2025 Listed Companies ESG Report
The Hong Kong Exchange (HKEX) releases 2025 listed companies ESG report, aiming to summarize the latest developments in annual reports, corporate governance reports, and ESG reports of Hong Kong listed companies.
The Hong Kong Stock Exchange believes that Hong Kong listed companies continue to maintain a high level of compliance in information disclosure, but there is still room for improvement in the quality, depth, and forward-looking aspects of information disclosure.
Related Post: HKEX Releases 2024 ESG Disclosure Report of Listed Companies
Analysis of 2025 Listed Companies Corporate Governance Reports
The corporate governance report of listed companies mainly involves the governance dimension of ESG. The Hong Kong Stock Exchange has focused on analyzing the issues of gender diversity in the board of directors, independent non-executive directors, and excessive holding of multiple positions. In terms of gender on the board of directors, as of November 2025, almost all listed companies (99.4%) have at least one female director, and the proportion of women on the board of directors of listed companies is about 21.3%, an increase of five percentage points compared to three years ago. 22% of listed companies have female representatives on the board of directors, accounting for more than 30%.
In terms of the requirement for independent non-executive directors, the Corporate Governance Code requires independent non-executive directors who have served for a long time (up to nine years) to gradually retire within six years. As of November 2025, 17% of the boards of directors of listed companies still have long-term directors, and the Hong Kong Stock Exchange recommends that listed companies carry out comprehensive planning. On the issue of non-executive directors holding too many positions in listed companies (holding seven or more positions), the proportion of listed companies has decreased from 7.5% in 2022 to 2.4% in 2025. The Corporate Governance Code requires that from 2028 onwards, independent non-executive directors shall not hold positions in more than six listed companies simultaneously.
Analysis of 2025 Listed Companies ESG Report
The ESG reports of listed companies mainly involve the environmental and social dimensions of ESG, with an average disclosure rate of over 90% for most indicators, and only a disclosure rate of 80% for labor standards. All large-listed companies refer to at least one international ESG reporting framework in their ESG reports, with recommendations from the Task Force on Climate-related Financial Disclosures (TCFD), the International Sustainability Standards Board (ISSB), and the Global Reporting Initiative (GRI) ranking high.
In terms of greenhouse gas disclosure, all large-listed companies and 97% of listed companies disclosed Scope 1 and Scope 2 data, while 69% of large-listed companies and 41% of listed companies disclosed Scope 3 data. The disclosure proportion of the communication industry (71%) and the financial industry (53%) is relatively high. 84% of large-listed companies have used scenario analysis to assess climate related risks and opportunities, and 83% have obtained third-party audits for Scope 1 and Scope 2 data.
How to Promote Listed Companies ESG Development
The Hong Kong Stock Exchange believes that listed companies can adopt the following suggestions to improve the quality, depth, coherence, and strategic communication of information disclosure:
- Utilize regulatory tools: The Hong Kong Stock Exchange has launched the Annual Report Explorer platform to help listed companies improve their reporting efficiency and compliance accuracy.
- Improve report quality: Enhance the coherence and foresight of information disclosure and strengthen the integration of information from different reports.
- Strengthen ESG disclosure: Improve the quality of Scope 3 data, conduct climate scenario analysis, and prepare for ESG audits.
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