Key proposed changes includes:

Shortening of the timeframe of publication of ESG reports.

From currently the longest period of 3 months after the publication of annual report to 4 months after the end of the accounting period end.

Clarification in the Listing Rules and the Guide on the arrangement of supplying printed ESG reports.

Irrespective of how shareholders currently receive corporate information materials, the propose change will clarify that if ESG report does not form part of the annual report, then issuers are required to notify shareholders of the publication of ESG report, however they are not required to provide printed copies of them.

Introduction of Mandatory Disclosure Requirements.

These include a disclosure of board’s oversight, the process used to identify, evaluate and manage material ESG-related issues, and how the board reviews progress made against ESG-related goals and targets.

Revision of Reporting Principles “materiality”.

Requiring issuers to disclose significant stakeholders identified, the process and results of the issuer’s stakeholder engagement, and the criteria for the selection of material ESG factors.

Revision of Reporting Principles “quantitative”.

Requiring issuers to disclose information on the standards, methodologies, assumptions and/or calculation tools used, and source of the conversion factors used for the reporting of emissions/energy consumption.

Introduction of new aspect A1.4 related to climate change.

Revision of Environmental KPIs aspects A1.5, A1.6.

These clarifies that year-on-year “reduction” of emission or waste is not always necessary.

Upgrading Social KPIs from “recommended” to “comply or explain” and some minor revisions.

Encourage issuers to sought independent assurance.