The Taiwan Stock Exchange (TWSE) will be the first market in Asia-Pacific to implement mandatory CSR reporting, adhering to the Global Reporting Initiative G4 principles. A list of specified companies will begin mandatory corporate social responsibility reporting annually from 2015. These include companies from food processing, financial and chemical sectors, as well as companies which have over 50% of their total revenue coming from food and beverage businesses. Large enterprises with paid-in capital no less than $310 million must also comply.
Food processing companies must obtain external verification on their CSR reporting. G4 CSR reporting will have to be completed by the end of June each year. However, if the listed company does not prepare a corporate social responsibility report in the most recent year or does not prepare the report by referring to the GRI Guidelines, or the CSR report has obtained a CPA’s letter of opinion, the filing may be completed by December 31.
The move follows new measures and rules set out by Taiwan’s Financial Supervision Commission and codified by TWSE last month. TWSE will continue to offer corporate governance conferences, training seminars for business communities, and experience sharing sessions.
TWSE expects the move will help Taiwan’s capital market to attract more investors looking for sustainable investment opportunities.
Last June, GRI launched 10 G4 Sector Disclosures, intended to help specific industries prepare sustainability reports, for the following sectors: airport operators, construction and real estate, electric utilities, event organizers, financial services, food processing, mining and metals, media, NGO, and oil and gas.