Fosun International Awarded "Best Environmental, Social and Governance Reporting Awards" by The Hong Kong Management Association
HONG KONG, Nov. 5, 2024 /PRNewswire/ -- On 1 November 2024, The Hong Kong Management Association (HKMA) held the "2024 Best Annual Reports Awards" ceremony in Hong Kong. Fosun International was awarded the "Best Environmental, Social and Governance Reporting Awards" by HKMA, in recognition of the company's outstanding performance in ESG strategy, environmental protection, social responsibility, corporate governance and information disclosure by authoritative organization.
HKMA is a non-profit organization that is well-known in the business and education sectors, and enjoys a high reputation in the industry. Established by the HKMA in 1973, the Best Annual Reports Awards aims to recognize the publication of timely, accurate, informative, and well-presented annual reports by companies and non-profit organizations.
There are 10 enterprises that won the "Best Environmental Social and Governance Reporting Awards". Other winners include CK Hutchison Holdings, CLP Holdings, Hong Kong Exchanges and Clearing Limited, Link Real Estate Investment Trust, MTR Corporation, New World Department Store China, Swire Properties, Tencent Holdings, and The Hongkong and Shanghai Hotels, all of which are large blue chips or well-known listed companies.
HKMA points out that companies, such as Fosun International, which have received the "Best Environmental, Social and Governance Reporting Awards", have complied well with the disclosure requirements from the Hong Kong Stock Exchange, with increasing reference to the Global Reporting Initiative (GRI), Task Force on Climate-related Financial Disclosures (TCFD) and the Sustainable Development Goals (SDGs). While still limited, a growing number of companies have obtained external assurance and review. This bolsters credibility of disclosed information. In addition, to in line with emphasizing on ESG initiatives and development, more and more companies have formally elevated CSR/Sustainability Committee to one of the Board committees.
Fosun's sustainable development strategy: "Create IMPACT"
After more than three decades of development, Fosun has now become a global innovation-driven consumer group with businesses in more than 35 countries and regions. While striving for business growth, Fosun remains committed to sustainable development. This year, Fosun has formulated its sustainable development strategy: "Create IMPACT", which stands for I: Innovation-driven, M: Mindful Operation, P: People and Partner Oriented, A: Advanced Governance, C: Climate and Planet Positive and T: Transparency.
Top-down and long-term mechanism for ESG improvement to link ESG performance with the performance appraisal of the Board
Fosun has established a top-down and long-term mechanism for ESG improvement and has included ESG management performance as an evaluation factor in the Executive Directors' performance assessment, and the ESG management performance appraisal mechanism is also extended to the CEOs of the Group and the personnel in charge of each business group. Fosun has set up an ESG Board Committee under the Board of Directors (the "Board") to assist the Board in guiding and overseeing the Group's ESG development and implementation. At the management and decision level, Fosun has established an ESG Executive Committee under the management to provide decision support for the implementation of ESG strategies. At the implementation level, the Group has also set up an ESG Management Committee and an ESG Working Group to implement ESG strategies and related actions and ensure the establishment of appropriate and effective ESG risk management and internal control system.
Benchmark against the international standard and obtained external assurance from an independent organization to build more trust with stakeholders
With a growing demand by stakeholders for more transparent and comparable reporting on companies' sustainability information, Fosun has published the ESG Report in accordance with the Environmental, Social and Governance Reporting Guide in Appendix C2 to the Listing Rules of Hong Kong Stock Exchange and with reference to the GRI Sustainability Reporting Standards (GRI Standards) disclosure. Fosun's ESG Report was audited and assured by SGS, an independent third-party and internationally recognized verification company, to enhance the trust of stakeholders in the report disclosed.
Fosun also released its second Climate Information Disclosures Report with reference to the climate disclosure requirements of the Hong Kong Stock Exchange, the Task Force on Climate-Related Financial Disclosures ("TCFD") recommendations and IFRS S2 Climate-related Disclosures.
In 2021, the Group made a commitment to society – "strive to peak carbon emissions by 2028 and achieve carbon neutrality by 2050". Fosun has formulated strategies for climate change mitigation and adaptation to align with the 1.5°C temperature control target set in the Paris Agreement. In order to achieve Fosun's carbon peaking and carbon neutrality goals, the Group has established a Carbon Neutrality Committee and a Carbon Neutrality Working Group to actively promote further implementation and enforcement of carbon-neutral management within the Group.
Embracing the 10th anniversary of joining the United Nations Global Compact and actively promoting global sustainable development
This year marks the 10th anniversary of Fosun International's joining the United Nations Global Compact ("UN Global Compact"). Since joining the UN Global Compact, Fosun has integrated the ten principles of the UN Global Compact on human rights, labor, environment and anticorruption into our corporate strategy and operations to ensure responsible business practices. The Group has also actively engaged its member companies in the implementation of ESG strategies.
Fosun's ESG Report was prepared with reference to sustainable development frameworks such as the UN Sustainable Development Goals (SDGs) to integrate SDGs into Fosun's sustainable development and management and information disclosure of its business operations.
Fosun's remarkable ESG performance has been widely recognized by the international market
In recent years, Fosun has shown outstanding performance in various aspects of ESG. Presently, Fosun International is the only conglomerate in Greater China rated AA by MSCI ESG Ratings. Fosun International outperformed 94% of its global peers in the S&P Global Corporate Sustainability Assessment, and was included in the Sustainability Yearbook 2024 by S&P Global. Fosun International was also ranked top 1% in S&P Global's Sustainability Yearbook 2024 (China Edition) and recognized as an "Industry Mover". It received an HSI ESG rating of AA- and has been included in the Hang Seng Corporate Sustainability Index for years. Furthermore, Fosun International's FTSE Russell ESG score was consistently higher than the global industry average and it has been continuously selected as a constituent stock of the FTSE4Good Index Series.
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