ESG的演变、逻辑及其实现  

Evolution,Logic,and Implementation of ESG

作　　者：郑少华 王慧[2] Zheng Shaohua;Wang Hui(Shanghai University of Political Science and Law,Shanghai 201701,China;School of Law,Shanghai Maritime University,Shanghai 201306,China)

机构地区：[1]上海政法学院,上海201701 [2]上海海事大学法学院,上海201306

出　　处：《上海财经大学学报（哲学社会科学版）》2024年第4期124-138,共15页Journal of Shanghai University of Finance and Economics

基　　金：国家社会科学基金重大项目“加强重点领域、新兴领域、涉外领域立法研究”(23ZDA075)。

摘　　要：ESG近年来已成为政策制定者和学术界极为关注的公司治理议题。企业社会责任很大程度上是服务于股东至上的经营策略,而ESG则旨在弱化股东至上本身。ESG历来受到投资者的极力反对,认为其是施加在公司身上的成本较高的伦理道德。当下,投资者逐渐接受甚至推动ESG。公司投资者从ESG的反对者转向ESG的拥护者,背后有深层的经济、政治等逻辑。从经济层面看,ESG不能被视为是外界强加给企业的负担,而是公司实现可持续盈利的重要保障机制。从政治层面看,ESG可以让公司获得政府强有力的政治支持。从公司治理结构改革维度看,应当改革公司现有的董事会委员会架构,选择合理的董事会委员会负责ESG的实施,将ESG明确规定为董事会成员的法定义务内容。从信息披露维度看,应当选择合理的ESG信息披露模式,确保信息的及时准确披露,同时确保公司ESG信息披露方法实现统一化。最后,积极推行ESG诉讼制度,借此防止公司管理者对ESG的不当操纵。ESG has become a highly scrutinized corporate governance issue by policymakers and academia in recent years.While ESG can be traced back to early corporate social responsibility,which posits that corporate activities should not solely prioritize profit,it differs significantly from traditional CSR.CSR largely serves shareholder-centric business strategies,whereas ESG aims to mitigate shareholder primacy itself.Historically,ESG has faced strong opposition from investors who view it as a costly ethical imposition on companies.However,investors are gradually accepting and even promoting ESG today.Investors have shifted from opposing ESG to embracing it,driven by deep economic,political,and other logics.From an economic perspective,ESG should not be seen as an external burden imposed on companies but rather as a critical mechanism for sustainable profitability.Politically,ESG can provide companies with robust governmental support.Current corporate governance and its institutional design are products of the shareholder primacy principle and do not adequately match the practical needs of corporate governance in the ESG context.To ensure that ESG can effectively fulfill its positive functions in corporate governance,responsive reforms in corporate law should be made in terms of corporate structure and information disclosure.Regarding corporate governance structure reform,existing board committee structures should be reformed to appoint a suitable board committee responsible for implementing ESG,with ESG explicitly defined as a legal duty of board members.In terms of information disclosure,a suitable ESG information disclosure mode should be chosen to ensure timely and accurate disclosure of information while achieving uniformity in ESG information disclosure methods.Finally,actively implementing ESG litigation systems can prevent improper manipulation of ESG by company managers.

关 键 词：ESG 进化逻辑 公司结构 董事义务 信息披露 诉讼 

分 类 号：D996[政治法律—经济法学]