Hong Kong Consultation and Global Context Hong Kong Exchanges and Clearing, which made and withdrew an acquisition bid for London Stock Exchange Group last year, launched an ESG disclosure review consultation in May that drew 153 responses and culminated in December with "significant improvements to the ESG governance and disclosure framework for Hong Kong-listed companies," said HKEx head of listing David Graham. "The changes reflect the exchange's commitment to enhancing Hong Kong's ESG regulatory framework and to meeting investor and stakeholder expectations in accordance with international best practices." Among the changes, taking effect July 1, are mandatory statements by boards on their consideration of ESG matters; application of "materiality," "quantitative" and "consistency" reporting principles; and upgraded environmental and social KPI (key performance indicator) disclosures.