ESG的興起與現代公司法的能動回應

“環境、社會和公司治理”概念一經提出，即被全球主要資本市場和重要投資機構迅速接受。ESG與現代公司法的演進方向具有一致性，皆在追求可持續發展之目標，其將在“有限責任”與“兩權分離”之後，成為促進公司永續發展的新制度工具。究其原因，隨著現代公司制度與實踐的日益發達，現代公司本質正在向“公司公民”躍遷，而ESG 實踐正在有力回應和支持著這種變化。ESG抓住了現代公司治理的核心，不僅對傳統的公司目的、信義義務提出了新要求，而且為公司治理質量提升指引了前進方向。基於此，現代公司法應當對ESG 的制度化作出能動回應。我們應當藉由公司法基本原則的確立為ESG實現提供方向指引，通過對上市公司信息披露規則和相應法律規範的建構，循序漸進地推動ESG與公司經濟發展相得益彰。

The concept of ESG (environmental, social and governance) was embraced by major capital markets and key investment institutions around the world as soon as it was proposed. ESG and the evolution of modern corporate law are mutually consistent in the common pursuit of sustainable development goals. ESG will become a new institutional tool to promote the sustainable development of companies after the innovation in“ limited liability” and the “separation of ownership and control”. The reason is that with the increasingly developed modern corporate systems and practices, the modern corporate nature is transitioning to corporate citizen, which justifies and calls for ESG practices. ESG captures the core of modern corporate governance, which does not only put forward new requirements for the traditional corporate purpose and fiduciary duty, but also lead the way forward for the improvement of the quality of corporate governance. Based on this, modern corporate law should provide a dynamic response to the institutionalization of ESG. We should provide guidance for the realization of ESG through the establishment of the company law’s basic principles, especially through the systematic construction of specific information disclosure and corresponding rules of listed companies, and gradually promote the complementarity of ESG and the company’s economic development.