Abstract:

ESG information disclosure in China has gradually shifted from a voluntary system to a mandatory one. As an important issue requiring urgent discussion, the scope of mandatory disclosure of ESG information should no longer be confined to the vague expression of“localized  ransformation of mainstream standards.”Instead, it is necessary to explore the specific scope from the perspective of the legitimacy basis for mandatory disclosure. The legitimacy of mandating disclosure for employee protection information does not stem directly from stakeholder theory or the Sustainable Development Goals; rather, it lies in meeting the objectives set forth separately by labor law and securities law, both of which aim to protect the rights and interests of workers and investors. Accordingly, the obligation to disclose such information can be understood both as a derivative obligation of the statutory duty to protect workers’rights and interests and as an extension of the information disclosure obligations of listed companies. This not only reflects the need for a more socially integrated mechanism to fulfill legally required worker protections but also broadens and updates the connotations of listed companies’information disclosure obligations. For different types of enterprises, the breadth of disclosure regarding employee protection information varies according to their respective obligations.

Correspondingly, the scope of disclosure should be limited by the statutory rights and interests of workers and an expanded materiality standard.

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