Chinese insurance giant Ping An Insurance (Group) Company of China Ltd has once again received a “Low Risk” rating in environmental, social, and governance (ESG) from Sustainalytics.
Sustainalytics is an independent ESG and corporate governance research, ratings, and analytics firm that rates the sustainability of companies based on their ESG performance.
The recognition, underscored by a score of 17, signifies Ping An's approach to ESG risk management.
In its evaluation, Sustainalytics pinpointed six critical ESG factors that are pivotal to Ping An's operational framework. These elements range from the intricacies of corporate governance and the nuances of data privacy and security to the ethical dimensions of business conduct, the management of human resources, the oversight of product governance, and the incorporation of ESG principles into financial decision-making. The firm's analysis revealed particularly minimal risks in the latter two categories.
“Ping An's overall management of material ESG issues is strong. Ping An's attainment of ISO 27001 certification, an information security best practice, underscores its commitment to safeguarding data integrity,” Sustainalytics said. “The coordination of information security efforts by its technology development committee further enhances its privacy management.
“On the business ethics front, Ping An has assigned the responsibility for managing business ethics and anti-corruption to the audit and risk management committee under the board of directors, emphasising a governance structure aligned with ethical practices.”
Ping An's latest financial report emphasised its robust standing, with net profit for shareholders totalling RMB 85,665 million, with basic operating earnings per share reaching RMB 6.66.
