Listed companies participated in the scheme pledge to engage in CSR and sustain their efforts.
The PolyU-developed Hong Kong Business Sustainability Index assesses the corporate social responsibility performance of listed companies.
Prof. Carlo W.H. Lo introduces the Value-Practice-Impact assessment model used to evaluate companies' CSR performance.
With a view to encouraging listed companies in Hong Kong to adopt corporate social responsibility (CSR) as a progressive model for achieving business sustainability, the Sustainability Management Research Centre in PolyU's Department of Management and Marketing cooperated with The Hong Kong Council of Social Service and the Hong Kong Productivity Council to create the Hong Kong Business Sustainability Index (HKBSI).
Basing on the CSR and sustainability information of the 50 constituent companies of the Hang Seng Index on 17 March 2015, a Value-Practice-Impact assessment model was used to evaluate the companies' CSR performance, as well as their contributions to economic, social and environmental sustainability.
The results showed that the overall average score of listed companies in Hong Kong is 41.75 points on a 100-point scale, while the mean score of the top 20 Index companies is 57.25 points. Among the four assessment aspects on values, management, projects and impact of the top 20 Index companies, "management" scores highest at 79.65 points.
The HKBSI serves to assess business sustainability, provide a benchmark for CSR practices in both local and international business communities, recognise outstanding CSR performers and act as a CSR dialogue platform among listed companies. "When compared with companies in the US and Europe, quite a number of companies listed in Hong Kong still lack a clear CSR orientation and a proper model," said Prof. Carlo W.H. Lo, Head of the Department of Management and Marketing, and Director of the Sustainability Management Research Centre. But he also stressed that some individual companies are doing CSR as good as their counterparts in developed economies.
Prof. Lo encouraged listed companies to adopt CSR policies and practices to achieve sustainable development and concurrent growth for the benefit of both business and society. To ensure constant monitoring of the situation, the HKBSI will be compiled annually with an updated list of constituent companies. ♦
