環境、社會與治理（ESG）資訊揭露之規範－以重大性之判斷為核心

The Regulation of ESG Disclosure: Focus on Standard of Materiality

黃朝琮(Chao-Tsung Huang)

《臺北大學法學論叢》 122期 (2022/06) Pp. 1-111

摘要

以ESG資訊之重大性標準為中心，本文藉由對於ESG概念與其他類似概念間之關係的探討，釐清我國方興未艾之ESG資訊揭露規範制定活動的性質，以及對該等性質未有正確認識下所生之混淆，而在此基礎上，探討目前規範關於重大性標準所生之疑義，並反思我國既有重大性標準。我國既有關規範已存有不同重大性標準，復於制定ESG資訊揭露規範時參考不同規範框架，而有不同重大性標準並存之現象。本文認為，如能先由既有之重大性標準著手，確立採用合理投資人標準，而在此主軸下制定相關ESG資訊揭露規範，不僅得以和我國規範現狀接軌，如能以此進一步反思並調整現有重大性標準，將可建立統一且彈性之標準，而在簡化既有規範之餘，有效因應ESG風潮而促使公司提出投資人所需之資訊。

關鍵字

ESG ； 永續發展 ； 公司社會責任 ； 重大性 ； 合理投資人

並列摘要

Surrounding the materiality standard of ESG information, this article explores the nature of Taiwan's ESG information disclosure regulation and further rethinks currently available materiality standard. Under Taiwan's current securities regulation, there are already different materiality standards applied in different contexts, which, combined with the situation that our securities authority refers to different disclosure framework for ESG information, leads to a complicated and inconsistent scenario when it comes to determining the materiality of a piece of ESG information. This article argues that this conundrum can be solved by simply going back to the core ＂reasonable investor＂ and construct such investor's perception as to what would affect his/her investment decision, based on which the regulator could forge the scope of the information that needs to be disclosed in the ESG trend.

並列關鍵字

ESG ； Sustainable Development ； Corporate Social Responsibility ； Materiality ； Reasonable Investor

參考文獻

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