Year 2011 was the beginning year for the 12th Five-year Plan. In 2011, China COSCO insisted on the sustainability concept of "creating fortunes for shareholders, realizing harmonious development and benefiting the whole human beings". It voluntarily integrated sustainability concepts into the company's obligations, development strategies and daily operation in accordance with the Ten Principles of Global Compact, constantly improved CSR management system, and promoted the sustainability of the company as well as the economy, the society and the environment in an innovative manner.
The global shipping market was in depression in 2011. China COSCO adapted to market changes voluntarily, optimized fleet structure, industrial structure and customer structure, timely adjusted the operational strategies, and improved and optimized marketing network. It enhanced customer development and marketing strengths continuously and took various measures to increase the income and save the expenditure, elevating the comprehensive competiveness of the enterprise.
In 2011, China COSCO actively implemented the sustainability leadership blueprint, supported the UN Millennium Development Goals, joined hands with related parties to cope with global challenges such as climate change and poverty, and explored sustainability mode adaptable to characteristics of developing countries. China COSCO implemented the "out-going" development strategy of the country, actively promoted integrated operation and management home and abroad, constantly improved transnational operation network, and enhanced core competitiveness of the enterprise. COSCO Pacific's PCT terminal in Greece overcame the influences such as debt crisis in Greece as well as the old equipment, and achieved the annual container shipping volume of more than one million TEUs and generated more than Euro 5 million of profits.
In 2011, the company formulated the China COSCO 12th Five-year Development Plans, which segment the development indicators such as operational scale of shipping industry in next few years, and put forward feasible planning, implementation and guarantee measures. Formulation of the strategy showed the development direction of China COSCO in next five years, and laid a solid foundation for construction of a world's first-tier enterprise with international competiveness. With the target of constructing an innovative enterprise, China COSCO provided effective technical supports and guarantees for sustainability of the enterprise by promoting green and environmental protection through technological measures. It continued to insist on the green development concepts, deepened the energy-conservation and emission reduction measures, performed its corporate citizenship responsibilities and tried to construct a conservative and environment-friendly enterprise.
In 2011, China COSCO actively responded to appeal of the CPC Central Committee and the State Council, successfully completed the important political task of withdrawing disaster-stricken persons in Libya, and rescued Korean seafarers, winning high praises from all circles of the society. It implemented Tibet-aiding and poverty-alleviation project plans in 2011. In last year along, it donated RMB12 million to aid Luolong County, and RMB3 million to Yuanling County and Anhua County respectively. In 2011, China COSCO received the Best Corporate Social Responsibility Award.
Looking into 2012, China COSCO will continue to adjust the structure, promote the transformation, enhance its strengths, elevate its level, struggle for benefits of the enterprise and solve the difficulties in development process by focusing on the core idea of "developing into a strong and excellent enterprise and creating fortune for shareholders". It will grasp the new opportunities for enterprise development while coping with the crisis, seek for maximization of operational efficiency in management innovation, elevate the corporate value through performance of Global Compact and realize its sustainability.
As one of the actions taken for signing of the Statement on Caring the Climate Changes, China COSCO Sustainability Report 2011 continued to be released online. This can reduce carbon emission while saving social resource costs, and reflect the active contribution and leading role of Chinese transnational companies as a pioneer in sustainability undertaking.
Chairman Wei Jiafu