Industry-led working group launches consultation on Hong Kong Code of Conduct for ESG ratings and data products providers


ICMA VCWG Draft Hong Kong Code of Conduct for ESG Ratings and Data Products Providers For Consultation - English version - May 202417 May 2024 The Hong Kong Environmental, Social and Governance (ESG) ratings and data products providers Voluntary Code of Conduct Working Group (VCWG), with Secretariat provided by the International Capital Market Association (ICMA) and with the support and sponsorship of the Hong Kong Securities and Futures Commission (SFC), has today launched a consultation to develop a voluntary Code of Conduct for ESG Ratings and Data Products Providers.

The working group’s aim has been to develop and promote a globally consistent, interoperable, and proportionate voluntary code of conduct for ESG ratings and data products providers who deliver goods and/or services in Hong Kong (VCoC). As such, the working group has taken into account the recommendations from the International Organization of Securities Commissions’ (IOSCO) report on “Environmental, Social and Governance Ratings and Data Products Providers”, as well as existing industry standards.

The consultation period will run up to 17 June 2024. The proposed Code of Conduct and related documentation are available for download in English and Chinese. Interested stakeholders are invited to submit their comments via email to

Download the draft Code:

Bryan Pascoe, Chief Executive of ICMA, said “ESG ratings and data products are essential resources for the sustainable finance market. We are pleased to coordinate this important working group sponsored by the SFC to develop and promote a voluntary code of conduct. We will continue to contribute our considerable experience in bringing about industry-led standards and our global expertise in sustainable finance.”

Julia Leung, the SFC’s Chief Executive Officer added “We are deeply encouraged by the progress made by the industry-led working group under the leadership of ICMA. The code, together with the self-attestation document, will be vital in fostering greater transparency, quality and reliability of ESG information, as well as comparability of products.”

ICMA Zurich
T: +41 44 363 4222
Dreikönigstrasse 8
8002 Zurich

ICMA London
T: +44 20 7213 0310
110 Cannon Street
London EC4N 6EU
ICMA Paris
T: +33 1 8375 6613
25 rue du Quatre Septembre
75002 Paris

ICMA Brussels
T: +32 2 801 13 88
Avenue des Arts 56
1000 Brussels
ICMA Hong Kong
T: +852 2531 6592
Unit 3603, Tower 2
Lippo Centre
89 Queensway, Admiralty
Hong Kong (general enquiries) (education enquiries) (sustainable finance)
Copyright © 2024 International Capital Market Association.