Responsibility Management
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Stakeholders, including customers, investors, government, partners, employees, communities and the environment, are indispensable to the development of the Company. Following the CSR philosophy of Integrated Capacity and Infinite Capability, we respond to the appeals of stakeholders and contribute to the sustainable development of society by taking effective and accountable actions.
Materiality Analysis
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According to the material topics stipulated by the GRI Standards and Environmental, Social and Governance Reporting Guide (HK-ESG), COSCO SHIPPING Energy has formulated the process, and has prioritized the material topics according to global standards. In addition, based on the trends in the industry, benchmarking results and studies on stakeholders, we have selected corresponding material topics. In 2020, we identified and ranked 19 material topics according to their economic, environmental and social influence, as well as their impact on the decision-making of stakeholders, and determined the key areas in corporate management and disclosure, to better respond to our stakeholders. The analysis results of material topics have been approved by the Board of Directors.
Role of the Board of Directors in ESG Management
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The Board of Directors is the ESG decision-making body in charge of ESG management of the Company.
As stipulated in the Articles of Association, Rules of Procedure of the Board of Directors and Implementation Rules of the Strategic Committee, the Board of Directors establishes policies and supervises operations on sustainable development, environment, society and corporate governance; the Strategic Committee under the Board of Directors is responsible for development of ESG strategies, goals, evaluation mechanisms and proposals; the executives are responsible for enforcing ESG management.
The Safety Committee is the decision-making unit for the Company’s operational safety, which is led by the president and safety-in-charge executives of the Company, and includes the head of subsidiaries. This Committee plays a crucial role in managing the Company’s safety issues.
Key Issues:
Safety
Goal Setting: We set the annual safety goals which are included into the Performance Report of the Board of Directors, together with the safety management.
Supervision and Management: We submit the Safety Performance Report to the Board of Directors for review in 2020. The report covers the performance in work safety, environmental protection in 2020, and the targets and plans of safety and environment management in 2021.
Implementation: The Safety Management Committee is set up to manage operation safety under the corresponding system integrating the ship management center, the safety supervision department and the technical support department.
Performance Management: Managers at various levels sign the Statement of Responsibility for Work safety. This document makes clear that the process and result of safety management will be evaluated, which is aimed to ensure effective safety management.
Environment
Goal Setting: We set short-term and long-term environmental goals and identify directions for environmental management.
Supervision and Management: The Strategic Committee of the Board of Directors is responsible for making plans and reviewing targets.
Implementation: We established a group for energy conservation and emission reduction. Its main function is to coordinate, supervise, guide and evaluate the environmental management. Accordingly, an administrative office was set to realize interdepartmental collaboration and ensure the implementation of working plans.
Performance Management: The COSCO SHIPPING Energy Performance Standards for Management Personnel stipulates that energy conservation, emission reduction and environmental protection are obligatory targets for evaluating the performance of management personnel, which helps to ensure that environmental goals are attained.
Business Ethics
Planning: The Audit Committee is responsible for formulating the annual work plan.
Supervision and Management: The management coordinates integrity management, improves the management system, performs supervision to ensure the responsibility fulfillment and organizes integrity education.
Implementation: The supervision and audit department is responsible for integrity supervision, develops proposals for addressing integrity risks and follows up the implementation of the proposals.
Implementation: The supervision and audit department is responsible for integrity supervision, develops proposals for addressing integrity risks and follows up the implementation of the proposals. Institutional Guarantee: The Measures for Integrity Risk Prevention and Control (Trial), Measures for Anti-Commercial Bribery (Trial), Manual for Key Business Area Integrity Risk Prevention and Control Manual for Anti-Commercial Bribery are issued to arise and enhance the integrity awareness and ability.
