CITIC Group was established in 1979 and has grown into a large transnational conglomerate. It now owns 44 subsidiaries (banks) including those in Hong Kong, the United States, Canada, Australia, New Zealand. The company has also set up representative office in Tokyo, New York and Kazakhstan. CITIC's core business ranges from financial industry, industrial investment to service industries.
CITIC Group discloses the proportion of its total direct operations workforce for each employee category by age group and gender. Moreover, the bank takes steps to identify and address bribery and corruption.
In terms of its approach to senior leadership accountability, there is no evidence that CITIC Group assigns responsibility for sustainability to the group’s board of directors and that links the remuneration of its executive or management teams to sustainability performance criteria. Moreover, it could disclose a commitment to gender equality and women’s empowerment, the proportion of women in senior leadership roles, and how it addresses any gender pay gaps. In terms of female representation in leadership positions, women are underrepresented on the board of directors where only two out of 14 board members are women. CITIC Group has also an opportunity to describe its engagement approach on sustainability themes and impact topics with clients.
CITIC Group 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. Additionally, the bank has an opportunity to disclose its financing activities devoted to climate solutions and related time-bound targets. Furthermore, CITIC Group could provide evidence of a commitment to minimising its negative impacts on biodiversity and to financing regenerative solutions. Further, it could describe its 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.
CITIC Group could disclose publicly available policy statements committing it to respect human rights laid, the ILO core labour rights, and the health and safety of workers. Moreover, the bank has an opportunity to describe a comprehensive process for identifying its human rights risks and impacts across all its activities, especially its financing activities. To provide transparency on financial inclusivity CITIC Group could publish the amount of finance directed towards women-owned businesses, small- and medium-sized enterprises (SMEs) or low-income developing countries. To conclude, CITIC Group could establish a grievance mechanism accessible to all workers, external individuals and communities to raise human rights complaints or concerns.
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Revenue: HKD 709 billion; Total assets: HKD 10.7 trillion