The Voluntary Code of Conduct Working Group (VCWG) is an industry working group sponsored by the Hong Kong Securities and Futures Commission (SFC) to develop and promote a globally consistent, interoperable and proportionate voluntary code of conduct for ESG ratings and data products providers, which provide products and services in Hong Kong (the providers referred to as ESG service providers and the voluntary code of conduct referred to as VCoC).

The VCoC will be based on the recommendations from the International Organization of Securities Commissions' (IOSCO) Report on “Environmental, Social and Governance (ESG) Ratings and Data Products Providers”.

The Secretariat role for the VCWG is fulfilled by the International Capital Market Association (ICMA).

According to the Terms of Reference (ToR), ESG service providers will be encouraged to adopt the VCoC going forward. It is envisaged that the VCoC will enhance the communication between the providers and the entities that are the subject of ESG ratings and data products/services (i.e., covered entities), and strengthen the transparency, quality and reliability of products available to end users.

The VCWG is planning to convene the first meeting in November 2023, and seek to publish a draft of the VCoC for public consultation approximately 3 months after the first meeting.

See the list of members and observers in the Voluntary Code of Conduct Working Group.

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