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MSCI ESG評(píng)級(jí)分別從環(huán)境（E）、社會(huì)（S）、治理（G）三個(gè)維度（即MSCI評(píng)級(jí)體系下的三大支柱）對(duì)企業(yè)ESG表現(xiàn)進(jìn)行評(píng)價(jià)，其中E/S包含8個(gè)主題，27個(gè)關(guān)鍵議題，對(duì)于不同行業(yè)的公司，MSCI會(huì)針對(duì)性分配兩到七個(gè)關(guān)鍵議題；G包含2個(gè)主題（企業(yè)治理及企業(yè)行為），6個(gè)關(guān)鍵議題，適用于每家企業(yè)。
The MSCI ESG Ratings evaluate the ESG performance of companies based on three dimensions (i.e., the three Pillars of the MSCI ESG Ratings model): Environment (E), Social (S), and Governance (G). E/S covers eight themes and 27 key issues. For companies in different industries, MSCI will assign two to seven industry-specified key issues in E and S Pillars. G covers two themes (Corporate Governance and Corporate Behavior) and six key issues. These six key issues are universally applied to each company, regardless of their industry.
在本系列中，我們將以MSCI ESG評(píng)級(jí)為基準(zhǔn)，探討企業(yè)該如何提升自身ESG工作水平及信披工作，并進(jìn)一步提升企業(yè)ESG表現(xiàn)及相應(yīng)評(píng)級(jí)。我們會(huì)針對(duì)不同的關(guān)鍵議題，探討企業(yè)如何提升相應(yīng)議題的表現(xiàn)，本篇將探討企業(yè)行為主題項(xiàng)下的商業(yè)道德議題。
In this series, we will use the MSCI ESG Ratings model as a benchmark to explore how companies can improve their own ESG and relevant disclosure work, and further enhance their ESG performance and ratings. We will discuss how companies can improve their performance on different Key Issues. This article will explore the Business Ethics issue under the Corporate Behavior Theme.
關(guān)鍵詞：治理 企業(yè)行為 商業(yè)道德
Key words: Governance, Corporate Behavior, Business Ethics
一、 評(píng)價(jià)體系
I. Evaluation System
商業(yè)道德作為MSCI體系內(nèi)，治理支柱下企業(yè)行為的一項(xiàng)關(guān)鍵議題，是每一家企業(yè)都需要面對(duì)的課題。商業(yè)道德本身屬于企業(yè)合規(guī)管理的一部分，重點(diǎn)關(guān)注企業(yè)在商業(yè)活動(dòng)中的行為，諸如欺詐、高管不當(dāng)行為、腐敗、洗錢、反壟斷違規(guī)等。
Business Ethics, as a Key Issue in the Governance Pillar of the MSCI ESG Ratings model, is universally applied to every company. The management of business ethics is part of a company’s compliance system, which focuses on the behavior of a company in regard to its business activities, such as fraud, executive misconduct, corrupt practices, money laundering, or antitrust violations, etc.
MSCI從“政策及執(zhí)行”以及“風(fēng)險(xiǎn)及爭議”兩個(gè)維度，為商業(yè)道德關(guān)鍵議題設(shè)置了9個(gè)關(guān)鍵指標(biāo)，這些關(guān)鍵指標(biāo)原則上適用于對(duì)每家企業(yè)的評(píng)價(jià)，但不同企業(yè)會(huì)因其所有權(quán)暨股權(quán)形式、管理架構(gòu)等因素，略有不同。
MSCI sets nine universally applied Key Metrics for the Business Ethics Key Issue divided into two categories: “Policies & Practices” and “Risk & Controversies”, while some of the Key Metrics are relevant only to companies with specific governance characteristics stemming from ownership type, management structure or other factors.
鑒于“風(fēng)險(xiǎn)及爭議”并不涉及企業(yè)具體合規(guī)治理事項(xiàng)，因此我們將聚焦在“政策及執(zhí)行”項(xiàng)下的7個(gè)關(guān)鍵指標(biāo)。分別是：商業(yè)道德監(jiān)督、反賄賂反腐?。ㄒ韵潞喎Q“ABAC”）政策、供應(yīng)商ABAC政策、舉報(bào)人保護(hù)機(jī)制、員工道德標(biāo)準(zhǔn)培訓(xùn)、對(duì)商業(yè)道德標(biāo)準(zhǔn)的定期審核/審計(jì)、反洗錢政策。
Given that the two Key Metrics under the “Risk & Controversies” category does not involve a company’s specific management practices, we will focus on the seven Key Metrics under the “Policies & Practices” category. These seven Key Metrics are:
? Oversight of Ethics Issues
? Bribery and Anti-corruption (hereinafter referred to as “ABAC”) Policy
? ABAC Policy for Suppliers
? Whistleblower Protection
? Employee Training on Ethical Standards
? Regular Audits of Ethical Standards
? Anti-Money Laundering (hereinafter referred to as “AML”) Policy
二、 提升建議
II. Improvement Suggestions
(一) 商業(yè)道德監(jiān)督
(1) Oversight of Ethics Issues
評(píng)價(jià)對(duì)象：對(duì)企業(yè)負(fù)責(zé)監(jiān)督商業(yè)道德和腐敗問題的治理機(jī)構(gòu)進(jìn)行評(píng)價(jià)。
Evaluation Object: The governance body responsible for oversight of business ethics and ABAC issues is evaluated.
評(píng)價(jià)重點(diǎn)：企業(yè)負(fù)責(zé)商業(yè)道德和腐敗問題的監(jiān)督治理機(jī)構(gòu)是否具備足夠高的層級(jí)。
Evaluation Focus: Whether the governance body responsible for oversight of business ethics and corruption issues has a sufficiently high level of authority.
合規(guī)建議：企業(yè)應(yīng)當(dāng)建立由董事會(huì)負(fù)責(zé)推動(dòng)、專門機(jī)構(gòu)及專職高管（首席官員或董事長、副董事長級(jí)別）負(fù)責(zé)執(zhí)行的體系，確保企業(yè)對(duì)商業(yè)道德的監(jiān)督管理層級(jí)足夠高，且貫穿企業(yè)各個(gè)層級(jí)并最終由董事會(huì)向股東及其他利益相關(guān)方負(fù)責(zé)。例如：董事會(huì)對(duì)企業(yè)商業(yè)道德和腐敗問題負(fù)責(zé)；董事會(huì)專門委員會(huì)（對(duì)于中國上市公司來說，一般是可持續(xù)發(fā)展委員會(huì)或者戰(zhàn)略委員會(huì)）負(fù)責(zé)監(jiān)督指導(dǎo)相關(guān)工作；董事長、副董事長級(jí)別人員負(fù)責(zé)并領(lǐng)導(dǎo)相關(guān)執(zhí)行工作；合規(guī)部門負(fù)責(zé)具體的商業(yè)道德和反腐敗合規(guī)事宜；監(jiān)事會(huì)或?qū)ｉT委員會(huì)負(fù)責(zé)對(duì)企業(yè)商業(yè)道德和反腐敗合規(guī)工作進(jìn)行督促、監(jiān)督。
Compliance Suggestions: The company should establish a system that is driven by the board of directors, implemented by a special task force and dedicated senior executives (C-suite level officers or chairman, vice-chairman level executives) to ensure that the oversight and management of business ethics and corruption issues has a sufficiently high level of authority and permeates all levels of the company and that the board of directors is accountable to shareholders and other stakeholders. For example: The board of directors is responsible for business ethics and corruption issues in the company; a special board level committee (for Chinese listed companies, usually the sustainability committee or the strategy committee) is responsible for overseeing and guiding the related work; a C-suite level officer of chairman, vice-chairman level personnel to be responsible for and lead the related execution work; the compliance department is responsible for the specific business ethics and ABAC compliance matters; the board of supervisors or a specialized committee is responsible for urging and supervising the business ethics and corruption issues of the company.
(二) ABAC政策
(2) ABAC Policy
評(píng)價(jià)對(duì)象：對(duì)企業(yè)是否具備ABAC政策以及政策涵蓋的范圍進(jìn)行評(píng)價(jià)。
Evaluation Object: The company’s ABAC policy and its scope are evaluated.
評(píng)價(jià)重點(diǎn)：企業(yè)是否具備完善且具體的正式ABAC政策，且相關(guān)政策能夠覆蓋到企業(yè)所有部門。
Evaluation Focus: Whether the company has a comprehensive and specific formal ABAC policy, and whether the relevant policy could cover all departments and operations of the company.
合規(guī)建議：企業(yè)應(yīng)當(dāng)建立完備且具體的合規(guī)政策，除常見的《合規(guī)行為準(zhǔn)則》外，企業(yè)還應(yīng)當(dāng)就ABAC相關(guān)的具體問題如拜訪、禮品、款待、招待、差旅、支付費(fèi)用（如講課費(fèi)、勞務(wù)費(fèi)、贊助、資助）等問題制定專項(xiàng)政策、手冊(cè)或指引文件；若企業(yè)業(yè)務(wù)跨越多語種地區(qū)，應(yīng)確保相應(yīng)政策文件能夠有效覆蓋到企業(yè)全球范圍內(nèi)所有業(yè)務(wù)部門；企業(yè)應(yīng)確保相應(yīng)政策文件的易讀性、可獲取性。
Compliance Suggestions: The company should establish comprehensive and specific compliance policies. In addition to the common “Code of Conduct for Compliance”, the company should also formulate detailed policies, manuals or guidelines for specific ABAC-related issues such as visits, gifts, hospitality, entertainment, travel and accommodation, payment of fees (such as lecture fees, service fees, sponsorship, funding), etc. If the company operates across multiple language regions, it should ensure that the corresponding policies can effectively cover all business departments of the company globally. The company should ensure the readability and accessibility of the ABAC policy documents.
(三) 供應(yīng)商ABAC政策
(3) ABAC Policy for Suppliers
評(píng)價(jià)對(duì)象：對(duì)企業(yè)供應(yīng)商ABAC政策覆蓋范圍及配套監(jiān)管機(jī)制進(jìn)行評(píng)價(jià)。
Evaluation Object: The scope of ABAC policy in place for suppliers and the relevant programs to verify supplier compliance are evaluated.
評(píng)價(jià)重點(diǎn)：企業(yè)ABAC管理是否能有效覆蓋所有供應(yīng)商并要求其建立ABAC制度，以及企業(yè)是否建立良好的機(jī)制以評(píng)估、監(jiān)督所有供應(yīng)商有否做到ABAC合規(guī)。
Evaluation Focus: Whether the company’s ABAC management system can effectively cover all suppliers and require them to establish their own ABAC system, and whether the company has established good mechanisms to evaluate and monitor the ABAC compliance of all suppliers.
合規(guī)建議：企業(yè)應(yīng)當(dāng)明確要求所有供應(yīng)商擁有ABAC政策，相應(yīng)要求應(yīng)當(dāng)有效體現(xiàn)在與供應(yīng)商的合同中并有配套的違約責(zé)任以有效制約；企業(yè)應(yīng)當(dāng)建立完善的第三方盡調(diào)機(jī)制，在供應(yīng)商準(zhǔn)入篩查過程中，對(duì)ABAC事項(xiàng)做有效識(shí)別及管控；企業(yè)應(yīng)當(dāng)建立定期以及不定期督查、稽查制度，以確保供應(yīng)商持續(xù)遵守ABAC合規(guī)要求；企業(yè)應(yīng)當(dāng)對(duì)供應(yīng)商進(jìn)行培訓(xùn)；企業(yè)應(yīng)當(dāng)建立有效的報(bào)告機(jī)制，以便相關(guān)方在發(fā)現(xiàn)供應(yīng)商ABAC違規(guī)時(shí)能夠便捷、安全地報(bào)告違規(guī)行為。
Compliance Suggestions: The company should explicitly require all suppliers to have their own ABAC policies, and such requirements should be effectively reflected in contracts with suppliers and have accompanying breach liabilities to effectively restrain them. The company should establish a sound third-party due diligence mechanism to effectively identify and control ABAC issues during the supplier admission screening process. The company should establish both regular and irregular inspection and audit systems to ensure that suppliers comply with ABAC compliance requirements continuously. The company should provide training for suppliers. The company should establish an effective reporting mechanism, so that relevant parties can conveniently and safely report an ABAC violation or potential violation risks of suppliers when they become aware of them.
(四) 舉報(bào)人保護(hù)機(jī)制
(4) Whistleblower Protection
評(píng)價(jià)對(duì)象：對(duì)企業(yè)是否能夠?yàn)榕e報(bào)人提供有效的保護(hù)措施以使其免遭報(bào)復(fù)進(jìn)行評(píng)價(jià)。
Evaluation Object: The policy and relevant mechanism to protect a whistleblower from retaliation are evaluated.
評(píng)價(jià)重點(diǎn)：企業(yè)舉報(bào)管理體系是否將舉報(bào)人保護(hù)作為重點(diǎn)優(yōu)先事項(xiàng)進(jìn)行考量，是否為舉報(bào)人提供了有效的匿名舉報(bào)渠道。
Evaluation Focus: Whether the company’s whistleblower management system regards whistleblower protection as a prioritized consideration and provides effective anonymous reporting channels for whistleblowers.
合規(guī)建議：企業(yè)應(yīng)當(dāng)建立專項(xiàng)合規(guī)舉報(bào)管理政策；企業(yè)應(yīng)當(dāng)為員工提供有效的匿名舉報(bào)渠道，讓員工有權(quán)選擇實(shí)名或匿名舉報(bào)；企業(yè)應(yīng)當(dāng)建立完善的保密機(jī)制以有效保護(hù)舉報(bào)事項(xiàng)及相關(guān)人員信息；企業(yè)應(yīng)當(dāng)平等對(duì)待實(shí)名及匿名舉報(bào)；企業(yè)應(yīng)當(dāng)建立明確的舉報(bào)人保護(hù)機(jī)制，以防止舉報(bào)人被打擊報(bào)復(fù)；企業(yè)應(yīng)當(dāng)對(duì)舉報(bào)管理崗位員工進(jìn)行培訓(xùn)，以使其具備舉報(bào)人信息保密的意識(shí)及能力；企業(yè)應(yīng)當(dāng)對(duì)所有員工進(jìn)行培訓(xùn)，以使其知曉惡意舉報(bào)、打擊報(bào)復(fù)的后果及懲處措施。
Compliance Suggestions: The company should establish a specific compliance reporting management policy. The company should provide employees with effective anonymous reporting channels, allowing them to choose between real-name or anonymous reporting. The company should establish a comprehensive confidentiality mechanism to effectively protect the information of the reported matters and related personnel. The company should treat real-name and anonymous reports equally. The company should establish a sound whistleblower protection mechanism to prevent whistleblower from being retaliated against. The company should train the staff in charge of reporting management to cultivate their awareness and ability to keep the whistleblower information confidential. The company should train all employees to make them fully aware of the consequences and disciplinary measures of malicious reporting and retaliation.
(五) 員工道德標(biāo)準(zhǔn)培訓(xùn)
(5) Employee Training on Ethical Standards
評(píng)價(jià)對(duì)象：對(duì)企業(yè)能夠在何種范圍內(nèi)對(duì)員工進(jìn)行ABAC及商業(yè)道德培訓(xùn)進(jìn)行評(píng)價(jià)。
Evaluation Object: The scope of employee training on ABAC and business ethics standards is evaluated.
評(píng)價(jià)重點(diǎn)：企業(yè)對(duì)員工的培訓(xùn)能否有效覆蓋所有人員。
Evaluation Focus: Whether the company’s training can effectively cover all personnel.
合規(guī)建議：企業(yè)應(yīng)當(dāng)對(duì)所有員工（包括兼職員工、承包商以及實(shí)質(zhì)性接觸業(yè)務(wù)的實(shí)習(xí)生或全體實(shí)習(xí)生在內(nèi)）進(jìn)行ABAC及商業(yè)道德培訓(xùn)；企業(yè)應(yīng)當(dāng)定期更新培訓(xùn)內(nèi)容，以確保培訓(xùn)符合最新的法律法規(guī)或行業(yè)最佳實(shí)踐的要求；企業(yè)應(yīng)當(dāng)建立合適的考評(píng)機(jī)制來確保參與培訓(xùn)的人員有效理解培訓(xùn)內(nèi)容，并對(duì)未能通過考評(píng)的員工進(jìn)行額外培訓(xùn)。
Compliance Suggestions: The company should provide ABAC and business ethics training to all employees including part-time employees, contractors and interns who have substantial contact with the business or all interns, etc. The company should regularly update the training content to ensure such training comply with the requirements of the latest laws, regulations, or industrial best practices. The company should establish an appropriate assessment mechanism to ensure the trainees effectively understand the training content, and provide additional training to trainees who fail the assessment.
(六) 對(duì)商業(yè)道德標(biāo)準(zhǔn)的定期審核/審計(jì)
(6) Regular Audits of Ethical Standards
評(píng)價(jià)對(duì)象：對(duì)企業(yè)ABAC及商業(yè)道德的審核/審計(jì)的頻率以及覆蓋范圍進(jìn)行評(píng)價(jià)。
Evaluation Object: The scope and frequency of the company’s ABAC and business ethics audits are evaluated.
評(píng)價(jià)重點(diǎn)：企業(yè)是否能在合理的頻率下，對(duì)企業(yè)所有業(yè)務(wù)進(jìn)行有效的審核/審計(jì)。
Evaluation Focus: Whether the company can conduct effective audits of all its operations at a reasonable frequency.
合規(guī)建議：企業(yè)每三年應(yīng)當(dāng)至少對(duì)所有業(yè)務(wù)進(jìn)行一次與ABAC和商業(yè)道德相關(guān)的審核/審計(jì)，即審核/審計(jì)間隔不應(yīng)大于三年；企業(yè)應(yīng)當(dāng)根據(jù)審核/審計(jì)結(jié)果，持續(xù)改進(jìn)、優(yōu)化公司的政策、程序及整體合規(guī)管理。
Compliance Suggestions: The company should conduct audits of all operations at least once every three years. The company should continuously improve and optimize its policies, procedures and overall compliance management based on the audit results.
(七) 反洗錢政策
(7) AML Policy
評(píng)價(jià)對(duì)象：對(duì)企業(yè)反洗錢及客戶身份識(shí)別（暨Know Your Customer，以下簡稱“KYC”）政策進(jìn)行評(píng)價(jià)。
Evaluation Object: The company’s AML and Know Your Customer (hereinafter referred to as “KYC”) Policy is evaluated.
評(píng)價(jià)重點(diǎn)：企業(yè)是否具有完善、有效的反洗錢及KYC政策并且能夠通過相應(yīng)政策的執(zhí)行以確保其有效識(shí)別客戶身份，從而避免洗錢行為的發(fā)生。
Evaluation Focus: Whether the company has a comprehensive and effective AML and KYC policy and can ensure the verification of its customers’ genuine identification through the implementation of the corresponding policy, thereby preventing the occurrence of money laundering activities.
合規(guī)建議：企業(yè)應(yīng)當(dāng)制定詳細(xì)的反洗錢及KYC政策，并為相關(guān)政策制定具體可落地的實(shí)施策略；企業(yè)應(yīng)當(dāng)對(duì)員工及相關(guān)方進(jìn)行培訓(xùn)，以確保他們理解并遵守企業(yè)反洗錢及KYC政策；企業(yè)應(yīng)當(dāng)將反洗錢違規(guī)納入其合規(guī)舉報(bào)系統(tǒng)中，并為相關(guān)方提供舉報(bào)渠道。
Compliance Suggestions: The company should formulate a detailed AML and KYC policy and develop specific and feasible implementation strategies for the relevant policy. The company should provide training to its employees and related parties to ensure that they understand and comply with the company’s AML and KYC policy. The company should include AML violations in its compliance reporting system and provide reporting channels for the related parties.
注：KYC本身系反洗錢工作非常重要的一部分，我們認(rèn)為其本應(yīng)包含在企業(yè)反洗錢政策中。但考慮到MSCI在對(duì)企業(yè)反洗錢政策進(jìn)行評(píng)價(jià)時(shí)，特地強(qiáng)調(diào)了KYC事項(xiàng)，不妨在反洗錢政策中相應(yīng)突出KYC的重要性。同時(shí)，我們也理解AML及KYC的重要性更多體現(xiàn)在金融行業(yè)中。因此，不同行業(yè)公司應(yīng)根據(jù)自身業(yè)務(wù)情況制定相應(yīng)的AML政策。
Note: KYC is a key part of AML activity, and we believe that it should be implicitly included in the company’s AML policy. However, considering that MSCI specifically emphasizes KYC when evaluating the AML policy, it is advisable to highlight the importance of KYC in the AML policy accordingly. In the meantime, we also understand that the significance of AML and KYC is more evident in the financial sector. Therefore, companies in different industries should formulate appropriate AML policies according to their own business situations.
我們相信如果企業(yè)能夠參照本文內(nèi)容進(jìn)行商業(yè)道德及企業(yè)合規(guī)管理，并做好相應(yīng)信披工作，充分反映企業(yè)治理情況，將會(huì)在有效提升企業(yè)合規(guī)管理水平的同時(shí)，對(duì)企業(yè)ESG表現(xiàn)的提升提供幫助。
We believe that if companies can refer to the content of this article for business ethics and compliance, and carry out corresponding information disclosure work which could fully reflect their governance situation, it will help to effectively improve their compliance management and ESG performance.
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