ESG 또는 지속가능성 정보 공시와 부실공시의 법적 통제 방안

Abstract

The momentum behind the discussion on the mandatory disclosure or legal regulation of ESG (Environmental, Social, and Governance) information is increasing. Ensuring the reliability of disclosed information in ESG disclosure (or sustainability disclosure) calls for measures to control inadequate disclosure. This study meticulously examined the current regulatory landscape and legal principles governing ESG-related information disclosure, with a focus on anticipating the future shape of institutionalized ESG disclosure. The investigation delved into various existing laws governing environmental, social, and governance information disclosure. The comprehensive analysis also encompassed the regulations and interpretations of Financial Investment Services and Capital Market Act(hereinafter referred to as “the Capital Market Act”) concerning corporate disclosures. This exploration revealed the potential for criminal and administrative sanctions in response to inadequate disclosure, as well as regulatory control through the investigative authority of administrative agencies. Moreover, the study highlighted the possibility of seeking civil damages compensation for affected parties in instances of inadequate ESG disclosure. The incorporation of ESG disclosure within the scope of the Capital Market Act has raised significant issues. The study discussed the proposal to adapt the double materiality into the criteria for assessing the materiality of ESG disclosure topics. Furthermore, the need for provisions enabling various stakeholders to seek compensation for damages incurred due to inadequate ESG disclosure and mandating the third-party assurance for ESG disclosure were also emphasized. In conclusion, this study highlights concerns about the ongoing process of ESG disclosure legislation, with a primary focus on the existing framework of the Capital Market Act. Specifically, the study emphasizes the importance of reflecting on the fundamental value of ESG, which centers on fostering corporate sustainability through effective communication and aligning diverse interests related to the corporation, especially with stakeholders.