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The Shanghai Stock Exchange (SSE) today issues the "Notice of Improving Listed Companies' Assumption of Social Responsibilities" (hereinafter referred to as "the Notice") and the "SSE Guideline on Environmental Information Disclosure by Listed Companies", which aim to guide the listed companies to actively fulfill social responsibilities, attach importance to common interests of stakeholders, and commit themselves to building a harmonious society and promoting sustainable development of the economy and society.
According to an SSE official, as the pillar of the national economy, listed companies should, in addition to pursuing economic results and protecting shareholders' interests, actively assume social responsibilities and take the lead in adjusting operational mode of enterprises and promoting sustainable development of the society. The SSE should introduce incentives for listed companies who attach importance to assumption of social responsibilities, such as priority in the election into the "SSE Corporate Governance Sector" and simplification in the examination and verification of their temporary announcements.
According to requirements of the Notice, all listed companies should enhance the responsibility awareness as society members, and based on the characteristics of their industry groups and their own operation, figure out a social responsibility strategic plan and working mechanism in line with their own situation. All listed companies may promptly disclose in temporary announcements the initiatives and achievements in their assumption of social responsibilities, and post annual social responsibilities reports together with annual reports on the website of the SSE.
It is noticeable that the Notice firstly brings up the concept of "social contribution value per share", which shall act as a new important measure for comprehensively and objectively evaluating a company's value creation. According to the Notice, companies can disclose the social contribution value per share in their annual social responsibilities reports. On the basis of earnings per share created for shareholders, the added value created for the society is calculated by adding tax revenues created for the State, salary paid to employees, loan interest paid to creditors including banks, donations and other value for stakeholders, and deducting social costs from environmental pollution or other factors. Thus, it will help the public get a full knowledge of the real value created by the company for its shareholders, employees, customers, creditors, communities and the whole society.
Besides, according to the requirements of the "Guidance Opinion on Strengthening Regulation of Listed Companies concerning Environmental Protection" and the "Measures on Open Environmental Information (Trial)" newly promulgated by the Ministry of Environmental Protection of the People's Republic of China, the SSE also issues the "SSE Guideline on Environmental Information Disclosure by Listed Companies", which clarifies the information disclosure scope including environmental information disclosed in the form of temporary announcements, environmental information disclosed voluntarily by companies and information disclosed by serious-pollution enterprises determined by the environmental protection authority, and also defines the procedural requirements concerning environmental information disclosure, including way of announcement and filing of documents.
