COSCO takes new step towards sustainable development

China’s largest and the world’s second-largest shipping company, the COSCO Group, published its 2007 Sustainable Development Report on 31 July. This is the Group’s third annual sustainable development report since 2005, and all the reports have been verified by DNV.

4 August 2008

The COSCO Group’s 2007 Sustainable Development Report has been compiled according to the latest version (G3) of the United Nations’ Global Compact GRI Guidelines. It also takes into consideration the unique demands placed by the IMO on shipping companies and the requirements imposed by the Chinese government on central enterprises to implement an overall risk management system and fulfil their social responsibilities.

Since 2005, the COSCO Group has compiled and issued an annual sustainable development report in accordance with the United Nation’s Global Compact Initiative. This report shows the stakeholders COSCO’s performance with regard to three critical sustainability aspects - economic performance, environmental protection performance and social impact.

COSCO has made solid progress on sustainable development the past three years. It has established a sustainable development management system by integrating its quality, environmental and occupational safety systems, and all its 20 branches have been required to implement the sustainable development management system.

“COSCO views the philosophy and practice of sustainable development as an important part of its corporate core competitiveness. COSCO’s recent rankings in both the Fortune 500 and Financial Times Global 500 clearly demonstrate our achievements,” says the COSCO Group’s President and CEO Captain Wei Jiafu. “The publication of the 2007 Sustainable Development Report shows the COSCO Group’s commitment to fulfilling the Global Compact and the Group’s corporate social responsibilities.”

DNV also certifies COSCO’s quality, environmental, occupational health and safety management systems, together with China Classification Society (CCS) and the China Academy of Safety Science and Technology.

DNV