China Pacific Insurance

In terms of senior leadership accountability, the responsibility for sustainability issues within China Pacific Insurance lies with the board of directors. Furthermore, the insurance company has identified and prioritised its impacts through impact assessment and external stakeholder engagement.

China Pacific Insurance discloses the aggregate amount of its environmental liability insurance and green finance, specifying what those are.

China Pacific Insurance discloses the proportion of women in its total direct operations workforce for each employee category.

China Pacific Insurance could link the remuneration of its executive or management teams to sustainability performance criteria. It also has an opportunity to disclose a commitment to gender equality and women’s empowerment, the proportion of women in senior leadership roles, as well as how it addresses any gender pay gaps. In terms of female representation in leadership positions, women are underrepresented on the board of directors where none of the board members is a woman. Although China Pacific Insurance discloses it has an environmental, social and governance (ESG) management in its risk management, there is no evidence of how it engages on sustainability topics and of a related escalation framework.

China Pacific Insurance could disclose a target to reach net-zero financed emissions by 2050 and the key sectors it has identified as priorities to engage with on climate change, specifically on the alignment with the Paris Agreement. Moreover, it could align its environmental liability insurance and green finance with internationally recognised frameworks and set time-bound targets for its climate solutions. Regarding nature and biodiversity, no evidence was found that China Pacific Insurance is committed to minimising its negative impacts or financing regenerative solutions. No evidence was found regarding China Pacific Insurance ‘s approach to fossil fuels that spans across the fossil fuel value chain, such as the amount or share of finance it directs towards fuels or its stance on financing companies with new fossil fuel projects.

China Pacific Insurance could disclose publicly available policy statements committing it to respect human rights, the ILO core labour rights, and the health and safety of its workers. Moreover, it has an opportunity to describe a comprehensive process for identifying its human rights risks and impacts across all its activities. China Pacific Insurance could publish the proportion of its total direct operations workforce for each employee category by age group. To provide transparency on financial inclusivity, the insurance company has an opportunity to disclose the amount of finance directed towards women-owned businesses, small- and medium-sized enterprises (SMEs) or low-income developing countries. To conclude, China Pacific Insurance could establish a grievance mechanism accessible to all workers, external individuals and communities to raise human rights complaints or concerns.