論我國ESG之揭露法制──從永續報告書揭開ESG面紗

Disclosure of ESG in Taiwan - Unveiling the ESG Veil through Sustainability Reports

自金管會之永續發展藍圖、永續報告書可知我國ESG資訊揭露似已勢不可擋，其中環境、社會、治理層面囊括極廣，ESG強制揭露之時代下公司之目的是否默默改以利害關係人之利益為核心？又或者仍應以股東利益為標竿？ESG究竟係公司治理目的抑或係手段？本文以下分別自歐洲與美國法文化辨析出發，探究我國法下公司之目的為何、ESG究竟係公司治理之手段或目的。其次詳細介紹歐盟、美國及我國之揭露法制。最後提出本文見解，具體指出ESG與股東利益、我國現行揭露法制與股東利益主義之關係，並予以結論，期許本文能提供主管機關面對公司本質、揭露法制之多元思考方向。

In light of the Financial Supervisory Commission's (FSC) blueprint for sustainable development and the widespread adoption of sustainability reporting, it is apparent that ESG information disclosure has become an unstoppable trend in Taiwan. This phenomenon encompasses a broad spectrum of environmental, social, and governance aspects. Under the era of mandatory ESG disclosure, has the purpose of companies silently shifted towards prioritizing the interests of stakeholders, or does it still primarily revolve around shareholder interests? Is ESG a fundamental objective of corporate governance or merely a means to an end? This article delves into a comparative analysis rooted in the legal cultures of Europe and the United States to explore the underlying purpose of companies. It aims to dissect whether ESG serves as a governance objective or a strategic tool. Furthermore, the article provides a comprehensive overview of the disclosure regulations in the European Union, the United States, and Taiwan. Ultimate ly, the article presents its insights, pinpointing the relationship between ESG and shareholder interests, the alignment of our current disclosure regulations with shareholderism, and draws conclusions. It is hoped that this article will guide regulatory authorities towards a multifaceted contemplation of the essence of corporations and the directions for diverse approaches to disclosure regulations.