Ping An Joins UN-supported Principles for Responsible Investment (PRI) First asset owner signatory in China to the PRI (2024)

(Hong Kong, Shanghai, 26 August 2019) Ping An Insurance (Group) Company of China, Ltd. (hereafter “Ping An” or the “Group” or the “Company”, HKEX: 2318; SSE: 601318) has become a signatory of the United Nations-supported Principles for Responsible Investment (PRI), the first Chinese asset owner to participate in the initiative.

The PRI, initiated by former UN Secretary-General Kofi Annan, was launched on the New York Stock Exchange in 2006. It is an international network of institutional investors, asset managers and service providers committed to a more sustainable global financial system. It works to understand the investment implications based on three major issues of environmental, social and governance (ESG) factors. It also developed six Principles for Responsible Investment to support its signatories in incorporating these factors into their investment and ownership decisions.

“We are delighted to welcome Ping An as the first asset owner signatory in China to the PRI. In becoming a signatory, Ping An is showing real commitment to responsible investing in the businesses it operates in, across insurance, banking and finance,” said Fiona Reynolds, CEO of PRI. “Asset owners hold a very powerful position in the investment chain, and we hope that Ping An’s leadership will encourage other companies in China to integrate ESG factors into their investment strategies. We look forward to working with Ping An.”

Ping An will leverage responsible investment opportunities to promote the Ping An sustainable investment model in an effort to redefine the standard of responsible investment in China; to achieve a shared and sustainable future for the Company and its stakeholders; and to foster sustainability in China and the world.

Richard Sheng Ruisheng, Board Secretary and Brand Director of Ping An Group said, “By putting in place a responsible investment framework, Ping An aspires to be a benchmark for responsible investment among Chinese financial groups. We are committed to furthering and improving our sustainable development model and becoming an exemplary ESG-compliant company for sustainable development in China and the world.”

More than 2,500 organizations from over 60 countries or regions worldwide are signatories of the PRI to date, with over US$8 billion of total Assets Under Management (AUM). More than 30 of the signatories are from China where the development of green finance has become a pivotal national strategy. Joining the PRI is a major step forward in Ping An’s sustainability strategy.

Ping An implemented its responsible investment policy framework at Group level in 2019, incorporating ESG criteria in Group-wide investment activities in areas of concern in capital markets. These cover business codes of conduct, corporate governance, responsible investment, sustainable insurance, information security, artificial intelligence governance, sustainable supply chains and the 2030 UN Sustainable Development Goals. Leveraging its artificial intelligence technology, the Group raised the bar with the world’s first AI-ESG platform to drive efficiency in Ping An’s ESG management.

The Group published its 1H2019 Sustainability Report and publicized the policy framework as well as goals and objectives of the core ESG issues in capital markets. The Group also added a section on Sustainability on the Group website to improve the quality and transparency of its ESG disclosures.

A Holistic Approach to Implementing the Principles
As the first Chinese asset owner to be a signatory of the UNPRI, the Group formulated the Ping An Responsible Investment Policy to support the Principles. The policy aligns to international ESG investment standards and applicable guidelines of regulatory bodies in China, covering organizational structure and policy, responsible investment strategy, product application and communication.

In terms of risk management, Ping An is incorporating exposure to ESG investment and asset risks into the Group's investment risk mitigation framework. Secondary risks were identified in two categories – climate change and social risks – with corresponding criteria combined with the Group’s asset distribution (in terms of sectors and regions) in risk assessment. Ping An has proactively responded to the G20 Financial Stability Board’s initiative under the framework set out by the Task Force on Climate Related Financial Disclosures (TCFD). Under TCFD, Ping An has reviewed climate change risks and made disclosures on governance, strategy and risk management, metrics and targets.

Responsible investment is an emerging concept that requires collective effort from a broad range of stakeholders. Ping An highly values communication and dialogue. It engages investors and shareholders on ESG risks which has helped to formulate the Company's responsible investment strategy. It has been in conversations with the Green Finance Committee of China Society for Finance & Banking, one of the most influential institutions in China, hosting ESG-themed roadshows to showcase responsible investment principles and best practices.

Environmental Protection + Social Inclusion: Diversification of Sustainability
In its insurance businesses, the Group has established the Ping An Sustainable Insurance System to incorporate ESG criteria into insurance operations. The Group will focus on the two dimensions of risk management – insurance product risk pricing and underwriting enterprise risk management – and sustainable insurance products.

Ping An is also active in the betterment of our communities through Ping An Rural Communities Support. As of 30 June 2019, there were Ping An Rural Communities Support initiatives in 13 provinces or autonomous regions across the country, with contributions of RMB10.373 billion to build 622 rural clinics, train 6,926 village doctors, build or upgrade 607 village schools and train 5,890 rural teachers.

Ping An Rural Communities Support complements Ping An’s business development in financing for agriculture, water safety and electricity, as well as agricultural insurance. The project laid a foundation for the influence investment model of Ping An, and set an example for China’s development-oriented poverty alleviation efforts.

Ping An Joins UN-supported Principles for Responsible Investment (PRI) First asset owner signatory in China to the PRI (2024)

FAQs

Who are the signatories to the PRI asset owner? ›

Signatories to the PRI are institutional investors – such as pension funds, endowments, foundations, insurance providers, development finance institutions, sovereign wealth funds, family offices, wealth managers and asset managers (multi asset or single asset) – as well as businesses that provide services to investors ...

What are the Principles for Responsible Investment initiative PRI? ›

The UN Principles for Responsible Investment (PRI) is an international organization that works to promote the incorporation of environmental, social, and corporate governance factors (ESG) into investment decision-making.

How many UN PRI signatories are there? ›

We were delighted to welcome 938 new signatories to the Principles for Responsible Investment in 2020/21, representing a 42% increase on the previous year (662) to bring the total number to 3826.

Which of the following are un supported Principles for Responsible Investment? ›

Principle 1: We will incorporate ESG issues into investment analysis and decision-making processes. Principle 2: We will be active owners and incorporate ESG issues into our ownership policies and practices. Principle 3: We will seek appropriate disclosure on ESG issues by the entities in which we invest.

What does it mean to be an UN PRI signatory? ›

Signing the internationally-recognised Principles for Responsible Investment allows your organisation to publicly demonstrate its commitment to responsible investment, and places it at the heart of a global community seeking to build a more sustainable financial system.

How do I become a signatory of PRI? ›

The six steps to becoming a PRI signatory
  1. Declaration. Sign the declaration form and commit to the Principles for Responsible Investment.
  2. Apply. Complete the online application form above. ...
  3. Review. We will review your application. ...
  4. Engage. ...
  5. Approval. ...
  6. Payment.

Are PRI principles mandatory? ›

Implementing the six Principles. The Principles are voluntary and aspirational.

What commitment is required of PRI signatories? ›

The PRI requires investor signatories to set out their approach to responsible investment in writing, detailing their overall approach to responsible investment and/or their guidelines on environmental, social and/or governance factors.

What are the basic concepts of PRI? ›

The science of Postural Restoration® (PRI) is based on the anatomical asymmetry and asymmetrical patterns of muscle pull that develop due to postural habits, repetitive movements, and side dominance.

What is PRI ESG? ›

PRI stands for the Principles for Responsible Investment and is the United Nations' framework to help investors to “understand the investment implications of environmental, social and governance (ESG) factors, and to support its international network of investor signatories in incorporating these factors into their ...

What is the mission statement of the PRI? ›

We believe that an economically efficient, sustainable global financial system is a necessity for long-term value creation. Such a system will reward long-term, responsible investment and benefit the environment and society as a whole.

What is the meaning of PRI? ›

(Primary Rate Interface) A digital transmission service for businesses from the telephone company. Widely used to connect a company PBX to the public switched telephone network (PSTN), PRI is an ISDN dial-up service that is based on the T1 line in North America (24 channels) and E1 in Europe (32 channels).

What is the meaning of PRI in banking? ›

Principles for Responsible Investment (UNPRI or PRI) is a United Nations-supported international network of financial institutions working together to implement its six aspirational principles, often referenced as "the Principles".

What is an example of responsible investment? ›

One example of socially responsible investing is community investing, which goes directly toward organizations that have a track record of social responsibility through helping the community and have been unable to garner funds from other sources, such as banks and financial institutions.

What are the six principles of the United Nations? ›

6 principles of united nations :
  • Equal rights and self-determination of peoples.
  • Prohibition of threat or use of force in international relations.
  • Obligation to give assistance to the United Nations.
  • Need to ensure that non-United Nations Members act in accordance with its Principles.
Sep 26, 2023

Who are the owners of PRI? ›

Notable Holders of PRIMERICA, Inc. (PRI)
FundTitle% Owned
KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLCCOMMON6.97%
Fidelity InvestmentsCOM6.03%
BlackRock Fund AdvisorsCOM4.80%
Brave Warrior Advisors, LLCCOM3.94%
72 more rows

Who is a provisional signatory of the PRI? ›

Investment managers that are in an initial fundraising phase can sign the PRI as provisional signatories. They are granted this status for 12 months, after which their status is reviewed and, if necessary, renewed at the discretion of the PRI.

Who are the signatories for board resolution bank account? ›

Who should sign the board resolution? It must be signed by two directors with the rubber seal/stamp of the company with a quorum at a Board Meeting. In the case of a one person company, the board resolution for the opening of a bank account can be signed by the sole director and shareholders.

Who are the signatories of the net zero asset owner alliance? ›

This Alliance was initiated by Allianz, CDC, CDPQ, Folksam Group, PensionDanmark, and SwissRe. Since then, Alecta, AMF, Nordea Life and Pension, Storebrand, and Zurich have joined as founding members.

References

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