Forbes China recently released its “2022 China ESG 50” list. Fosun International has been included on the list for its outstanding ESG performance and its active contribution to the fight against the COVID-19 pandemic. Forbes China pointed out that ESG is still in its infancy in China, and the 50 selected companies are all pioneers in the field of ESG.
Forbes China: Fosun International is One of the Pioneers in the Field of ESG
This year is the first year that Forbes China has released the “China ESG 50” list, which seeks to highlight the best practices of domestic enterprises in the field of ESG. Forbes China pointed out that with the promotion of the United Nations, including the Millennium Development Goals (MDGs) and the Sustainable Development Goals (SDGs), the three core indicators of ESG: environmental, social, and corporate governance have become important standards for enterprises to promote sustainable development. Adhering to the ESG framework and principles of the United Nations, the “China ESG 50” list includes 50 Chinese enterprises that took the lead in ESG from the Forbes Global 2000 list (ranked according to four metrics: sales, profits, assets and market value of global listed companies in the current year) in 2022.
See related article: Fosun Actively Promotes Global ESG Development and Acts as a Responsible Global Citizen
According to Forbes China, the purpose of ESG is to no longer limit corporate valuation to objective data such as financial data and performance, but to take subjective factors such as the environmental, social responsibility and corporate governance into account, so as to determine and assess the sustainable development and social responsibility of enterprises. Forbes China considers Fosun International as one of the pioneers in the ESG field. As a globalized enterprise, while actively creating business value, Fosun has been fulfilling its corporate social responsibility through social welfare projects such as supporting the combat against the pandemic, assisting in the fight against malaria in Africa, Rural Doctors Program, fostering education, culture promotion, and entrepreneurial support.
Fosun’s Anti-pandemic and Anti-malaria Efforts Demonstrate its Corporate Social Responsibility
Since the COVD-19 outbreak in early 2020, Fosun has immediately initiated the global deployment of medical supplies to provide strong support for China and overseas to fight against the pandemic. In addition to the urgent deployment of protective materials to assist countries and regions affected by the pandemic, Fosun also partnered with BioNTech, a German biotechnology company, to jointly develop the mRNA COVID-19 vaccine (COMIRNATY®, also known as BNT162b2), providing a strong support for defeating the pandemic. In addition, Fosun has participated in the joint construction of a “malaria-free world” for more than 15 years. As the first Chinese pharmaceutical brand well recognized in Africa, Artesun® (artesunate for injection), self-developed and manufactured by Fosun Pharma, has been used to treat over 48 million severe malaria patients worldwide by the end of 2021.
Contribute to Carbon Peak and Carbon Neutrality, Act as a Responsible Global Citizen
2021 marks the first year of Fosun’s carbon neutrality. Centered around the national “carbon neutrality” strategy, the Group has set a carbon reduction target — “to achieve carbon emissions peak by 2028 and carbon neutrality by 2050” and has formulated effective strategies for climate change mitigation and adaptation to align with 1.5°C temperature control target set in the Paris Agreement. To further advance Fosun’s carbon peak and carbon neutrality targets, Fosun has established a Carbon Neutrality Committee and a Carbon Neutrality Working Group to actively promote the implementation and enforcement of carbon neutral management across the Group.
Fosun has Established a Sound Risk Management System and Top-down Long-term ESG Mechanism to Lead the Company’s Sustainable Development
Forbes China said that in ESG investing, apart from climate and environmental issues such as carbon neutrality, corporate sustainability and the corporate social responsibility cannot be ignored. Large enterprises, which have sound internal and external management systems, focus on social responsibility and especially disclose ESG information in a timely manner, often attract more attention from investment institutions. In addition to Fosun International’s active efforts and contributions in environmental and social responsibility, it also strives to establish a good ESG management system to continuously improve the company’s sustainable operation. Forbes China specifically mentioned that in terms of corporate governance, Fosun International has established risk management and internal monitoring systems targeted for risk management and control. It has also formulated an enterprise risk management plan, implementing proactive ex-ante, in-process and ex-post risk management, and building a systematic tiered risk management system that empowers and adds value to itself, providing an important guarantee to achieve strategic and business objectives.
In order to ensure the smooth and continuous progress of ESG work, Fosun has established a top-down and long-term mechanism for ESG improvement. Fosun includes ESG management performance as an evaluation factor in the Executive Directors’ performance assessment and remuneration assessment. To further improve the ESG management system, Fosun has set up an ESG Board Committee under the Board of Directors (the “Board”), at the management and decision level, Fosun has established an ESG Executive Committee under the management, at the implementation level, Fosun has also set up an ESG Management Committee and an ESG Working Group to fully implement ESG strategies and related actions.
Fosun, which is about to turn 30 this year, will continue to uphold its original aspirations of developing its business for good and “Contribution to Society”, actively shoulder more social responsibilities, implement ESG strategies, constantly create value and give back to the society, helping to promote high-quality development and common prosperity. With the global trend of promoting carbon neutrality, carbon emissions reduction and the sustainable development of the earth, Fosun will continue to actively cooperate with its member companies to promote the implementation of ESG strategies, especially in the areas of carbon emissions peak, carbon neutrality, energy conservation and consumption reduction, and actively promote the sustainable development of the Group.
Source: PRNewswire