China Everbright Bank Co. Limited
46/F, Far East Finance Centre, 16 Harcourt Road, Hong Kong
Tel: (852) 2528 9882
Fax: (852) 2529 0177
- Heng Seng High Dividend Yield Index (HSHDYI)
- Constituent of Hang Seng China Enterprises Index (HSCEI)
- MSCI China Index
- Forbes 2021 World’s Best Banks (#8 in China)
- Forbes 2020 World’s Best Banks (#9 in China)
- Forbes Global 2000 2020 (#148)
- Fortune’s “Global 500” (#253)
- #38 of the World’s 60 Largest Fossil Fuel Financing Institutions
CHIEF SUSTAINABILITY OFFICER
No CSO or equivilant found.
- “Caring Company” and “Caring Organisation” for 10 consecutive years
- “Happy Company” by the Hong Kong Productivity Council and the Promoting Happiness Index Foundation for five consecutive years
- “Sport-Friendly Action” by the Chinese YMCA of Hong Kong
- “Mental Health Friendly Organisation” by the Hong Kong Department of Health and the Advisory Committee on Mental Health
- “Drive for Corporate Citizenship Volunteer Team” for four consecutive years
- “Family-Friendly Employers” by the Home Affairs Bureau and the Family Council for two consecutive terms
- “Good Employer Charter”
- “Family-friendly Good Employer”
Report created by Hamilton Anderson
China Everbright Bank Co. Limited
China Everbright Limited (CEL) was established in Hong Kong in 1997 and has over 20 years of experience in cross-border asset management and PE investments. It is a listed company in Hong Kong with alternative asset management as its core business, backed by its parent company China Everbright Group.
Through the private equity funds, venture capital funds, industry funds, mezzanine funds, fund of funds, fixed income and equity funds it manages, CEL cultivates a number of high-growth-potential enterprises together with its investors.
In addition to these funds, CEL has also established a real estate private equity fund, cultivated China Aircraft Leasing Group Holdings Limited (CALC), incubated “Terminus,” an AIoT (Artificial Intelligence-Internet of Things) development platform, and established “Everbright Senior Healthcare.” CEL introduces overseas technologies into the Chinese market, providing multifaceted services to their Chinese and overseas clients.
CEL adheres to the motto of “The Power to Transform”. With a firm footing in Hong Kong and specialized sector-focused teams, CEL is well-positioned to take advantage of the long-term opportunities presented by changes in the global markets and to become a pioneer in Chinese cross-border investment and asset management.
Everbright and its subsidiary companies currently have offices in Hong Kong, Beijing, Shanghai, Shenzhen, Tianjin, Singapore, and Dublin.
Company Sustainability Activity
Giving back to society is an important part of CEL’s corporate social responsibility (CSR) efforts. It strives to use its expertise and resources to maximize the benefits of stakeholders, and establish long-term, trusting partnerships with them.
In 2019, the Group conducted a materiality assessment to identify issues within Everbright’s sustainable development. After the independent assessment, Everbright found which sustainability topics are most important to their business and their stakeholders. The Group’s top ten topics from the assessment are listed in order of their relative significance: anti-corruption, training & education, greenhouse gas emissions & pollutants, economic performance, occupational health & safety, social compliance, employee welfare, diversity & equal opportunity, environmental compliance, and energy efficiency.
In 2008, Everbright established the China Everbright Charitable Foundation (CECF) to promote community development projects. Since its establishment, CECF has sponsored social service projects across Hong Kong and mainland China raising a total of HK$60 million ($7.7 million) in donations.
In 2020 CEL established the “Everbright Belt & Road Green Investment Fund” or the “Green Fund” to develop a domestic ESG investing system and equity investment fund.
- CEL’s greenhouse gas (GHG) emissions intensity increased due to the inclusion of air travel in their Scope 3 emissions calculations.
- Since CECF’s establishment, donations have amounted to HK$60 million ($7.7 million).
- CEL conducted their first materiality assessment to identify issues with their sustainable development, and found 10 priority topics.
- CEL employees were 47% female and 53% male, making the ratio of male to female staff 1.13:1.
- Employees have undergone 8,560 hours of training including topics on business-ethics, anti-money laundering, personal wellness, and others.
- CEL’s electricity consumption intensity was reduced by 0.7% (2,732 kWh/employee).
- CEL’s fuel consumption intensity was reduced by 1.2% (83 L/employee).
- CEL recycled 2,400 kg of paper, 350 pieces of hazardous waste (from fluorescent lamps), and 334 toner cartridges.
- CEL paper suppliers are ISO 14001 and Forest Stewardship Council (FSC)-certified.
- Since 2006 the CEL Group has invested in environmental protection and renewable energy companies and in 2020 these efforts were extended by establishing the “Everbright Belt & Road Green Investment Fund” or the “Green Fund” to develop a domestic ESG investing system and equity investment fund.
China Everbright does not disclose targets regarding sustainability.
Due to CEL’s lack of sustainable targets, it is difficult to track its progress in sustainable development.
Some of their 2019 metrics regarding sustainability can be found in the “Highlights” section above.
UN Sustainable Development Goals
UN SDGs Compliance
SDG 4: Quality Education
- CEL supports various community projects relating to education, childcare, and young people, aiming to foster the next generation by promoting social work.
- After support from CECF, the Dalton School Hong Kong (DSHK) was opened in 2017. DSHK is a child-centered program teaching Chinese language, culture, and values.
- To help cultivate a better understanding and greater awareness of Chinese history in the younger generations in Hong Kong, CEL supports the “China Everbright Voice of the Stars Story-Telling Scheme”.’
- Training and education
SDG 5: Gender Equality
- Diversity and equal opportunity
SDG 8: Decent Work and Economic Growth
- CEL’s Staff Handbook protects its employees from discrimination due to gender, disability, family status, marital status, race, and any related harassment & slander.
- In 2019, CEL had the Independent Commission Against Corruption (ICAC) organize an anti-corruption seminar. About 9% of CEL’s employees attended.
- CEL recognizes the importance of a safe and healthy work environment and has a list of safety measures in place for all of its employees to follow.
- Economic performance
- Indirect economic impact
SDG 10: Reduced Inequalities
- CEL participated in the “Big Little Things” event under Our Hong Kong Foundation to help improve the quality of life of the vulnerable groups in the community.
- CEL is a strong supporter of disaster and poverty relief, through a variety of social service projects that benefit those who are overlooked in society.
- Diversity and equal opportunity
SDG 12: Responsible Consumption and Production
- Energy efficiency
- Material and resource usage
SDG 13: Climate Action
- CEL supports the overall development of the environmental protection sector. Greenhouse Gas emissions and pollutants.
- CEL has instituted various environmental protection policies that aim to minimize environmental impact and sustain operational efficiency.
- CEL has initiated different measures to reduce energy use via their Green Office and Sustainable Procurement Policy.
SDG 16: Peace, Justice and Strong Institutions
- CEL complies with the Anti-corruption Law of the People’s Republic of China, from the PRC Criminal Law, as well as the Prevention of Bribery Ordinance of Hong Kong, which prevents CEL staff from participating in any form of bribery or corruption while carrying out business.
- CEL Group employees follow the Anti-money Laundering and Counter-terrorist Financing Policy and the Whistle-blowing Policy as well.
- Environmental compliance
SDG 17: Partnerships for the Goals
- CEL Group maximizes the benefits of its shareholders and investors through constant improvement of its fund management system.
- CEL understands that responsible investments have an impact on society and consider the long-term social and financial impacts of their investments in order to provide investors with a better return as well as bring a positive impact to the world.
- CEL understands that climate change presents investment risks and opportunities, and believes that investing in renewable energy, green transportation & technology could benefit from policies supporting these low-carbon sectors.
China Everbright Bank Ltd. is at the beginning of its sustainable development. They have been reporting their environmental, social, and governance accomplishments since 2011, and while they have made some progress they have a long way to go.
In terms of their progress, China Everbright has consistently earned awards for its commitments to social causes and employee well-being. Additionally, they have incorporated five of the UN Sustainable Development Goals into their environmental and social management.
Within their 2019 ESG Report key statistics are mentioned, but there is no consistent frame of reference for what those numbers mean for CEL. Most of their data is organized into one table under “Performance Data,” which earns CEL some points in transparent reporting, but without specific targets and deadlines to improve these data, it is not clear that CEL is committed to improving their sustainability.
Moreover, the China Everbright Group is in the top 5 underwriters in the world for the coal industry and has underwritten a total of $23.7 billion. This is a staggering amount of financial stake in one of the top polluting industries, and until China Everbright decides to divest from coal they will continue to earn negative marks in their sustainable activity.
China Everbright has been rated a D.
Analyst Outlook Neutral
China Everbright is committed to social sustainability and has earned awards to prove this, but it remains to be proven how committed they are to environmental sustainability. They did reduce their greenhouse gas emissions and energy consumption, but without targets, it is difficult to determine what these reductions mean for China Everbright.
Their 2019 materiality assessment does indicate that China Everbright wants to improve their sustainable development, and could mean that they are on a path toward improved sustainability. However, they remain invested in the coal industry and have minimal efforts on how that impacts their ESG goals. Until China Everbright Bank adopts exclusion policies against fossil fuels, their sustainable progress will remain stagnant.
- According to the 2021 Fossil Fuel Finance Report, China Everbright Bank has financed $28.3 billion in fossil fuels from 2016 to 2020. Nearly 40 percent of which, $10.7 billion, was financed in 2020 alone.
- China Everbright’s 2019 ESG Report was prepared in accordance with the “Environmental, Social, and Governance Reporting Guide” of the Listing Rules for The Stock Exchange of Hong Kong Ltd., and the Core option of the Global Reporting Initiative (GRI) Sustainability Reporting Standards.
- The 2019 ESG Report covers the period from 1 January 2019 to 31 December 2019.
- China Everbright does not disclose targets regarding sustainability in their 2019 ESG report, making it difficult to track their progress in sustainable development.