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A.
Strategies
and General Introduction
B.
Management participation
C1.
Economic
C2.
Environmental
C3.
Product
C4.
Labor
C5.
Human rights
C6.
Social

Assurance
Statements
 
    Part I. Management approaches
    Part II. Performance indicators
  (I). Economic performance
(II). Market Performance
(III). Indirect Economic Influences
(IV).Procurement Behaviors
     

 

 

With the development target of ¡°maximizing the corporate benefits, corporate value and equities of shareholders, and bringing maximum returns to the shareholders, the society and the environment¡±, COSCO Group is based on Chinese market and targets at global market, constantly elevates the corporate value through optimization of resource allocation, enhances the comprehensive competency of shipping, logistics, shipbuilding & ship-repairing and related businesses, and keeps sustainable development of the group. On the basis of ISO9000 management system and in accordance with the requirements of five ministries and commissions, COSCO Group established corporate internal control system, implemented comprehensive risk management system and controlled decision-making and operation risks in 2014. It also promoted lean management, optimized business processes and reduced operating costs.

COSCO Group set up a special institution for implementation of management system, which is responsible for decomposition of annual targets, formulation, management, evaluation nd supervision of production and operation targets, and ensured smooth completion and orderly promotion of annual targets. Related second-tier companies further decomposed the targets set by COSCO Group, segmented the indicators, and assigned special responsible person to conduct regular evaluation and ensure the completion of various indicators.

In order to ensure the smooth fulfillment of various indicators, COSCO Group gradually established a set of complete and effective performance evaluation system, risk control system and supervision & management system, took various measures such as pre-event investigation, in-event tracking and after-event evaluation to elevate the accuracy, timeliness, scientific level and effectiveness of performance management, risk control and management, and supervision & management mechanisms, powering sustainability of the enterprise.

In order to adapt to new requirements of the era, COSCO Group constantly enriched the internal and external meaning of the management system in accordance with the requirements of Global Compact and sustainability management system. By the end of 2014, COSCO Group and its subsidiaries have established a set of complete and standard comprehensive management system, and further elevated the quality, environment, occupational health and safety management systems through certification.

COSCO Group paid close attention to management of stakeholders, systematically identified and evaluated various risks of the company (interest risk, operating risk, financial risk, etc.), and took effective control measures to avoid and lower the influences of various risks. Its controlling listed companies established the communications channels with stakeholders via company websites, sustainability information system and annual report, and timely announced or disclosed the information cared by stakeholders.

In 2014, COSCO Group continued to promote management elevation comprehensive in the entire system. In accordance with the requirements of SASAC of ¡°not reducing the rectification measures, not reducing the resource input to solve the issues, not lowering the anticipated working targets of special elevation work, not lowering the check and acceptance standards of rectification measures, and not loosening the responsibility evaluation of special elevation work¡±, COSCO Group enhanced the on-site management, staggered evaluation and supervision of its subsidiaries, and constantly elevated the management effectiveness, efficiency and benefits.
 
1. Supervision on management elevation
(1) Carrying out survey and visit, and laying a good foundation for special elevation
Leaders of COSCO Group led delegations to conduct survey and investigation on work such as collaborative operation and development, comprehensive risk management and internal control building, comprehensive budget management, investment management, corporate culture building and management informationization of its second-tier units, and solicited opinions and suggestions on further establishment and improvement of related systems and elevation of efficiency.
 
(2) Implementing on-site inspection and promoting management elevation work in practical
COSCO Group organized internal control inspection and rectification of internal assessment on the headquarters and related subsidiaries, carried out special inspection on procurement and supplier management as well as one-to-one meetings, requiring the companies being inspected to feed back the rectification situations in written form. In 2014, leaders of the group also led delegations to conduct on-site inspection on initial management elevation activities of related regions such as Beijing, Shanghai, Guangzhou, Shenzhen, Dalian and Xiamen. These efforts not only promoted the management elevation work of grassroots units effectively, and delivered pressure of the group to grassroots units.
 
(3) Establishing reporting system and tracking and supervising the implementation of grassroots units
COSCO Group established the reporting system for management elevation work, required all departments of the group and its subsidiaries to report the progresses of elevation and rectification work of group and second-tier units for every two months, announced the progresses of key issues of the system in the entire system through news brief and reports, and promoted and exchanged the experiences and highlights of its subsidiaries. All functional departments of COSCO Group headquarters did a better job in tracking of progresses of special elevation work, and related subsidiaries were required to report the completion progress of the work, issues existed as well as opinions and suggestions on regular basis.
 
(4) Promoting informationization construction, and elevating evaluation, monitoring and examination accuracy

COSCO Group formulated and released the Safety Production Performance Evaluation Methods (EVA-SMSA), realizing online self-assessment, evaluation and examining through information technology. In the meantime, it developed energy statistics and monitoring system and put into trial operation, enhancing the control on energy conservation and emission reduction of entire system.

 
 
COSCO 2014