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| Title: | 論我國氣候相關資訊之揭露 — 以美國SEC草案為借鏡
A Study on Climate-related Disclosures in Taiwan‐Lessons From the Proposed Regulation of the U.S. SEC |
| Authors: | 劉又慈
Liu, You-Cih |
| Contributors: | 陳俊元
Chen, Chun-Yuan
劉又慈
Liu, You-Cih |
| Keywords: | 氣候變遷
氣候資訊揭露
強制揭露
美國證券交易委員會
為投資者加強及標準化氣候相關揭露
Climate Change
Climate-Related Disclosures
Mandatory Disclosure
The U.S. Securities and Exchange Commission
The Enhancement and Standardization of Climate-Related Disclosures for Investors |
| Date: | 2024 |
| Issue Date: | 2024-03-01 14:25:47 (UTC+8) |
| Abstract: | 現代社會快速發展，為滿足自身需求，人類行為模式對環境之損害加深、加快至環境無法負荷而造成氣候變遷問題，氣候變遷所導致之極端氣候事件、全球暖化等結果已對人類之生存、經濟發展產生威脅，引發各國政府及國際組織之重視，市場上亦開始出現對企業氣候相關資訊之需求。在此趨勢之下，TCFD、ISSB、GRI及SASB均制定出氣候相關揭露準則，公司可依各該架構揭露氣候方面資訊；惟各準則之內容略有不同且皆為自願性質，為提供投資者一致、可比較、可靠之資訊，美國聯邦證券交易委員會於2022年3月公布《為投資者加強及標準化氣候相關揭露》之草案強制上市公司揭露特定氣候資訊。
我國主管機關對於氣候變遷議題之重要性亦有認識，近幾年推出許多相關計畫作為應對，其中不乏強化資訊揭露之推動，除計畫外各項準則中亦可見氣候相關資訊揭露之要求。然而，與美國聯邦證券交易委員會觀察到之缺失相同，零散而無強制力之規定無法為投資者提供有用之資訊，並可能混淆投資者。是以，本文建議我國參考上開草案內容，於證券交易法總則中增訂氣候相關資訊揭露之法條，另將細節事項授權金管會制定，如此可達成將自願性要求轉為強制性規範之目的，又避免直接訂定氣候資訊揭露專法對現行制度大幅更動而可能引發之反彈。
Our society is developing rapidly. To meet growing needs, human behavior has intensified and accelerated damage to the environment to such a degree that environmental resilience can not deal with. This has resulted in climate change. Extreme weather events and global warming caused by climate change pose threats to human survival and the economy, prompting governments of various countries and international organizations to prioritize these issues. Meanwhile, there is a growing market demand for climate-related disclosure from businesses as well. To address this trend, the TCFD, ISSB, GRI, and SASB have established different standards for companies to disclose climate-related information.
However, these frameworks consist of different contents and are all voluntary. To provide investors with consistent, comparable, and reliable information, the U.S. Securities and Exchange Commission proposed the proposed regulation 'The Enhancement and Standardization of Climate-Related Disclosures for Investors' in March 2022, making climate-related disclosure mandatory for listed companies.
The competent authorities in Taiwan are also aware of the importance of climate change issues and have launched several programs in recent years in response to these issues. These programs include efforts to enhance climate-related disclosures. Despite these programs, several regulations require companies to disclose climate-related information. Nevertheless, similar to the observation of the U.S. Securities and Exchange Commission, scattered and non-mandatory regulations may not provide useful information for investors and could lead to confusion.
This paper suggests that Taiwan should consider adopting the proposed regulation mentioned above and add climate-related provisions to Chapter I (General Principles) of the Securities and Exchange Act. Details could be authorised to the Financial Supervisory Commission for formulation. This approach would transform voluntary requirements into mandatory regulations, avoiding potential backlash that might arise from a drastic change to the existing system through the enactment of climate-related disclosure acts. |
| Reference: | 一、中文文獻
（一）書籍
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（五）網路資料
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二、英文文獻
（一）期刊
1.Bingler, J. A. et al. (2022). Cheap talk and cherry-picking: What ClimateBert has to say on corporate climate risk disclosures, Finance Research Letters, 47(Part B), 1-8.
2.Casey, R., & Grenier, J. (2015). Understanding and contributing to the enigma of corporate social responsibility (CSR) assurance in the United States. A Journal of Practice and Theory, 34(1), 97–130.
3.Dooley, M. P. (1988). The First Amendment and the SEC: A Comment, Connecticut Law Review, 20(2), 335-354.
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5.Giannarakis, G. et al. (2018). Determinants of Corporate Climate Change Disclosure for European Firms. Corporate Social Responsibility and Environmental Management, 25(3), 281-294.
6.Guo, Y., Zhao, J., & Yang, D. C. (2022). Theories applicable to corporate climate change disclosure. The Journal of Corporate Accounting & Finance, 33(4), 147-157.
7.Healy, P., & Palepu, K. (2001). Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics, 31(1-3), 405-440.
8.Lemma, T. T. et al. (2019). Corporate carbon risk, voluntary disclosure, and cost of capital: South African evidence. Business Strategy and the Environment, 28(1), 111-126.
9.Liesen, A., Figge, F., Hoepner, A. G., & Patten, D. M. (2017). Climate change and asset prices: are corporate carbon disclosure and performance priced appropriately?. Journal of Business Finance & Accounting, 44(1-2), 35-62.
10.Luo, L. (2019). The influence of institutional contexts on the relationship between voluntary carbon disclosure and carbon emission performance. Accounting & Finance, 59(2), 1235-1264.
11.Matisoff, D. C. et al. (2013). Convergence in Environmental Reporting: Assessing the Carbon Disclosure Project. Business Strategy and the Environment, 22(5), 285-305.
12.Ngo, T., Le, T., Ullah, S., & Trinh, H. H. (2022). Climate risk disclosures and global sustainability initiatives: A conceptual analysis and agenda for future research. Business Strategy and the Environment, 32(6), 3705-3720.
13.Reverte, C. (2009). Determinants of Corporate Social Responsibility Disclosure Ratings by Spanish Listed Firms. Journal of Business Ethics, 88, 351-366.
14.Sanderson, H., Irato, D.M., Cerezo, N.P. et al. (2019). How do climate risks affect corporations and how could they address these risks?. SN Applied Sciences, 1(1720), 1-6.
15.Schauer, F. (2004). The Boundaries of the First Amendment: A Preliminary Exploration of Constitutional Salience. Harvard Law Review, 117(6), 1765-1809.
16.Schauer, F. (2005). Towards an Institutional First Amendment. Minnesota Law Review, 89, 1256-1279.
17.Siebecker, M. R. (2006). Corporate Speech, Securities Regulation, and an Institutional Approach to the First Amendment. William & Mary Law Review, 48(2), 613-675.
18.Spence, M. (1973). Job Market Signaling. The Quarterly Journal of Economics, 87(3), 355-374.
19.Verrecchia, R. E. (1983). Discretionary disclosure. Journal of Accounting and Economics, 5, 179-194.
20.Webb, L. H. et al. (2009). The Supply of Corporate Social Responsibility Disclosures Among U.S. Firms. Journal of Business Ethics, 84, 497-527.
21.Wolfson, N. (1988). The First Amendment and the SEC. Connecticut Law Review, 20(2), 265, 265-302.
（二）法規及判決
1.Directive (EU) 2022/2464 of the European Parliament and of the Council of 14 December 2022.
2.Directive 2014/95/EU of the European Parliament and of the Council of 22 October 2014.
3.National Ass'n for Advancement of Colored People v. Federal Power Commission, 425 U.S. 662 (1976).
4.New York Stock Exchange LLC v. Securities and Exchange Commission, 962 F.3d 541 (2020).
5.U.S. Securities and Exchange Commission. (2022). The Enhancement and Standardization of Climate-Related Disclosures for Investor.
6.West Virginia v. Environmental Protection Agency, 597 U.S. ---- (2022).
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（五）其他
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2.Minor, R. (2022). The Enhancement and Standardization of Climate-Related Financial Disclosures and Recommendations for the Improvement of Environmental, Social, and Corporate Governance (ESG) Disclosures, 5-6. |
| Description: | 碩士
國立政治大學
風險管理與保險學系
110358002 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0110358002 |
| Data Type: | thesis |
| Appears in Collections: | [風險管理與保險學系] 學位論文
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