Yuexiu Property Company Limited participated in the Environmental, Social and Governance (ESG) report rating organised by Chinese Expert Committee on CSR Report Rating for the first time, and the 2022 ESG Report of Yuexiu Property was awarded four-and-a-half-star rating, which is a leading corporate ESG report.
About China Corporate ESG Report Rating
China Corporate ESG Report Rating is a systematic evaluation of the preparation process and quality of corporate ESG reports conducted by the Chinese Expert Committee on CSR Report Rating. The Committee is composed of experts in China's corporate ESG research and practice, and is the leading organisation and executive body for corporate ESG report ratings.By the end of 2022, the Committee had issued 1,025 rating reports for more than 300 Chinese and foreign enterprises, making it the most authoritative evaluation of the quality of corporate social responsibility reports in China, with most of the participating enterprises being central enterprises and state-owned enterprises.
The China Corporate ESG Report Rating is based on domestic and international social responsibility standards, such as the China Corporate Social Responsibility Reporting Guidelines (CASS-ESG 5.0) and sub-industry guidelines, the Hong Kong Stock Exchange's Guidelines on Environmental, Social and Governance Reporting, the Global Reporting Initiative's Sustainability Reporting Standards (GRI Standards), and Sustainability Accounting Standards (SASB), etc.; and the ratings are made based on the following seven major indicators: Process, Materiality, Completeness, Balance, Comparability, Readability and Accessibility.
China Corporate ESG Report Rating is an evaluation of the quality and management of ESG reports, which serves the following purposes: 1) to promote the disclosure of information by evaluation, to provide companies with professional opinions on ESG disclosure, and to improve the level of corporate ESG disclosure;2) to promote management by evaluation, to give play to the role of the report in responding to compliance requirements, improving ESG performance, and communicating with stakeholders, and to promote the report to become an important tool for perfecting ESG governance and improving ESG practices; and 3) to promote the image of the report by evaluation, and to confer third-party authoritative recognition on the ESG report of the company, which will help the company set up a responsible brand image and improve the reputation of the company.
About Yuexiu Property 2022 ESG Report
In 2022, Yuexiu Property is committed to better disclosure of information on sustainability, and has made efforts to improve the quality of ESG report disclosure in the following aspects: (1) In terms of timeliness, in response to the latest requirements of the Environmental, Social and Governance Reporting Guidelines contained in Appendix 27 of the Main Board Rules implemented by the Hong Kong Stock Exchange, the "Yuexiu Property 2022 ESG Report" was released at the same time as the Annual Report on 24 April.(2) In terms of content, the main sections of the report have been re-consolidated from 7 sections in 2021 to 5 sections this year, which is more in line with the HKEX ESG Guidelines and international ESG ratings; at the same time, the report responses to the theme of "Tackling Climate Change" according to the recommendations of the Task Force on Climate-Related Financial Disclosure (TCFD); (3) In terms of layout, the 2022 ESG Report is benchmarked against outstanding Hong Kong real estate companies, and the layout is more internationalised, which helps readers to read the sustainability overview of Yuexiu Property more directly and clearly; (4) In terms of objectives, the 2022 Report discloses the strategic objectives of Yuexiu Property's "Sustainability Vision to 2030" from the three dimensions of the environment, society, and governance for the first time.
The four-and-a-half-star rating of the 2022 ESG Report is a recognition of Yuexiu Property's ESG disclosure work. Yuexiu Property attaches great importance to the disclosure of ESG information, and in the first half of 2023, it completed the launch of the new version 2.0 of the "Sustainability" section on the official website of Yuexiu Property and added the "Sustainability" section for the first time on the official WeChat account of Yuexiu Property, further enriching the information disclosure channels. As a next step, Yuexiu Property will further improve its ESG management system, promote the in-depth integration of ESG with the company's development strategy and operation and management, empower the business with ESG and promote the company to achieve the 2030 sustainable development goals, and help achieve the national dual carbon goals.