Study On Perfection Of Legal System Of Environmental Verification For Listed Companies

Environmental verification for listed companies is the system that in order tostandardize and continuously improve the environmental performance of listedcompanies, environmental protection administrative departments take measures toconduct verification on listed companies comprehensively about the environmentalbehavior. The purpose of this legal system is that limiting the size of heavily pollutingenterprises, guiding capital flows, promoting green investment and financing andsafeguarding the interests of investors. Environmental protection verification systemmainly consists of three basic elements--the verification on environmentalmanagement and law-abiding behavior of corporate, continuing disclosureenvironmental information and follow-up supervision of environmental protection.Based on the perspective of law, legal issues involved in the operation ofenvironmental verification include four aspects--Legal relationship between theparticipants, coercive power of verification results, environmental informationdisclosure and environmental public interest litigation. As an integrated environmentaland financial policy, environmental verification negates the financing and refinancingprocess of listed companies, and in different branches of law sights shows differentlegal attributes. Exploring legal basis of environmental protection verification, wefind the right source of this system can attributed to environmental public powertheory, In the case of common governance about social law and public law,environmental public power comes from the authority of the community members,and that is a means to achieve the public will. The theory of corporate environmentalresponsibility and the theory of government intervention are important legal supportof environmental verification for listed companies. Enterprise is the independentmarket entities for-profit, should bear the social responsibility, particularlyenvironmental responsibility. The executive power of administrative department ofenvironmental protection promote the implementation of environmental verification basically, but enterprise is the dominant subject in the market and the interventioncomes from administrative department of environmental protection just is limited.After several years of development, environmental verification of limitedcompanies is increasingly becoming the necessary way before financing andrefinancing as to heavily polluting enterprises. This legal system is the reflection ofthe executive power of government in economic management areas. In the adjustmentand regulation of corporate environmental behavior, controlling environment riskfrom the source, environmental verification of limited companies has obtained someachievement, but problems exposed equally worthy of our attention. Analyzing thereasons, relevant institutional barriers has become the important factors to impede theorderly operation of the environmental verification of limited companies. Toimprove the legal system of environmental protection verification of limitedcompanies, we should take some measures on macro level micro level. Firstly, thebasic principles must be established, the legal relationships between participants needto clarify and appropriate operating mode shall be determined. Secondly, we shouldseek support from the legislative level for the improvement of the system.Development of environmental verification system should uphold the concept ofsustainable development, protect the entity rights of participant and achieve thestatutory procedures. Finally, legal liability system should be constructed, and weneed to improve environmental disclosure system and environmental public interestlitigation system.