Insurance companies have slightly lagged the market but rising interest rates bolster income. The Taiwan Fair Trade Commission (FTC) in 2013 ruled and fined nine IPPs for alleged cartel behaviour. How are we doing to support you as our commercial and industrial customers? See Climate change, Technology, Workforce. [16], Its first market outside Hong Kong was mainland China, by way of connecting its power stations in Hong Kong to the Chinese mainland grid,[17] CLP began supplying power in 1979. It also reports on the GRI G4 Electric Utilities Sector Disclosures. The latest BPR training commenced in mid-2021 and was substantially completed in January 2022, with the exception of EnergyAustralia which is not due to undertake a BPR until 2022. In 2019, the reporting scopes of the following data points have been adjusted: Employees: part-time employees are covered in employee metrics reflecting the expectation of increasingly flexible working arrangements in the future. In addition, there were no convicted cases of corruption. 2023 Forbes Media LLC. That are under construction or in operation during the reporting year. The General Representation Letter (GRL) process is one of the means by which non-compliance with the Code of Conduct can be reported. With customers increasingly concerned about how their personal information is protected and used, the financial and reputational cost of a major breach can be significant. Different policies and guidelines for each operational area are in place to assist CLP in ensuring compliance with the differing jurisdictional laws and regulations relating to competition, personal data and privacy, intellectual property, health, safety, the environment, as well as employment and human resources amongst others. Key scope 3 categories are independently assured, and the Group is working towards assuring the total Scope 3 emissions in the future. CLP reviews its reporting scope regularly to ensure the material impact of the Groups overall portfolio is covered. [19], The company also has a number of wind power sites in the country. We believe that an important part of learning is applying the theoretical into the practical. These include convicted criminal cases against CLP, and major breaches that resulted in significant fines (greater than HK$1 million) or non-monetary sanctions. In our home market of Hong Kong, we are the largest power company, operating a vertically-integrated electricity supply business which includes generation, transmission and distribution, and retail. (formerly China Light and Power Co., Ltd.), zung1 waa4 din6 lik6 jau5 haan6 gong1 si1, For 2010 as first year so recognized, see, [ts w tn lk ju hn k s], https://www.clp.com.hk/content/dam/clphk/documents/tariff-adjustment-20221/TariffTable%20-%20English-(2023-01-01).pdf, https://www.clp.com.hk/zh/business/bills-payment-tariffs-business/bill-calculator, Mahatma Gandhi Super Thermal Power Project, "China Light & Power Co., Ltd.: 1901-1918". Stakeholders increasingly expect organisations to demonstrate how they are creating value for communities and the environment, but not for shareholders alone, and to act ethically in their interactions with governments, suppliers and consumers. This makes it easier to identify and prioritise the ESG topics that CLP should be managing and reporting. In this article. Reviewed the carbon reduction targets under the Climate Vision 2050, and determined the ambition level for the Group; Provided direction on the climate scenario analysis and development of the financial model in quantifying climate-related risks and opportunities; Monitored the implications of local, regional and international climate policy changes to CLP; Reviewed and endorsed CLPs support of carbon reduction initiatives, including the WBCSD Hydrogen Pledge; Provided direction on how to embed sustainability into procurement practices; Reviewed performance on key sustainability indices and how benchmarking results can drive improvements in operational performance; and. That pose material impact to the environment. Even the iconic New York Yankees is getting an ad on their jerseys. Corporate governance is a matter of culture, driving CLP to continually make conscious decisions around correct behaviours. Refer to Note 33 Contingent Liabilities on page 279 of the 2021 Annual Report. In addition, it includes the direct emissions and upstream emissions from generation of purchased electricity that is sold to CLP's customers. Read more in Environmental regulations and compliance. Clean air initiatives, tighter environmental regulations, support for clean energy technologies, carbon pricing initiatives and green finance mechanisms are prompting a range of energy transition pathways. Directors & the CEO. . As part of this annual process, business practices are reviewed and fraud risks in different areas assessed, while irregularities or exceptions are reported for the attention of senior management. The SEC is chaired by the Chief Executive Officer (CEO) as part of the roles executive-level responsibility for economic, environmental and social matters. This report covers the CLP Group's sustainability performance for the calendar year ending 31 December 2019. The FTCs decision was eventually overruled by the Taipei High Administrative Court (THAC) in October 2014. CLP remains steadfast in our commitment to sustainable growth and spares no effort in environmental conservation. The kWh is from the total electricity sales for CLP Power Hong Kong. Consequently, risk management is integrated into all business and decision-making processes, including strategy formulation, business development, business planning, capital allocation, investment decisions, internal control and day-to-day operations. [21], EnergyAustralia is a wholly owned subsidiary of CLP and is one of Australia's largest integrated energy businesses. In addition, social and demographic changes, combined with increasing competition for STEM skills, are driving the need for an inclusive and sustainable workforce. There is strong recognition that risk management is the responsibility of everyone within the Group, and cultivating and embedding a strong risk-centric culture is critical for the successful implementation of CLPs risk management framework. Other recommendations related to improvements in CLPs future sustainability disclosure and operational performance were also shared with internal functions and business units. [3], The Kadoorie family joined the CLP board of directors in 1930[9] and retains control of the company as of 2013. The external stakeholders commended CLPs sustainability governance practices and level of ESG disclosure, and were in a consensus on the prioritisation of the key topics which were most material to CLP. Each of them shapes one or more of the prioritised ESG topics and how CLP responds. CSG Group is a connected person of CLP Holdings (at the subsidiary level). accounts for the data according to CLPs equity share in the asset). Includes the upstream emissions of purchased fuels and electricity for CLPs power generation. A megatrend is distinguished from other trends in that it cannot be stopped or significantly altered, even by powerful actors such as governments. https://www.clp.com.hk/zh/business/bills-payment-tariffs-business/bill-calculator, In recent years CLP has sought to expand outside of its native Hong Kong accomplishing this through mergers and acquisitions. Suzlon Group is one of the world's leading renewable energy solution providers with a presence in 18 countries in Asia, Australia, Europe, Africa and the Americas. We aim to manage investment projects efficiently and share technical and management expertise in addition to our experience in service excellence with our peers in Mainland China. See Technology, Cyber resilience , Workforce. CLP may transfer your personal data to third parties such as employees, related companies, including subsidiaries and associated companies within CLP Group, joint venture partners, agents, independent contractors, business partners and service providers, as necessary for any of the purposes stated above. Kadoorie Foundation (Holding) Limited. In 2019, the Exchange conducted a consultation on Review of the ESG Reporting Guide. Our business includes power generation, transmission and distribution, and electricity and gas retail activities. While most are either coal-fired or fossil fuel power stations,[citation needed] the company also generates electricity using nuclear,[16][non-primary source needed] solar energy and wind power. Where personal data is provided to third . accounts for the data according to CLPs equity share in the asset); and. CLP Group (Chinese: ) and its holding company, CLP Holdings Ltd (Chinese: ), also known as China Light and Power Company, Limited (now CLP Power Hong Kong Ltd., Chinese: ), is an electricity company in Hong Kong. This reporting guideline is reviewed in accordance with CLP practice at least every three years. All employees of CLP, irrespective of their position and function, are expected to fully adhere to the principles contained in the Code. Some of these responsibilities are discharged through delegation to six Board Committees. Outside Hong Kong, we invest in the energy sector in Mainland China, Australia, India, Taiwan Region and Thailand. Stakeholders are increasingly focused on how a business identifies, responds and discloses its mitigation and adaptation efforts. It is published at the same time as the Integrated Annual Report. GRI reference: 102-50, 102-51, 102-52. Includes power generation assets involved with the delivery of electricity to CLP Power Hong Kong customers, and: The CO2 and CO2e emissions are from generation assets in Hong Kong only (as power generation from the nuclear assets does not result in significant carbon emissions); and. Reaching for Dreams Jul 12, 2021 9:00 AM ET Young people are a source of unlimited creativity and inspiration. CLP undertakes a Shareholder Identification Exercise and a register of interest in shares / short positions is maintained under Section 329 of the SFO. Megatrends are "large, transformative global forces that define the future by having a far-reaching impact on business, economies, industries, societies and individuals". Latest Stock Price (HK$) Share Price 57.50 (30 May 2023 16:08) Change (HK$) +0.15 Change (%) +0.26 CLP Pulse CLP's former Head Office has been revitalised to become a culture and heritage hub, showcases the intertwined histories of Hong Kong's electricity development and the Kadoorie Family. In June 2020, the THAC ruled in favour of Ho-Ping for the third time, and the FTC once again appealed to the SAC. The materiality assessment process was guided by the Applying enterprise risk management to environmental, social and governance-related risks guidelines published by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and the World Business Council for Sustainable Development (WBCSD) in October 2018. Climate Vision 2050: while CLP continues to report on carbon intensity based on equity, the Company tracks its performance based on equity plus long-term capacity and energy purchase to reflect more holistically on the developments of generation capacity from other sources. Mr Richard Lancaster (CEO), Chairman, also Chairman of the Sustainability Committee; Ms Quince Chong (Chief Corporate Development Officer), also a member of the Sustainability Committee; Mr Nicolas Tissot (Chief Financial Officer), appointed to this position in place of Mr Geert Peeters with effect from 1 April 2021; Mr David Smales (Chief Operating Officer), until his resignation from CLP in December 2021; Mr David Simmonds (Group General Counsel & Chief Administrative Officer); Ms Eileen Burnett-Kant (Chief Human Resources Officer); and. The threshold applied for assessing inclusion is whether significant investment or expenditure was required to ensure compliance. The role of business is changing. CLP reviews its reporting scope regularly to ensure the material impact of the Groups overall portfolio is covered. . That are owned or rented by CLP, where assets and offices are included on an equity basis (i.e. Selected financial figures are extracted from the Annual Report and the consolidated financial statements of CLP Holdings Limited and its subsidiaries (the Group) which is in accordance with Hong Kong Financial Reporting Standards (HKFRS) issued by the Hong Kong Institute of Certified Public Accountants (HKICPA). The two committees most involved in sustainability-related matters are the Sustainability Committee and the Audit & Risk Committee. This report applies its guiding principles to illustrate how integrated thinking has been embedded in CLP. The number of breaches of the Code and any cases of corruption are reported annually to the Audit & Risk Committee (ARC), with the relevant data verified by a third party. By continuing to visit this site, you agree to ourUse ofCookies. It offers retail services in Hong Kong and Australia. Benefitted over 40,000 families, with each receiving a HK$500 electricity subsidy by the end of December 2019. Mahindra & Mahindra Limited announced that its subsidiary, Mahindra Renewables Private Limited (MRPL), has agreed to sell its entire stake in three subsidiaries to CLP India Private Limited (CLP) for ~3.40 billion ($47.35 million). This report covers the CLP Groups sustainability performance for the calendar year ending 31 December 2019. The state of global climate change negotiations creates further uncertainty. [12] It expanded operations in Australia to include retailing when it brought TXU Merchant Energy in 2005. The Labor Department said airline fares fell 8.1% in June. CLP has always been firmly committed to Mainland Chinas growing energy sector, where we have performed the roles of developer, investor, project manager and operator. Health and Safety, Environmental (HSE): any assets that have been operating during the year are included in the reporting scope. Selected financial figures are extracted from the Annual Report and the consolidated financial statements of CLP Holdings Limited and its subsidiaries (the Group) which is in accordance with Hong Kong Financial Reporting Standards (HKFRS) issued by the Hong Kong Institute of Certified Public Accountants (HKICPA). Sustainability governance has been embedded in the corporate governance structure throughout the Group from Board-level committees to management-level Group functions and business units. We enjoy sound cooperation with major players in energy and power industries in Mainland China. Mission: Impossible is projected to make roughly $250 million at the domestic and international box office this weekend. A number of case studies based on past violations are included to show employees how to properly handle potential and actual situations in which the Code has been violated. The Company has also considered the seventh mandatory gas added under the second Kyoto Protocol compliance period, namely nitrogen trifluoride (NF3), but has deemed it immaterial to operations. TCFD covers four main areas of disclosure: governance, strategy, risk management, and metrics and targets. Data are consolidated on an operational control basis. It is published at the same time as the CLP Annual Report. For Apraava Energy, a separate Internal Complaints Committee has been established to handle complaints of sexual harassment at the workplace in accordance with Indian law. [citation needed] They are also co-developing two coal-fired projects in Vietnam. Below is the definition of the Company boundary for each of the main categories of data included in this report. CLP's double materiality assessment prioritises financially material and impact material topics for disclosure. Application to Real CLP Cases. This includes reporting and reviewing progress on CLPs Climate Vision 2050 and TCFD implementation, as well as monitoring changes in stakeholder expectations and their implications to the Company. This section provides information about the Shareholders of CLP Holdings including shareholder categories, top shareholders and regulatory disclosures on shareholding. Includes power generation assets, transmission and distribution infrastructure, coal mines and fuel storage facilities: That are in operation during the reporting year; and. As an integral part of local society and economy, we are committed to working hand in hand with the general public to create sustainable growth in these markets. The company is owned by CLP Holdings Ltd.(HK.00002), currently listed on HKEX with a market capitalisation of HK$144 billion as at 31 December 2022. The expected date for the completion of the sale is May 31, 2020. All financial data in this report is consistent with the figures published in the audited financial statements of the 2019 Annual Report. Prepared and developed the 2021 Sustainability Report, including materiality assessment, reporting standards and the accuracy of key metrics. Strategic competition between global powers, an increase in protectionism and the continuing re-invigoration of Asian economies are increasing global uncertainty, opportunities and threats. CLP's materiality assessment process started with a megatrend analysis to deepen the understanding of how broad changes in the environment, society, technology and governance were affecting CLPs operating environment. The ARC also reviews regulatory and legal issues. Please refer to the CLP 2019 Annual Report for more details on the entities included in the consolidated financial statements. Below are the financial reports that CLP has published on the Stock Exchange of Hong Kong in the past five years. We practise CLP culture by responsibly managing the environmental impact of our projects and operations, as well as promoting diverse community investments as a good corporate citizen. Includes the upstream emissions of EnergyAustralias natural gas retail business, covering the emissions from upstream gas production and transmission, and distribution leakage in the state pipeline systems. Between 1 January 2021 and the date of this report, the Committee met five times (including four times in 2021 and once in 2022). CLP continually improves by managing, monitoring and reporting its performance. The Company is also exposed to the risk of contractual disputes and litigation in the course of its normal operations. Unless specified otherwise, references to "CLP" and the "CLP Group" shall mean CLP Holdings Limited . In 1996 the company entered joint-ventures with Taiwan Cement Corporation;[16] in 1998, part ownership of Thai Electricity Generating Public Co Ltd;[12] and in 2001, Australian Yallourn Energy. [16][non-primary source needed] Since then, they have built a portfolio of quality assets in the region. CLP promotes the Code of Conduct and Whistleblowing Policy to employees, on a regular basis, by advising of any updates or revisions. A strong governance framework is key to ensuring that the sustainability issues CLP faces are incorporated into the corporate agenda. Disclosures from Shareholder Identification Exercise (under Section 329 of the SFO), Company Articles, Codes, Policies & Guidelines. Looking for more revenue sponsored ads on uniforms are growing in popularity. Scope 3CO2e - Category 11: Use of sold products. Its 15 Principles apply to the entirety of the Group, including CLP Holdings, its wholly owned subsidiaries, and joint ventures or companies in which CLP holds a controlling interest. Traditional business models are being challenged by new market entrants that have embraced these technologies. The names of all Directors who have served on the boards of the subsidiaries of CLP Holdings Limited during the year ended 31 December 20 or durin20 g the period from 1 January 2021 to 22 February 2021 are set out below and those marked with an asterisk * are Directors as at 22 February 2021 *Mr David John ACKLAND Mr Mohammed Shahid AFTAB [14] Since 2010, CLP has also been listed on the Hang Seng Corporate Sustainability Index and Hang Seng (Mainland and HK) Corporate Sustainability Index. The Sustainability Committee holds the primary role of overseeing the management of the Groups sustainability issues. Risk management is an integral part of all processes and the responsibility of everyone within CLP as it is critical to the long-term growth and sustainability of the Company. GRI reference: 2-9, 2-12, 2-13, 2-14, 2-23. Written in a laymen-friendly manner, the series aims to make difficult accounting concepts much easier to learn and comprehend. Leaders, including managers or above, Finance and Procurement staff, secretaries in the Group, or other key staff considered appropriate by management must sign a Code of Conduct Compliance Statement on an annual basis. Data are consolidated on an equity basis with two variations: Includes the Groups generation and energy storage portfolio, coal mines or fuel storage facilities that are: Asset management Generation and energy storage capacity, energy sent out, CLP Power Hong Kong GHG emissions intensity of electricity sold. This also includes CLP employees who are assigned to work in joint ventures, joint operations or associates. In 2019, additions to the reporting scope include the Laizhou II wind farm and Meizhou solar farm in China; Newport and Jeeralang power stations in Australia; Indian wind farms (Andhra Lake, Bhakrani, Chandgarh, Harapanahalli, Jath, Khandke, Mahidad, Samana I & II, Saundatti, Sipla, Tejuva and Theni I & II) and solar farms (Gale, Tornado and Veltoor). There is one existing and previously reported case involving Ho-Ping Power Station in Taiwan, in which the CLP Group has a 20% equity interest. In preparing the 2019 report, CLP has taken on many of their suggestions, including discussing business purpose as an overarching topic and enhancing specific disclosure in each of the material topics. CLP's ambition is to pursue best of breed policies, processes and technologies in all of its operations. The Whistleblowing Policy, updated in May 2020 (with minor administrative updates in October 2021), is available to the public in both English and Chinese. An exponential rise in the use of data has increased the scale and severity of successful cyberattacks. Communications are received through means such as anonymous letters, emails or phone calls. Governments, cities, institutional investors and energy companies are leading players in the slow but inevitable transition to a lower-carbon global economy. Ads Are Coming To New York Yankees Uniforms, Elon Musk Vs. Mark Zuckerberg: The Bizarre Feud, Explained, Maybelline Suddenly Under Fire From Conservatives Over Using Bearded LGBTQ Influencer In Makeup AdSomething It Had Done For Years, New York Must Redraw Congressional Districts, Court Rules A Major Boon For Democrats, $38 Million Nantucket Home Broke A Massachusetts Record For Most Expensive HomeHere Are 5 Still On The Market, Johnson & Johnson Letting Nonprofit Distribute Life-Saving Generic Tuberculosis DrugGreatly Expanding Access In Poorer Countries, Heres Why Shohei Ohtani Might Score A Record-Setting Payday, Biden Blasts Tuberville For Jeopardizing National Security By Holding Up Hundreds Of Military Nominees, Tornadoes, Floods And Scorching Heat Here's All The Extreme Weather That Occurred Just In The Past Week, Meta Stock Surge Adds $60 Billion After Threads LaunchAnd One Analyst Predicts Potential $1 Trillion Valuation. [19], Sources of electricity generated and provided by CLP in Hong Kong (2020)[20], Hong Kong sites include Black Point Power Station,[16][non-primary source needed] Castle Peak Power Station,[18] and Penny's Bay Power Station. [16][non-primary source needed] It also operates a Guangxi province plant, Fangchenggang power station. Without Shareholders, there will be no Company - Sir Michael Kadoorie, Chairman of CLP Holdings.This section provides information about the Shareholders of CLP Holdings including shareholder categories, top shareholders and regulatory disclosures on shareholding. The CLP Code of Conduct provides the guiding principles for all employees to act with integrity and honesty, and serves as a tool to guard against corruption within the Group. SASB reference: IF-EU-550a.1; GRI reference: Megatrends and external environment analysis, Health, Safety, and Environment management, Download the CLP Code on Corporate Governance, Find out more about Sustainability Governance, Read the Corporate Governance Report in the 2021 Annual Report, The Human Resources and Remuneration Committee Report, Download the Terms of Reference of the Sustainability Committee, Read the full Sustainability Committee Report, Download the Terms of Reference of the Audit & Risk Committee, Read the full Audit & Risk Committee Report, Full biographies of senior management team members are set out on the Groups website, Read how climate-related risks are managed in the Climate-related Disclosures Report. Decentralisation is increasing consumer options for sourcing and managing energy. Tata Group, India's largest conglomerate, is close to an agreement to acquire an Apple Inc. supplier's factory as soon as August, marking the first time a local company would . In addition to (1) above, this scope includes the power generation assets whose capacity and energy are purchased by CLP to meet customer demand where: Purchase agreement duration is at least 5 years; and. our wholly-owned subsidiary EnergyAustralia is one of the largest integrated power companies. Ho Ping continues to defend its position. The kWh is from the total electricity sales for CLP Power Hong Kong. This report has been prepared in accordance with the GRI Standards: Core option. Equity plus long-term capacity and energy purchase basis. Read more in Code of Conduct and anti-corruption. Others, especially in the developed world, are ageing, with negative implications for productivity and government budgets. We are actively involved in the development of renewable energy projects. CLP is a law-abiding company that aspires to go beyond legal requirements and bring international best practices to its operations. The branch has a separate company listing, Smart Energy Connect (SEC) that provides environmentally friendly solutions. The three subsidiaries include Cleansolar . Feedback on this report is welcomed, and can be sent through the online survey or via As a token of CLP's appreciation, each stakeholder who sends feedback on or before 30 June 2020 will receive four CLP Carbon Credits, which can be used to offset their carbon footprint.
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