Zhang Xiaojun: Listed Companies Need To Disclose The Risks Of Environmental Protection.

Zhang Xiaojun, the SFC, said that environmental issues have always been the focus of the IPO review.

The listed companies and their subsidiaries of heavy polluting industries under the State Environmental Protection Department require that they should disclose environmental information such as major environmental problems and rectification in the reporting period according to relevant regulations.

Zhang Xiaojun, a spokesman for the securities and Futures Commission, pointed out at a regular news conference that the next step is

We will further improve the relevant information disclosure system, strengthen the guidance of listed companies' environmental responsibility information disclosure, improve the consciousness and initiative of information disclosure of listed companies, and effectively protect the legitimate rights and interests of investors.

At present, China's capital market has initially established a set of multi-level disclosure rules system, including laws, administrative regulations, departmental rules and self-discipline rules.

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Environmental responsibility information disclosure, Zhang Xiaojun introduced, has asked listed companies to disclose in detail the possible risks of environmental protection in the relevant information disclosure documents, and encourage companies to disclose the fulfillment of social responsibility.

For example, in the content and format of the annual report of the company's information disclosure No. second of the public offering of securities, the contents and format of the annual report (revised in 2014), it encourages the company to voluntarily disclose the work of actively carrying out social responsibilities, including measures taken by the company in the prevention and control of pollution and strengthening ecological protection. The listed companies and their subsidiaries of the heavily polluting industries under the State Environmental Protection Department require that they should disclose environmental information such as major environmental problems and rectification in the reporting period according to the relevant provisions.

For the listed companies in the process of IPO supervision department to review the disclosure of corporate environmental information, Zhang Xiaojun said, environmental problems have been all the time.

Key issues.

At present, the main audit contents on environmental issues include:

1. Whether the prospectus details whether the issuer's production and financing projects meet the requirements of the state's environmental protection, the environmental investment and related costs and expenditures in the past 3 years, the actual operation of the environmental protection facilities and the future environmental expenditure;

Two, whether the lawyers of sponsors and issuers conduct detailed checks on the issuer's environmental issues, including whether they meet the requirements of national environmental protection, whether there is an environmental accident, whether the issuer's operation of the pollution treatment facilities is normal and effective, and whether the environmental protection investment, environmental protection facilities and daily pollution control expenses are matched with the pollution produced by the production and operation of the company.

Three. In case of environmental accidents or penalties for environmental protection, the lawyers of sponsors and issuers also need to give opinions on whether they constitute major violations in addition to disclosing the relevant circumstances in detail.