자본시장법 판례로 보는 지속가능성 또는 ESG 공시의 중요성 기준

This study analyzes the concept of materiality, a core criterion in sustainability or ESG (Environmental, Social, and Governance) disclosures, based on precedents under the Financial Investment Services and Capital Markets Act (FSCMA) of Korea, and examines its potential legal applications. As interest in ESG continues to rise among investors and various stakeholders, the global trend toward mandatory sustainability disclosures is accelerating. However, the reliability of disclosed information and the legal responsibility associated with it remain critical challenges. In particular, the concept of materiality, which originated in the context of financial disclosure, is expected to serve as a key criterion for assessing misstatements or omissions in ESG disclosures. The FSCMA defines “material matters” as information that may substantially affect a reasonable investor’s investment decision. Korean court precedents have applied the “probability–magnitude test” and the “substantial likelihood standard” to assess materiality. These legal standards can be meaningfully applied to the evaluation of materiality in sustainability disclosures. In cases where a single materiality standard is adopted, existing judicial doctrines are likely to apply directly to assessments of financial materiality. In contrast, under the double materiality approach—which incorporates both financial and impact materiality—the scope of relevant stakeholders must be expanded beyond investors. And existing legal tests, such as the probability–magnitude test, may still be applicable if the notion of “magnitude” is interpreted as “severity.” By referencing court precedents and legal interpretations under the FSCMA, this study aims to anticipate how materiality standards may be applied to mandatory sustainability disclosures in Korea. The findings are expected to contribute to reducing legal burdens for companies and enhancing market predictability as sustainability disclosure obligations expand.