China publishes its first ESG disclosure standard with participation from Ping An

Promoting ESG development with Chinese style

HONG KONG and SHANGHAI, May 11, 2022 /PRNewswire/ — Ping An Insurance Company (Group) of Chinaltd. (hereafter “Ping An” or the “Group”, HKEx:2318; SSE:601318) announced that it had helped develop China first ESG disclosure standard, the “Guidance for Enterprise ESG Disclosure“, published by the China Enterprise Reform and Development Society (CERDS). The Guide, in effect on June 1, 2022was developed with the participation of Ping An and dozens of other companies in China.

In recent years, awareness of environmental, social and governance (ESG) issues has increased China, as is the request for companies to publish ESG information. However, common international ESG rating standards are hardly compatible with the operating conditions in China. The “Guidance for Corporate ESG Disclosure” is based on relevant Chinese laws, regulations and standards while taking into account China the context. The Guide includes a system of corporate ESG disclosure indicators across three dimensions – environmental, social and governance – and provides a basic framework for ESG disclosure. The Guide also specifies disclosure principles, indicators, requirements, applications, responsibilities and oversight for companies of different types, sectors and sizes. The Guide can help Chinese companies in their ESG governance and disclosure practices, serving as a reference for self-assessment and third-party assessment.

CERDS had strict requirements for companies participating in the development of the guidance standard. Companies must have outstanding performance and be ranked among the best in their industries, with high social influence and reputation. They must comprehensively, accurately and comprehensively implement the concept of sustainability in their operations, promote the construction of a corporate ESG system and achieve outstanding ESG results.

Sharing experience as an ESG pioneer in China

As an ESG pioneer in China, Ping An participated in the drafting of the disclosure framework, sharing its practical ESG experience. It has incorporated its proprietary CN-ESG Assessment System Framework into the Disclosure Guidelines to provide a standardized science-based approach to corporate ESG disclosure. Ping An also made suggestions on the coverage of international standards, the definition of indicators with Chinese characteristics, the applicability to different industries, and the definition of rating standards.

“Tips for Corporate ESG Disclosure” is an important step for Ping An promote the development of a Chinese-style ESG system. Ping An’s proprietary ESG management concepts and experience have been widely recognized by government organizations, industry experts and other organizations that have collaborated with Ping An. As a long-time advocate of corporate ESG, Ping An has been pursuing related sustainability and disclosure practices for many years. It has published its annual report on sustainable development for 14 years. It was also the first financial institution in China publish a TCFD report (Task Force on Climate-related Financial Disclosures) and disclose the carbon emissions of all its assets. Driven by its sustainable development strategy, Ping An integrates core ESG philosophies and standards into business management. It has implemented a professional sustainability management framework to guide its business practices. Ping An continues to advance its “integrated finance + healthcare” strategy and develop its “finance + senior care” and “finance + healthcare” sector ecosystems to create value for its shareholders, customers, employees, communities, its partners and the environment, seeking to stimulate both commercial and societal value.

About Ping An Group

Ping An Insurance Company (Group) Chinaltd. (“Ping An“) aims to become a world leader in retail financial services. With more than 223 million individual customers and nearly 657 million Internet users, Ping An is one of the largest financial services companies in the world. Ping An focuses on two main areas of activity, “integrated finance” and “health”, covering the provision of financial and healthcare services through its integrated financial services platform and its ecosystems in financial services, health, automotive services and smart city services. The “finance + technology” and “finance + ecosystem” strategies aim to offer customers and Internet users innovative and simple products and services using technology. Like China first stock insurance company, Ping An is committed to the highest standards of corporate reporting and corporate governance. The Group is listed on the stock exchange in hong kong and Shanghai. Ping An ranked 6th in the Forbes Global 2000 list in 2021 and ranked 16th in the Fortune Global 500 list in 2021. Ping An also ranked 49th at WPP Kantar Millward Brown BrandZ 2021MT List of the 100 most valuable global brands.

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SOURCE Ping An Insurance Company (Group) of Chinaltd.

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