2019 年
mitigation, cost reduction and competitive advantage gained through ‘new markets, products and services, resource productivity and efficiency.’ 12 12 ^(12){ }^{12}
緩解、降低成本以及透過「新市場、產品與服務、資源生產力與效率」所獲得的競爭優勢。 12 12 ^(12){ }^{12}
A company’s ESG performance can also impact its access to and cost of capital. In fact, in 2015 researchers from the University of Oxford evaluated 200 empirical ESG studies and found that ’ 90 % 90 % 90%90 \% of the studies on the cost of capital show that sound sustainability standards lower the cost of capital for companies. 13 13 ^(13){ }^{13}
公司的 ESG 績效也會影響其資本的獲得和成本。事實上，牛津大學的研究人員在 2015 年評估了 200 項經驗性 ESG 研究，發現 ' 90 % 90 % 90%90 \% 有關資本成本的研究顯示，健全的永續性標準可降低公司的資本成本。 13 13 ^(13){ }^{13}
Independent of investor demand for sustainability information, companies increasingly seek to generate better sustainability performance data and insights for internal use to directly inform strategic decisions, drive financial performance and foster long-term success.
除了投資人對永續績效資訊的需求外，企業也越來越尋求產生更好的永續績效資料和洞察力，供內部使用，以直接為策略性決策提供資訊、推動財務績效並促進長期成功。

1.4. OTHER INSTITUTIONS DRIVING DEMAND
1.4.推動需求的其他機構

In addition to demand from investors and within companies, a number of organizations in the broader business ecosystem shape the public dialogue and practices surrounding the production and use of sustainability reporting.
除了來自投資人和公司內部的需求之外，在更廣泛的商業生態系統中，也有許多組織塑造了圍繞永續報告書製作與使用的公開對話與實務。

1.4.1. PUBLIC POLICY AND REGULATION
1.4.1.公共政策和法規

Policy-based initiatives stimulate sustainability disclosure by enacting national recommendations or requirements for publicly listed companies in order to foster more stable, sustainable economies. For example, the European Commission released the Action Plan for Financial Sustainable Growth, a sweeping, multifaceted policy directive that sets forth a comprehensive strategy and action plan to ‘further connect finance with sustainability.’ The plan contains 10 key initiatives distributed among three core categories: ‘reorienting capital flows towards a more sustainable economy,’ ‘mainstreaming sustainability into risk management’ and 'fostering transparency and long-termism. 14 14 ^(14){ }^{14}
以政策為基礎的倡議透過頒佈國家建議或要求上市公司來刺激永續性揭露，以促進更穩定、永續的經濟。例如，歐盟委員會發表了「金融永續成長行動計畫」，這是一項廣泛、多層面的政策指令，提出了「進一步連結金融與永續」的綜合策略與行動計畫。該計劃包含 10 項主要措施，分佈在三個核心類別：「重新定位資金流向更具永續性的經濟」、「將永續性納入風險管理的主流」以及「促進透明度與長期性」。 14 14 ^(14){ }^{14}
Individual nations have also taken up policy initiatives aimed at corporate sustainability disclosure, including Australia, 15 15 ^(15){ }^{15} India, 16 16 ^(16){ }^{16} Japan, 17 17 ^(17){ }^{17} South Africa 18 18 ^(18){ }^{18} and the United Kingdom 19 19 ^(19){ }^{19}. In instances where jurisdictions adopt the Paris Climate Accord into local policy, global policy efforts promote the disclosure and use of sustainability information at a country level.
個別國家也採取政策措施，以披露企業的永續性，包括澳洲、 15 15 ^(15){ }^{15} 印度、 16 16 ^(16){ }^{16} 日本、 17 17 ^(17){ }^{17} 南非 18 18 ^(18){ }^{18} 和英國 19 19 ^(19){ }^{19} 。在司法管轄區將《巴黎氣候協定》納入當地政策的情況下，全球政策努力在國家層面上促進可持續性資訊的披露和使用。

1.4.2. INDUSTRY BODIES  1.4.2.行業機構

Non-policy efforts also influence the use of sustainability information. For example, the Sustainable Stock Exchanges (SSE) Initiative is focused on building the ‘capacity of stock exchanges and securities market regulators to promote responsible investment in sustainable development.’ It offers 'a global platform for exploring how exchanges, in collaboration with
非政策性的努力也會影響永續資訊的使用。例如，「可持續證券交易所 (SSE) 倡議」著重於建立「證券交易所和證券市場監管機構的能力，以促進可持續發展中負責任的投資」。它提供了「一個全球性的平台，以探索交易所如何與其他機構合作，在可持續發展的環境中進行負責任的投資」。
investors, companies, regulators, and policymakers and relevant international organizations, can enhance performance on ESG issues and encourage sustainable investment, including the financing of the UN Sustainable Development Goals.’ In large part due to the leadership of the SSE, most stock exchanges provide guidance to listed companies delineating why and how to report sustainability information.
投資者、公司、監管機構和政策制定者以及相關國際組織，可以提高在 ESG 問題上的表現，並鼓勵可持續投資，包括為聯合國可持續發展目標提供資金。在很大程度上，由於上交所的領導，大多數證券交易所都會為上市公司提供指引，說明為何要報告可持續發展資訊以及如何報告這些資訊。
Statements from various other industry bodies also contribute to growing demand for sustainability information in the market. For example, Accountancy Europe’s 'Interconnecting Standard Setting for Corporate Reporting’ states: ‘Global challenges, such as climate change, depletion of raw materials, biodiversity loss, access to resources, planetary limits, human rights and social concerns are increasingly core issues for companies … The nature of risks and the drivers of value for companies today mean that broader information about long-term strategy is essential for resilient businesses and sustainable investment decisions. 20 20 ^(20){ }^{20} Other industry organizations, including the Global Asset Owner Forum, 21 21 ^(21){ }^{21} Global Financial Markets Association, 22 22 ^(22){ }^{22} the Institute of International Finance, 23 23 ^(23){ }^{23} the International Corporate Governance Network, 24 24 ^(24){ }^{24} the Network for Greening the Financial System 25 25 ^(25){ }^{25} and the Securities Industry and Financial Markets Association, 26 26 ^(26){ }^{26} have all published calls related to the benefits of reporting sustainability information. Such coalitions and associations build mutual understanding of the impacts of ESG information and reinforce the demand for quality sustainability disclosure from members.
其他各產業團體的聲明也有助於市場對永續性資訊日益增加的需求。例如，Accountancy Europe 的「Interconnecting Standard Setting for Corporate Reporting」指出：全球挑戰，如氣候變化、原材料耗竭、生物多樣性喪失、資源獲取、地球極限、人權和社會關注等，越來越成為公司的核心問題......當今公司的風險本質和價值驅動因素意味著，更廣泛的長期戰略資訊對於有韌性的企業和可持續投資決策至關重要。 20 20 ^(20){ }^{20} 其他行業組織，包括全球資產所有者論壇 (Global Asset Owner Forum)、 21 21 ^(21){ }^{21} 全球金融市場協會 (Global Financial Markets Association)、 22 22 ^(22){ }^{22} 國際金融學會 (Institute of International Finance)、 23 23 ^(23){ }^{23} 國際公司治理網絡 (International Corporate Governance Network)、 24 24 ^(24){ }^{24} 綠化金融體系網絡 (Network for Greening the Financial System) 25 25 ^(25){ }^{25} 以及證券業與金融市場協會 (Securities Industry and Financial Markets Association)， 26 26 ^(26){ }^{26} 都發表了與報告可持續發展資訊的好處相關的呼籲。這些聯盟和協會建立了對 ESG 資訊影響的相互理解，並加強會員對高品質可持續性披露的需求。
Recognition of the relationship between social and environmental responsibility and financial success has initiated a torrent of demand for sustainability information. Investors and business professionals alike recognize the need for business reporting to evolve. Indeed, change within the disclosure landscape is nothing new. Disclosure expectations have been continuously evolving for the past 100 years, as markets become more sophisticated and key players within the ecosystem evaluate the usefulness of disclosure and refine its purpose. The benefits of sustainability information for corporate and investor decision-making represent a natural continuation of this evolution.
對於社會與環境責任與財務成功之間關係的認知，掀起了一股對永續發展資訊的需求熱潮。投資人和企業專業人士都意識到企業報告需要不斷發展。事實上，披露領域的變化並非新鮮事物。過去 100 年來，隨著市場變得更加複雜，以及生態系統中的主要參與者評估披露的有用性並完善其目的，對披露的期望也在不斷演變。可持續發展資訊對企業和投資者決策的益處代表了這種演變的自然延續。

CHAPTER REVIEW  章節回顧

This chapter contains information related to the following Learning Objective(s):
本章包含與下列「學習目標」相關的資訊：
1 IDENTIFY the factors influencing investor use of sustainability information.
1 識別影響投資人使用永續性資訊的因素。
16 RECOGNIZE the role of sustainability management in corporate strategy and risk management.
16 認識可持續發展管理在企業策略和風險管理中的角色。
? CHECK YOUR UNDERSTANDING
?檢查您的理解
  1. Why are investors demanding quality sustainability information?
    為何投資人要求高品質的永續發展資訊？
  2. What factors drive demand for quality sustainability information within companies?
    哪些因素驅使公司內部對優質永續資訊的需求？
  3. Besides companies and their investors, what other institutions influence demand for sustainability information?
    除了公司及其投資人之外，還有哪些機構會影響對永續資訊的需求？

JUMP TO ANSWERS  跳至答案

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    14 European Commission, ‘Renewed Sustainable Finance Strategy and Implementation of the Action Plan on Financing Sustainable Growth,’ 8 March 2018.
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    18 Johannesburg Stock Exchange, ‘Regulation,’ accessed November 2020.
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    19 FRC，「企業報告的未來」，2020 年 10 月 8 日。
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