금융감독기준으로서 ESG 규제와 공법적 과제 = ESG Regulation as Financial Supervisory Standards and Public Law Tasks

다국어 초록 (Multilingual Abstract)

Looking at the trend of overseas legislation related to ESG management, investment, and evaluation, there is a strong tendency to reorganize corporate legislation and financial supervisory legislation so that companies, private financial institutions, and public pension funds can manage and invest in consideration of ESG factors. In particular, the reorganization of the financial supervisory legislation friendly to ESG is due to the fact that financial institutions can have a significant impact on corporate management strategies as fund brokers or investors. Since ESG's concept definition and standardization work is still in the process, careful attention is needed to determine the content, scope, and method of proportionality as a general principle of administrative law if legal regulations impose obligations for ESG and impose sanctions on them. For this reason, ESG legislation is discussed by indirectly supporting and inducing ESG management of companies through supervision of private financial institutions and public pension funds that are more public than general private companies.
ISSB's attempt to include sustainable information, which does not correspond to financial information itself, in business reports, is to measure and describe how ESG elements affect the company's future gains and losses and financial flows. The EU's recently implemented "Sustainable Financial Disclosure Regulations" (SFDR) also functionally fits the ISSB's corporate disclosure regulations in that it analyzes and evaluates the impact of public interests on investors' private interests by allowing sustainable risks to be disclosed before and after financial product contracts.
From the point of view of stakeholder capitalism from a tool point of view that is easy to explain the principles of ESG management and investment, the process of measuring and disclosing the effect of non-financial information on financial information by classifying the relationship between the company's financial information and classification and evaluating the plus and minus relationship, at first glance, is that the 'ESG factor that appears to be an abstract public interest' is 'the future of the company or investor'. It suggests that it can be predicted and described by being converted into 'specific private profit'. In other words, public/private interests in the discussion of ESG do not always have a separate or opposed relationship, and although they are originally the same, they may have been treated as completely separate due to technical problems or differences in viewpoints. It has the implications of opening a new perspective on the approach of private interests.
Therefore, in the domestic situation, which is the initiation stage of ESG standardization, financial regulators approach ESG as a tool to fulfill the public interest of improving the environment, society, and governance, which has been neglected as an externality, and as a tool to satisfy the private interests of companies, financial institutions, and financial consumers. Therefore, the principle of ESG management and investment is established by first establishing a classification system for the concept and scope of ESG, and based on this, the evaluation technique and disclosure standards for the relationship between ESG information and financial information, which are non-financial information in themselves, are refined. The boundary between the realm of autonomy and the realm of legal obligation should be set reasonably.

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