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| COSCO prepared the sustainable development report for 2005 by strictly according with Guidelines of the Global Reporting Initiative (GRI). Meanwhile, Global Compact Promotion Office of China Enterprise Confederation and the Det Norske Veritas (DNV) conducted the third-party review on COSCO's sustainable development management system and the sustainable development report for 2005 from Nov. 7 to Nov. 10, 2006 in a bid to ensure the report's creditability.
At the review conference on COSCO's management system and sustainable development report, experts summarized five òNo.1ó items for COSCO's sustainable development report:
1. COSCO is the first large state-owned enterprise that prepared the sustainable development report according to GRI reporting requirements;
2. COSCO is the world's first enterprise that prepared the report according to the requirements of the GRI 2006;
3. COSCO is the first Chinese enterprise that implements the global compact and establishes the sustainable development management system and passes the certification;
4. COSCO is the first Chinese enterprise that audits the sustainable development report;
5. COSCO is Asia's first enterprise that audits the sustainable development report according to the Veri Sustain review regulations of DNV.
On Dec. 20, 2006, COSCO held the press release in Beijing on COSCO Sustainable Development Report 2005.
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| It can be seen from the COSCO Sustainable Development Report 2005 that COSCO is an enterprise featuring strong fairness, openness and transparency. The report put forward the timetable for increasing or improving the indicators that COSCO currently lacked or couldn't achieve, in a move to ensure the balance of the sustainable development report and the transparency of the company operation. Moreover, COSCO developed the Data Collection and Processing System for Report on Sustainable Development, to ensure the authenticity, integrity and accuracy of the report data and enable the scientific management over the data programs of the sustainable development report. |
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As a pilot unit of the Global Compact Promotion Office of China Enterprise Confederation to implement the global compact and |
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sustainable development, COSCO implements the global compact by strictly adhering to the global compact principles and implementation requirements. Starting from the global compact and sustainable development management system, COSCO reengineered the business process according to the sustainable development requirements, develops and builds the global compact and sustainable development information system to ensure the continual improvement of the authenticity, integrity, continuity and the comparability of the annual report. COSCO was highly praised by the UN Global Compact Office. |
In this letter to COSCO Capt. Wei Jiafu on Jan. 22, 2007, Mr. Georg Kell, Head of UN Global Compact Office, highly praised COSCO's important contribution to the global development as a member of the global compact and extended his congratulation to the milestone event that COSCO's sustainable development report was used as an example report.
According to UN Global Compact Office, the COP of COSCO's report for 2005 was very excellent so that the report was used as an example and was publicly demonstrated in the example report list of Notable Communications on Progress of UN Global Compact Office. Currently, UN Global Compact Office announced 133 example COPs of 22 industries. The inclusion of COSCO Sustainable Development Report for 2005 into the example list created two No.1 items: First Chinese enterprise and First shipping enterprise in the world included into the example list. CCTV's news channel timely reported the event. |
| In Jul. 2007, UN Secretary General Ban Ki-Moon personally invited Capt. Wei Jiafu to deliver a keynote speech on behalf of China at the UN Global Compact Leaders Summit, which fully reflected UN's recognition and the praise for COSCO's achievements and efforts in performing the global compact and sustainable development and the personal charm of Capt. Wei Jiafu as a social responsibility leader of Chinese enterprises. |
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| The society's recognition of COSCO's fulfillment of the global compact and sustainable development report brought significant economic benefits and social benefits. COSCO's listing companies achieved outstanding performance in the stock market, |
| with share prices going up despite the downturn after the release of the sustainable development report. The frozen capital for subscribing the A shares of China COSCO amounted to RMB1.629 trillion, accounting for about 10% of the national deposits. The recognition of China COSCO was higher than that of living-related enterprises and the subscription for shares of China COSCO exceeded that of such institutions as banks, recording a new high of China IPO at that time. |
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