{"id":2204504,"date":"2024-04-01T16:41:17","date_gmt":"2024-04-01T07:41:17","guid":{"rendered":"https:\/\/koreapro.org\/?p=2204504"},"modified":"2024-04-02T16:58:47","modified_gmt":"2024-04-02T07:58:47","slug":"south-korean-firms-face-challenges-as-global-disclosure-rules-tighten","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/04\/south-korean-firms-face-challenges-as-global-disclosure-rules-tighten\/","title":{"rendered":"South Korean firms face challenges as global disclosure rules tighten"},"content":{"rendered":"

As the world moves toward more stringent environmental, social and governance (ESG) disclosure requirements, South Korean companies face increasing compliance burdens and potential loss of their competitive advantage in global markets.<\/span><\/p>\n

Starting in 2025, South Korean companies valued above $1.48 billion (2 trillion won) <\/span>must disclose<\/span><\/a> their ESG performance, with the same requirement extending to all firms by 2027. This marks a significant shift from the South Korean government\u2019s previously hands-off approach to sustainability disclosures, which allowed companies wide-ranging flexibilities in defining their ESG performance and raised concerns about greenwashing in reporting.<\/span><\/p>\n

Korean companies and law firms have called for adjustments to the rapidly accelerating pace of ESG regulation, particularly regarding disclosures related to a company\u2019s supply chain.<\/span><\/p>\n

They argue that the current rate of raising sustainability disclosure standards increasingly strains enterprises, forcing them to devote more resources to meaningful reporting. Moreover, Korean companies worry about losing their comparative advantages in competitive sectors.<\/span><\/p>\n

However, given the importance of foreign markets for South Korean firms, attempts to slow domestic regulatory requirements may have limited real-world impact, as Korea\u2019s biggest export destinations are experiencing an even faster rate of regulatory changes in the ESG space.<\/span><\/p>\n

\"\"

ESMA building | Image: European Securities and Markets Authority<\/a>, edited by Korea Pro<\/em><\/p><\/div>\n

GLOBAL REGULATION<\/b><\/p>\n

February marked a busy month in sustainable finance regulation, with the EU <\/span>passing regulations<\/span><\/a> requiring the European Securities and Markets Authority (ESMA) to approve ESG ratings.<\/span><\/p>\n

The regulations target rating agencies that provide aggregated measures of companies\u2019 sustainability performance, aiming to address potential conflicts of interest arising from agencies supplying consulting services to companies seeking to improve their ESG ratings.<\/span><\/p>\n

They also aim to increase transparency in the calculation process, as the opaque nature of these calculations has been a <\/span>consistent target of criticism<\/span><\/a>.\u00a0<\/span><\/p>\n

The EU also passed the <\/span>Corporate Sustainability Reporting Directive<\/span><\/a> (CSRD), which will require firms operating in Europe to disclose the double materiality \u2014 information regarding both a company\u2019s financial and extra-financial operations, such as ESG considerations \u2014 of their operations from 2026.<\/span><\/p>\n

The CSRD will compel companies to scale up their monitoring, reporting and verification mechanisms, which will, in turn, lead to a reliance on major ratings providers.<\/span><\/p>\n

The U.S. also <\/span>announced<\/span><\/a> similar regulations, with the Securities and Exchange Commission (SEC) adopting rules to enhance and standardize climate-related disclosures related to management and carbon offsets. However, 10 Republican-led U.S. states <\/span>vowed to sue<\/span><\/a> the SEC, arguing that the regulations go beyond the commission\u2019s legal authority.<\/span><\/p>\n

In China, the Shanghai, Shenzhen and Beijing stock exchanges \u2014 the country\u2019s three main stock markets \u2014 <\/span>released<\/span><\/a> their disclosure requirements in February, mandating listed companies to identify how they contribute to China\u2019s sustainable development strategies.<\/span><\/p>\n

\"\"

South Korean flag by a building | Image: Canva<\/em><\/p><\/div>\n

IMPLICATIONS FOR ROK COMPANIES<\/b><\/p>\n

South Korean companies have already invested significant resources in their disclosure capacities. However, the new EU regulation requires Korean firms operating in the bloc to ensure that their disclosures comply with the standards set by ESMA.<\/span><\/p>\n

This development puts significant leverage in the hands of the EU, which now takes on the role of a regulatory body for rating agencies. Depending on the standards applied by ESMA, South Korean firms may need to provide entirely different assessments for their European operations.<\/span><\/p>\n

This situation has several implications. First, South Korean firms face an additional administrative barrier in the EU, as they must now pursue extra procedures to seek approval from ESMA regarding their existing disclosures.<\/span><\/p>\n

If Korean firms have employed rating agencies for consultative purposes, the new European regulation implies that these arrangements may no longer be recognized due to conflicting interests.<\/span><\/p>\n

Second, as more governments implement native ESG standards and regulations, there can be increasing divergence from the vision of ESMA and the EU regarding disclosures.<\/span><\/p>\n

While Asian companies have generally been <\/span>more active<\/span><\/a> in disclosing ESG performance than their Western counterparts, it is important to note that each country’s required disclosure standards are not always comparable in terms of their stringency.<\/span><\/p>\n

This divergence is, to some extent, inevitable since each country faces its own distinct set of sustainability challenges, which can be reflected in the standards mandated by their respective governments.<\/span><\/p>\n

These variations can make it difficult for South Korean and European firms to comply with more expansive regulatory requirements, such as those targeting supply chains.\u00a0<\/span><\/p>\n

At the end of February, EU member states <\/span>successfully blocked<\/span><\/a> the Corporate Sustainability Due Diligence Directive (CSDDD), which would have required EU-based firms to take responsibility for potential human rights violations and environmental damage occurring across their supply chains, including companies with \u201c<\/span>indirect relationships<\/span><\/a>\u201d with EU-based firms.<\/span><\/p>\n

Had the regulation passed, European firms involving Korean suppliers would have had due diligence requirements to investigate their suppliers to ensure no environmental or human rights issues could be identified.<\/span><\/p>\n

\"\"

Aerial panorama of Seoul’s landscape | Image: Canva<\/em><\/p><\/div>\n

PREPARING FOR THE FUTURE<\/b><\/p>\n

This development may further delay the strict disclosure requirements necessary for Korean and other non-EU firms to maintain operations in the European Union. If the CSDDD becomes operational, conglomerates like Hyundai will face immense pressure to scrutinize their supply chains.<\/span><\/p>\n

However, how much time these delays give South Korean businesses to prepare remains uncertain. For instance, the Korean National Assembly announced the Act on Human Rights and Environmental Protection for Sustainable Business Management in the latter half of 2023 following the <\/span>broadening of EU disclosure requirements<\/span><\/a>.<\/span><\/p>\n

The passage of this law required South Korean companies to be diligent about potential human rights abuses and environmental due diligence in their supply chains, making it one of the earliest such legislations introduced in Asia.<\/span><\/p>\n

The rapid legislative activity in Korea, triggered by more austere sustainable finance standards in major export markets like the EU, demonstrates the velocity at which regulatory feedback loops occur in such an integrated market.<\/span><\/p>\n

As the global ESG regulatory landscape evolves, Korean companies must remain vigilant and proactive in adapting to new requirements and standards.<\/span><\/p>\n

While the full impact of EU regulations on ESG rating providers involved with Korean firms remains to be seen, Korean companies will likely need to closely monitor the interpretation of ESG ratings and data by the European Securities and Markets Authority, particularly in competitive sectors such as semiconductors and batteries.<\/span><\/p>\n

To maintain their global competitiveness and mitigate potential risks, Korean firms will likely invest in robust ESG disclosure and compliance mechanisms and actively engage with policymakers and industry stakeholders to navigate the complex and ever-changing world of sustainable finance regulation.<\/span><\/p>\n

Edited by John Lee\u00a0<\/span><\/i><\/p>\n

Business & Economy<\/span><\/a>Inter-Korean & Foreign Relations<\/span><\/a>Technology & Cyber<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"

As the world moves toward more stringent environmental, social and governance (ESG) disclosure requirements, South Korean companies face increasing compliance burdens and potential loss of their competitive advantage in global markets. 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