Sustainability accountability or financial resilience? Evidence from sustainability reporting frameworks in Hong Kong

Abstract

This study examines whether sustainability reporting frameworks commonly grouped under the concept of corporate sustainability reflect the same underlying understanding of sustainability. Specifically, it compares the United Nations Global Compact (UNGC) Communication on Progress (CoP) and the Hong Kong Stock Exchange (HKEX) Climate Disclosure Framework to explore how different reporting frameworks conceptualize corporate sustainability. A qualitative comparative content analysis was conducted on the disclosure requirements of the two frameworks. Disclosure items were systematically mapped across thirteen thematic categories, including governance, risk management, climate strategy, climate resilience, climate-related financial impacts, human rights, labour practices, anti-corruption, environmental stewardship, and sustainability impacts. The analysis assessed areas of convergence and divergence in reporting priorities and underlying sustainability perspectives. The findings reveal significant differences in disclosure priorities. Both frameworks provide strong coverage of governance, risk management, and climate metrics. However, the HKEX framework places substantially greater emphasis on climate strategy, scenario analysis, climate resilience, climate-related financial impacts, and internal carbon pricing. In contrast, the UNGC CoP provides broader coverage of human rights, labour standards, anti-corruption, environmental issues beyond climate, and Sustainable Development Goal (SDG)-related impacts. These differences suggest that the frameworks embody distinct sustainability narratives. The study proposes two complementary conceptions of corporate sustainability: sustainability accountability, which emphasizes organizational responsibilities toward society and the environment, and sustainability resilience, which emphasizes organizational capacity to anticipate, manage, and adapt to sustainability-related risks and opportunities. The UNGC CoP primarily reflects an accountability-oriented perspective, whereas the HKEX framework reflects a resilience-oriented perspective. Organizations operating in Hong Kong increasingly face multiple reporting requirements and must address both accountability-oriented and resilience-oriented disclosure expectations. The findings suggest that developing capabilities in stakeholder accountability, impact assessment, climate-risk management, and strategic resilience can support more comprehensive sustainability reporting and enhance organizational preparedness for evolving regulatory and stakeholder demands.