ICMA Draft Hong Kong Code of Conduct for ESG Ratings and Data Products Providers For Consultation - May 2024The Voluntary Code of Conduct Working Group (VCWG) is an industry working group sponsored by the Hong Kong Securities and Futures Commission (SFC) to develop and promote a globally consistent, interoperable and proportionate voluntary code of conduct for ESG ratings and data products providers, which provide products and services in Hong Kong (the providers referred to as ESG service providers and the voluntary code of conduct referred to as VCoC).

The VCoC will be based on the recommendations from the International Organization of Securities Commissions' (IOSCO) Report on “Environmental, Social and Governance (ESG) Ratings and Data Products Providers”.

The Secretariat role for the VCWG is fulfilled by the International Capital Market Association (ICMA).

According to the Terms of Reference (ToR), ESG service providers will be encouraged to adopt the VCoC going forward. It is envisaged that the VCoC will enhance the communication between the providers and the entities that are the subject of ESG ratings and data products/services (i.e., covered entities), and strengthen the transparency, quality and reliability of products available to end users.

See the list of members and observers in the Voluntary Code of Conduct Working Group (VCWG).

Consultation on Hong Kong Code of Conduct for ESG ratings and data products providers

The VCWG is seeking feedback on the draft Code of Conduct for ESG ratings and data products providers, which is available in English and Chinese. The consultation period will run from 17 May to 17 June 2024 and interested stakeholders are invited to submit their comments via email to vcwgsecretariat@icmagroup.org. We specifically encourage you to respond to the consultation questions in Annex 1.

Download the draft Code


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