Strengthening Sustainability Governance for “Our Centennial Commitment”
Chow Tai Fook Jewellery Group
INTRODUCTION
The Group embarks on its journey towards its first centenary in 2029 with a vision of sustainability. It is important to have a robust sustainability governance structure and a clear group strategy to ensure effective board oversight and encourage changes and collaborations. They have also aligned group sustainability efforts by establishing a ten-year sustainability strategy, Our Centennial Commitment, setting 2029 targets for four priority areas, namely Responsible Sourcing, Craftsmanship, Innovation & Technology, Resource Efficiency & Carbon Reduction and People Focused.
FRAMEWORK AND STRATEGY
Our Centennial Commitment is guided by Chow Tai Fook’s core values of Sincerity • Eternity. They grow their business with sincerity. With eternal love and care for the community and planet, they ensure economic, social and environmental resources are used efficiently to create long-lasting shared value with stakeholders. They have identified four priority areas to be material to their business in the coming decade. By improving on these four priority areas, they are able to ensure sustainable business growth.• Responsible Sourcing: It has been a material issue in the jewellery industry that is highly dependent on its supply chain. By leveraging on technology such as blockchain, they can find innovative ways to build trust and set higher social and environmental standards.
• Craftsmanship, Innovation, and Technology: As disruptive technology revolution begins in the jewellery industry, the culture of innovation is crucial in driving progress and changes.
• Resource Efficiency & Carbon Reduction: With rising concerns of global warming, climate change and resource scarcity will continue to pose physical and financial risks to businesses around the world. More stringent environmental regulations enforced by governments, enforcing businesses to reduce their ecological footprint.
• People Focused: Investing in people will empower the workforce to serve and produce a new wealth for the economy and society. They act as a responsible corporate citizen to promote well-being through investing in the community.
ACHIEVEMENT AND IMPACT
Our Centennial Commitment has provided Chow Tai Fook’s management and employees with a clear vision of a sustainable future. It has energised collaborations on various initiatives among the cross-functional Sustainability Champions. Chow Tai Fook has been a constituent of the Hang Seng Corporate Sustainability Benchmark Index since 2014. It received a B rating at the CDP Climate Change 2019 Questionnaire. Chow Tai Fook received a number of awards for its sustainability and governance performance, such as Best Social Responsibility by Bloomberg Businessweek/ Chinese Edition, Hong Kong Sustainability Award 2018/2019 by The Hong Kong Management Association and Hong Kong Green Awards 2019 by Green Council.FUTURE DIRECTION
Having built a solid strategy foundation, Chow Tai Fook’s ongoing mission is to advance their strategy implementation. For the coming years, they will further cultivate sustainability ownership into their group’s culture, employees’ mindset and daily operations. In order to fulfill “Our Centennial Commitment” and achieve their goals by 2029, Chow Tai Fook will continue to devote endless efforts to drive improvements in the four priority areas, namely Responsible Sourcing, Craftsmanship, Innovation & Technology, Resource Efficiency & Carbon Reduction and People Focused.
Chow Tai Fook Jewellery Group Limited was listed on the Main
Board of The Stock Exchange of Hong Kong in December 2011.
The Group’s vision is to become the most trusted jewellery group
in the world. Founded in 1929, the Group’s iconic brand Chow Tai
Fook is widely recognised for its trustworthiness and authenticity,
and is renowned for its product design, quality and value.
