Top 1000 Funds: Standards and expectations have moved quickly on ESG and sustainability reporting over the past four years, and the Hong Kong Exchange (HKEx) through its “Consultation Paper on Review of the ESG Reporting Guide and Related Listing Rules” has made an attempt to participate in this evolutionary process. This paper is an update to the exchange’s previous 2015 ESG guide, and while this step seems outwardly positive, we don’t believe it warrants an epaulette on HKEx’s shoulders?