Established in 1949, The People's Insurance Co. (Group) of China Ltd. is a holding company principally engaged in the provision of insurance products. Along with subsidiaries, the company is mainly engaged in property insurance, health insurance, life insurance, reinsurance, Hong Kong insurance, pension insurance and operating insurance business. It is listed on the Hong Kong Stock Exchange.
PICC discloses the proportion of its total direct operations workforce for each employee category by age group and gender. Additionally, PICC includes anti-bribery and anti-corruption clauses in its contracts with direct business relationships.
In terms of its approach to senior leadership accountability, PICC could link the remuneration of its executive or management teams to sustainability performance criteria. PICC could also provide a public commitment to gender equality and women’s empowerment. In terms of female representation in leadership positions, women are underrepresented on the board of directors where only one out of 14 board members is a woman. In terms of gender equality, it could reach at least 40% female representation in senior leadership positions. Furthermore, PICC could disclose the ratio of basic salary and remuneration of women to men in its total direct operations workforce for each employee category and disclose the actions taken to address any pay gaps. Moreover, it has an opportunity to describe its engagement approach on sustainability themes and impact topics with clients and investees.
PICC has an opportunity to disclose a target to reach net-zero financed emissions by 2050 and disclose the key sectors and companies it has identified as priorities to engage with on climate change, specifically on the alignment with the Paris Agreement. PICC could also disclose its financing activities devoted to climate solutions. Regarding nature and biodiversity, the insurer could demonstrate how it is committed to minimising its negative impacts or financing regenerative solutions. No evidence was found regarding PICC’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.
PICC has an opportunity to provide a publicly available policy statement committing it to respect human rights laid out in the UN Guiding Principles and the ILO declaration on fundamental rights at work. PICC could also describe a comprehensive process for identifying its human rights risks and impacts across all its activities, especially its financing activities. Furthermore, PICC has an opportunity to establish a grievance mechanism accessible to all workers, external individuals and communities to raise human rights complaints or concerns. To provide transparency on financial inclusivity, PICC has an opportunity to disclose the amount of finance directed towards, for example, women-owned businesses, small- and medium-sized enterprises (SMEs) or low-income developing countries.