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MSCI ESG評級分別從環(huán)境（E）、社會（S）、治理（G）三個維度（即MSCI評級體系下的三大支柱）對企業(yè)ESG表現(xiàn)進行評價，其中E/S包含8個主題，27個關鍵議題，對于不同行業(yè)的公司，MSCI會針對性分配兩到七個關鍵議題；G包含2個主題（企業(yè)治理及企業(yè)行為），6個關鍵議題，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評級為基準，探討企業(yè)該如何提升自身ESG工作水平及信披工作，并進一步提升企業(yè)ESG表現(xiàn)及相應評級。我們會針對不同的關鍵議題，探討企業(yè)如何提升相應議題的表現(xiàn)，本篇將探討企業(yè)行為主題項下的商業(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.
關鍵詞：治理 企業(yè)行為 商業(yè)道德
Key words: Governance, Corporate Behavior, Business Ethics
一、 評價體系
I. Evaluation System
商業(yè)道德作為MSCI體系內(nèi)，治理支柱下企業(yè)行為的一項關鍵議題，是每一家企業(yè)都需要面對的課題。商業(yè)道德本身屬于企業(yè)合規(guī)管理的一部分，重點關注企業(yè)在商業(yè)活動中的行為，諸如欺詐、高管不當行為、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“風險及爭議”兩個維度，為商業(yè)道德關鍵議題設置了9個關鍵指標，這些關鍵指標原則上適用于對每家企業(yè)的評價，但不同企業(yè)會因其所有權暨股權形式、管理架構等因素，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“風險及爭議”并不涉及企業(yè)具體合規(guī)治理事項，因此我們將聚焦在“政策及執(zhí)行”項下的7個關鍵指標。分別是：商業(yè)道德監(jiān)督、反賄賂反腐敗（以下簡稱“ABAC”）政策、供應商ABAC政策、舉報人保護機制、員工道德標準培訓、對商業(yè)道德標準的定期審核/審計、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
評價對象：對企業(yè)負責監(jiān)督商業(yè)道德和腐敗問題的治理機構進行評價。
Evaluation Object: The governance body responsible for oversight of business ethics and ABAC issues is evaluated.
評價重點：企業(yè)負責商業(yè)道德和腐敗問題的監(jiān)督治理機構是否具備足夠高的層級。
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)應當建立由董事會負責推動、專門機構及專職高管（首席官員或董事長、副董事長級別）負責執(zhí)行的體系，確保企業(yè)對商業(yè)道德的監(jiān)督管理層級足夠高，且貫穿企業(yè)各個層級并最終由董事會向股東及其他利益相關方負責。例如：董事會對企業(yè)商業(yè)道德和腐敗問題負責；董事會專門委員會（對于中國上市公司來說，一般是可持續(xù)發(fā)展委員會或者戰(zhàn)略委員會）負責監(jiān)督指導相關工作；董事長、副董事長級別人員負責并領導相關執(zhí)行工作；合規(guī)部門負責具體的商業(yè)道德和反腐敗合規(guī)事宜；監(jiān)事會或專門委員會負責對企業(yè)商業(yè)道德和反腐敗合規(guī)工作進行督促、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
評價對象：對企業(yè)是否具備ABAC政策以及政策涵蓋的范圍進行評價。
Evaluation Object: The company’s ABAC policy and its scope are evaluated.
評價重點：企業(yè)是否具備完善且具體的正式ABAC政策，且相關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)應當建立完備且具體的合規(guī)政策，除常見的《合規(guī)行為準則》外，企業(yè)還應當就ABAC相關的具體問題如拜訪、禮品、款待、招待、差旅、支付費用（如講課費、勞務費、贊助、資助）等問題制定專項政策、手冊或指引文件；若企業(yè)業(yè)務跨越多語種地區(qū)，應確保相應政策文件能夠有效覆蓋到企業(yè)全球范圍內(nèi)所有業(yè)務部門；企業(yè)應確保相應政策文件的易讀性、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) 供應商ABAC政策
(3) ABAC Policy for Suppliers
評價對象：對企業(yè)供應商ABAC政策覆蓋范圍及配套監(jiān)管機制進行評價。
Evaluation Object: The scope of ABAC policy in place for suppliers and the relevant programs to verify supplier compliance are evaluated.
評價重點：企業(yè)ABAC管理是否能有效覆蓋所有供應商并要求其建立ABAC制度，以及企業(yè)是否建立良好的機制以評估、監(jiān)督所有供應商有否做到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)應當明確要求所有供應商擁有ABAC政策，相應要求應當有效體現(xiàn)在與供應商的合同中并有配套的違約責任以有效制約；企業(yè)應當建立完善的第三方盡調機制，在供應商準入篩查過程中，對ABAC事項做有效識別及管控；企業(yè)應當建立定期以及不定期督查、稽查制度，以確保供應商持續(xù)遵守ABAC合規(guī)要求；企業(yè)應當對供應商進行培訓；企業(yè)應當建立有效的報告機制，以便相關方在發(fā)現(xiàn)供應商ABAC違規(guī)時能夠便捷、安全地報告違規(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) 舉報人保護機制
(4) Whistleblower Protection
評價對象：對企業(yè)是否能夠為舉報人提供有效的保護措施以使其免遭報復進行評價。
Evaluation Object: The policy and relevant mechanism to protect a whistleblower from retaliation are evaluated.
評價重點：企業(yè)舉報管理體系是否將舉報人保護作為重點優(yōu)先事項進行考量，是否為舉報人提供了有效的匿名舉報渠道。
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)應當建立專項合規(guī)舉報管理政策；企業(yè)應當為員工提供有效的匿名舉報渠道，讓員工有權選擇實名或匿名舉報；企業(yè)應當建立完善的保密機制以有效保護舉報事項及相關人員信息；企業(yè)應當平等對待實名及匿名舉報；企業(yè)應當建立明確的舉報人保護機制，以防止舉報人被打擊報復；企業(yè)應當對舉報管理崗位員工進行培訓，以使其具備舉報人信息保密的意識及能力；企業(yè)應當對所有員工進行培訓，以使其知曉惡意舉報、打擊報復的后果及懲處措施。
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) 員工道德標準培訓
(5) Employee Training on Ethical Standards
評價對象：對企業(yè)能夠在何種范圍內(nèi)對員工進行ABAC及商業(yè)道德培訓進行評價。
Evaluation Object: The scope of employee training on ABAC and business ethics standards is evaluated.
評價重點：企業(yè)對員工的培訓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)應當對所有員工（包括兼職員工、承包商以及實質性接觸業(yè)務的實習生或全體實習生在內(nèi)）進行ABAC及商業(yè)道德培訓；企業(yè)應當定期更新培訓內(nèi)容，以確保培訓符合最新的法律法規(guī)或行業(yè)最佳實踐的要求；企業(yè)應當建立合適的考評機制來確保參與培訓的人員有效理解培訓內(nèi)容，并對未能通過考評的員工進行額外培訓。
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) 對商業(yè)道德標準的定期審核/審計
(6) Regular Audits of Ethical Standards
評價對象：對企業(yè)ABAC及商業(yè)道德的審核/審計的頻率以及覆蓋范圍進行評價。
Evaluation Object: The scope and frequency of the company’s ABAC and business ethics audits are evaluated.
評價重點：企業(yè)是否能在合理的頻率下，對企業(yè)所有業(yè)務進行有效的審核/審計。
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)每三年應當至少對所有業(yè)務進行一次與ABAC和商業(yè)道德相關的審核/審計，即審核/審計間隔不應大于三年；企業(yè)應當根據(jù)審核/審計結果，持續(xù)改進、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
評價對象：對企業(yè)反洗錢及客戶身份識別（暨Know Your Customer，以下簡稱“KYC”）政策進行評價。
Evaluation Object: The company’s AML and Know Your Customer (hereinafter referred to as “KYC”) Policy is evaluated.
評價重點：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政策的執(zhí)行以確保其有效識別客戶身份，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)應當制定詳細的反洗錢及KYC政策，并為相關政策制定具體可落地的實施策略；企業(yè)應當對員工及相關方進行培訓，以確保他們理解并遵守企業(yè)反洗錢及KYC政策；企業(yè)應當將反洗錢違規(guī)納入其合規(guī)舉報系統(tǒng)中，并為相關方提供舉報渠道。
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，我們認為其本應包含在企業(yè)反洗錢政策中。但考慮到MSCI在對企業(yè)反洗錢政策進行評價時，特地強調了KYC事項，不妨在反洗錢政策中相應突出KYC的重要性。同時，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)公司應根據(jù)自身業(yè)務情況制定相應的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)容進行商業(yè)道德及企業(yè)合規(guī)管理，并做好相應信披工作，充分反映企業(yè)治理情況，將會在有效提升企業(yè)合規(guī)管理水平的同時，對企業(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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