The Hong Kong ESG Rating and Data Product Providers, an industry working group backed by the Hong Kong Futures and Securities Commission (FSC) and the International Capital Market Association (ICMA), has launched a consultation to develop a voluntary code of conduct.

The working group’s aim, it says, has been to develop and promote a globally consistent, interoperable, and proportionate voluntary code of conduct for environmental, social and governance (ESG) ratings and data products providers who deliver goods or services in Hong Kong.

The group has already taken into account the recommendations of the International Organization of Securities Commission’s ESG Ratings and Data Products Providers report, as well as existing industry standards.

The consultation period will run to June 17 2024, with the proposed code and related documentation available for download in English and Chinese, and interested stakeholders invited to submit their comments via e-mail to [email protected].

“ESG ratings and data products,” says Bryan Pascoe, the ICMA’s CEO, “are essential resources for the sustainable finance market.”

Julia Leung, the SFC’s CEO, adds: “The code will be vital in fostering greater transparency, quality and reliability of ESG information, as well as comparability of products.”