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Mechanism of environmental information disclosure of listed companies

Author: CaoGuoZhi JiangHongQiang CaoDo From: www.yourpaper.net Posted: 2010-03-02 05:57:11 Read:
Abstract: The listed company disclosure of environmental information as a corporate environmental information publicly integral part, has great significance for the promotion of industrial pollution prevention and control, and maintain the stability of the securities market. Environmental information disclosure of listed companies in China has just started. On the basis of a brief review of the status of environmental information disclosure of listed companies in China, focusing on environmental information disclosure of listed companies in the program, sectoral linkage mechanism, supervision and incentive mechanism analysis and related recommendations.
Keywords: listed companies; environmental information disclosure; linkage program; department; supervision and incentive

0 Introduction
Increasingly serious situation at this stage of industrial pollution prevention and control in China, at the same time, the number of listed companies and the influence of increasing the environmental performance of listed companies has been more and more attention. Environmental information disclosure of listed companies have an important role in stabilizing the stock market, the specification of the environmental management of the listed company behavior and to promote the prevention and control of industrial pollution.
Environmental information disclosure of listed companies in China should be strengthened. At present, the relevant provisions on environmental information disclosure of listed companies apply for listing as well as the refinancing of the Company for the heavy polluting industries, and environmental information disclosure of listed company's regulatory system has not been established. View on the listing status of corporate environmental information disclosure, the Chinese Academy for Environmental Planning analysis of the 2006 annual reports of 200 listed companies, the results show that the proportion of the company to carry out environmental information disclosure in China is increasing, but still in the initial period, the disclosure environmental information mostly qualitative description and quantitative description of the very few, and mostly qualitative description of word length and content not meet the needs of the state and the public, the level of disclosure of environmental information in the annual report of heavy polluting industries than in other industries disclosed more than [1].
The system of environmental audits of listed companies in China has basically taken shape, and promote environmental information disclosure of listed companies, to increase after the listing of the company's environmental regulation will become the focus of the next step (Pan, 2008). Former State Environmental Protection Administration in 2008 issued a "guidance" to strengthen environmental supervision of listed companies, marks the formal introduction of "green securities" environmental economic policies is important for listed companies to continually improve its environmental performance [2] emphasis to "actively explore the establishment of a listed company environmental information disclosure mechanism", and pointed out the direction for the establishment of mechanisms of information disclosure of listed companies environment. This will combine the existing provisions on the establishment of a sound environmental information disclosure of listed companies in China mechanism involved in the disclosure process, sectoral linkage mechanism, supervision and incentive mechanisms discussed.
A listed company disclosure of environmental information program
Independent environmental report for listed companies, the disclosure procedures, including the preparation of the environmental report, the listed company's internal audit, third party audit, the relevant regulatory authorities audit and the report of the release, explicitly listed company disclosure of environmental information program for disclosure to improve the efficiency as well as the disclosure of the quality of the environment information is of great significance. Disclosure for listed companies temporary environmental report or notice, due to the timeliness requirements, procedures will be simplified, under normal circumstances does not require third party audit.
The 1.1 environment report has been prepared with the listing of the company's internal audit
The other hand, environmental information, the one hand, no information disclosure of listed companies specifically for environmental laws and regulations, the enterprise is no legal basis; listed companies in general, the past is often little involved, matters related to the lack of experience in handling. In 2007, the China Securities Regulatory Commission issued a "way of information disclosure of listed companies, listed companies should develop Article 37 stipulates that" Information Disclosure Management System, including disclosure of the information management system, including the information that should be disclosed, and disclosure standards, information disclosure firms involved personnel responsibilities, released information on the audit process [3]. Each listed company information disclosure management system and internal information notification mechanism has been basically established. Although there is no "information" within the meaning of the information disclosure of listed companies Measures clear that contains environmental information, the the operability terms, the relevant matters of environmental information disclosure affairs explicitly incorporated into the existing information of listed companies disclosed transaction management system is a more realistic approach.
This requires listed companies to consider environmental information has been established, "the disclosure of information transaction management system" specialized personnel responsible for environmental information disclosure related matters specified in the senior management, tracking, and is responsible for environmental information disclosure process In related matters, and to be held accountable. Directors and the board of directors of listed companies, supervisors and board of supervisors and senior management personnel in the environmental information disclosure affairs which should carry out their duties, to ensure that listed companies disclosed environmental information authenticity, accuracy, integrity and fairness.
1.2 "third-party" audit
Existing conditions, the accounting firm is the main body of the "third-party" audit, is mainly responsible for the implementation of the environmental information of listed companies disclosed a "third-party" audit tasks. Relevant departments as soon as possible to develop and improve the accounting firm of environmental information disclosure of listed companies in the implementation of the "third-party" audit guidelines regulate the content, procedures.
Environmental information in a non-independent environment report "third-party" audit by the accounting firm to undertake the periodic reports of listed companies (financial report) implementation of the proposed CPA Certified Public Accountant organizing training by the Ministry of Finance, the Ministry of Environmental Protection, the SFC, to enrich their knowledge in the field of environmental management, environmental economics, ecology system, and improve the practice level. CPA qualification should be recognized by the Ministry of Environmental Protection for an independent environmental report "third-party" audit, audit staff need the certain qualification rear executables independent audit of the environmental report.
1.3 regulatory review
Environmental protection departments, the verification of the securities regulators is to ensure that the important part of the environmental quality of the information disclosed by listed companies, the results of the inspections are an important basis for the regulatory authorities the implementation of incentive measures. International listed company announcement, the review of the report mainly uses a combination of prior review and ex post facto review of review by the agency of the implementation of the SFC, mainly taken prior to registration, the ex post facto review , to take prior review and post-review of a combination of the interim report to the General.
Review of environmental information disclosure of listed companies in China can be jointly implemented by the environmental protection department and the securities regulatory authorities. Specialized environmental review of the report by the environmental protection sector organizations, listed companies in the local environmental protection bureau (Hall) is responsible for the focus on the environmental report prepared in accordance with the relevant laws, regulations, and the provisions of the standard, the contents of the authenticity, accuracy, the integrity and fairness of the review. The review process for the temporary environmental review of the reports of significant environmental events listed company, in addition to the disclosure of information of the authenticity, accuracy, completeness and fairness of its focus, you should also review the timeliness of its information disclosure.
Periodic reports for listed companies in non-specialized environment and environmental information in the interim report, the joint environmental protection departments to implement by the securities regulatory authorities. Review of pre-registration can be taken, after the review of the way. After the end of the review should be formed to review the report.
1.4 release of environmental information
1.4.1 release time the regular environmental information listed companies report including annual reports, interim reports and quarterly reports. At this stage, the relevant regulatory authorities can be mandatory for listed companies to disclose the annual Environmental Report, its disclosure time can be combined with the release time of the periodic reports under the China Securities Regulatory Commission, that is to be disclosed within four months from the date of the end of each fiscal year. For the interim report and quarterly reports, you can take a voluntary disclosure.
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