論我國ESG評鑑機構之監理

Abstract

在ESG投資中，ESG評鑑機構已然成為不可或缺的市場參與者。然而，ESG評鑑仍因有諸多缺失而飽受批評。因此，本文檢視我國相關規範，辨識出其不足之處，從行政監督、資訊揭露，以及評鑑結果的爭議解決機制三大面向，提出我國應有的監理規範。

本文主張我國應對ESG評鑑市場施加行政監管，以約束評鑑機構行為，並提升評鑑品質。然而，行政監管中，執照申請條件不宜過苛。關於行政監督的方式，主管機關應要求評鑑機構設立有效的內部控制機制，並監督其運行。另外，本文強調主管機關應要求評鑑機構除了提供ESG整合式評鑑，也須提供單一主題的評鑑等第。

在資訊揭露方面，本文從行為經濟學角度出發，主張評鑑機構除了揭露一般性、通用性的評鑑資訊外，更須說明個別評鑑等第形成、變動的主要原因為何。且根據不同的評鑑產品複雜程度高低，評鑑機構的說明義務應隨之調整。另外，為避免ESG評鑑使用者發生誤會，本文建議從分類、視覺化標籤與命名規則改革ESG評鑑的表示方式。

最後，在被評鑑公司與評鑑機構的互動關係中，本文提議在被評鑑公司認定評鑑有瑕疵時，評鑑機構應接受其附理由申訴。若被評鑑公司仍不滿足申訴結果，法制設計上應可由主管機關介入，惟此時主管機關之審查應限於評鑑程序面向，以尊重評鑑機構之言論自由與專業。

Environmental, Social, and Governance (ESG) rating providers (hereinafter “ERP”) have become indispensable players in the ESG investment landscape. However, ERPs have drawn criticism due to various shortcomings. In light of these concerns, this thesis then proposes regulatory strategies from three perspectives: administrative supervision, information disclosure, and dispute settlement mechanisms for ESG ratings.

This thesis proposes that Taiwan should establish public oversight of ERPs to constrain misconduct and enhance rating quality. Nevertheless, the licensing requirements should not be overly stringent. Regarding supervisory measures, competent authorities should require ERPs to implement effective internal control systems and monitor their performance. Furthermore, ERPs should be required to provide both aggregated ESG ratings and disaggregated ratings on individual ESG topics.

With respect to information disclosure, this thesis proposes that ESG rating agencies should be required not only to disclose general and standardized rating information, but also to explain the rationale behind individual ratings and their changes. In addition, disclosure obligations should vary according to the complexity of the rating product. To prevent misunderstanding among users, the thesis also recommends reforming ESG presentation formats, including classification schemes, visual labeling, and naming conventions.

Lastly, regarding the interests of rated entities, this thesis proposes that ERPs should establish a well-structured internal complaint mechanism to address reasoned complaints from rated entities. If a rated entity remains unsatisfied with the outcome of its complaint, competent authorities should be permitted to intervene, provided that their review is strictly limited to procedural matters.