Past version: effective from 31/12/2015 - 30/06/2020
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(1) The Environmental, Social and Governance ("ESG") Reporting Guide in Appendix 20 comprises two levels of disclosure obligations: (a) "comply or explain" provisions; and (b) recommended disclosures.
(2) Issuers must state whether they have complied with the "comply or explain" provisions set out in the ESG Reporting Guide for the relevant financial year in their annual reports or in separate ESG reports.
(3) Where the issuer deviates from the "comply or explain" provisions, it must give considered reasons in its ESG report.
(4) Issuers are encouraged, but not required, to report on the recommended disclosures of the ESG Reporting Guide.
(5) Issuers must publish their ESG reports on an annual basis and regarding the same period covered in their annual reports.


(1) An ESG report may be presented as information in the issuer's annual report, in a separate report, or on the issuer's website. Where not presented in the issuer's annual report, the issuer should publish this information as close as possible to, and in any event no later than three months after, the publication of the issuer's annual report.
(2) As regards "Subject Area A. Environmental" of the ESG Reporting Guide, the upgrade of the Key Performance Indicators to "comply or explain" will come into effect for issuers' financial years beginning on or after 1 January 2017.