One Step Ahead: Seminar on Application of ISSB Standards in China successfully held in Shanghai

Michael Harvey

He noted that the ISSB standards, the achievement of international cooperation, aim to enhance transparency and efficiency in capital markets through unified disclosure standards. Implementing these standards will improve the comparability and credibility of disclosures, attracting more investors focusing on ESG.

Zhang Zhengwei, Special Advisor to the ISSB Chair and Head of Beijing Office, delivered a video address, reviewing the development of ISSB standards as a global benchmark for sustainability information. He highlighted the development of ISSB standards was also the results of support from the public and major economic governance platforms.
 

Zhang Zhengwei

Zhang Juan, Deputy Director and Researcher at the Research Center of Shanghai Commercial Development, shared Shanghai’s experience and achievements in promoting corporate sustainability disclosures.
 

Zhang Juan

According to her, in March 2024, the Shanghai Municipal Commission of Commerce  released the Three-Year Action Plan for Accelerating the Enhancement of Environmental, Social, and Governance (ESG) Capabilities of Foreign-Related Enterprises in Shanghai (2024-2026). This policy, based on the urgent needs and existing foundations of foreign-related enterprises, aligns with domestic and international trade and environmental rules and has boosted the overall disclosure rate of foreign-related enterprises in Shanghai.

Insights
In the following sharing session, four experts from various fields and institutions delivered fascinating speeches and shared insights on the development and application of ISSB standards in China, covering both theoretical and practical perspectives.

Si Jialing, IFRS Foundation’s Regulatory Affairs Manager for Asia, detailed the transition from voluntary to mandatory sustainability disclosures, the global adoption progress of ISSB standards, and future plans.
 

Si Jialing
 

She shared the governance structure, market demand, core values, global disclosure benchmarks, and progress in major jurisdictions of the ISSB standards.

Sun Yumeng, from the Corporate Governance Department of the China Association for Public Companies (CAPCO) , analyzed the similarities and differences between ISSB standards and the Guidelines for Listed Companies’ Sustainability Reporting in terms of basic concepts, format styles, disclosure frameworks, topics, and indicators.
 

Sun Yumeng
 

In addition, she suggested companies strengthen stakeholder engagement and enhance their ESG capabilities.

Dai Yibo, Vice President of GoldenBee Consulting and a member of the IFRS Sustainability Reference Group, has been participating in the update of the 77 industry standards issued by the SASB alongside global experts. Based on the four pillars of standard implementation, namely governance, strategy, risk management, and indicators and targets, she conducted an in-depth analysis of the implementation roadmap and key points of the ISSB standards.
 

Dai Yibo

She referenced case studies from the book ISSB Standards China Application Guide (Volume 1) IFRS S1 Interpretation and Application, co-authored by GoldenBee Consulting and the Sustainability Standards Research Center of Central University of Finance and Economics. ISSB Standards China Application Guide (Volume 2), focusing on IFRS S2 climate-related disclosures, is set to be released early next year.

Yao Chenchen, ESG Director at Jinko Solar, shared corporate practices focusing on strategies and actions for climate governance, and introduced the company’s efforts in sustainability disclosure.