Shanghai Electric's Annual Corporate Social Responsibility Report Highlights 2019 Milestones

Energy Press Releases Tuesday May 5, 2020 09:50
SHANGHAI--5 May--PRNewswire/InfoQuest

Shanghai Electric (SEHK: 02727, SSE: 601727), the world's leading manufacturer and supplier of power generation and industrial equipment, released its 2019 Corporate Social Responsibility Report highlighting its commitment to corporate social responsibility and key   advancements in 2019. The company's CSR strategies are designed not only to minimize the potential unfavorable impact of its products and operations, but also to activate the brand's purpose "Empower global industry, Make life smarter."

"It is a remarkable year for Shanghai Electric as the company has made major technological breakthroughs in many fields such as gas turbines, nuclear main pumps, high-efficiency clean coal power, offshore wind power, 3D printing, and flow batteries," said Shanghai Electric's Chairman and CEO Zheng Jianhua, "Our employees are always the primary driving force behind this and it is vital for us to strengthen the bond with our employees worldwide through effective reforms in profit sharing mechanism and human-centered management."

Innovation in profit sharing mechanisms

To attract and retain talents, Shanghai Electric has adopted an equity incentive plan since May 2019. This consists of A-share restricted stock units, which have functioned as a supply-side stimulus to economic growth that benefits both employers and workers. Through the Plan, 2194 Shanghai Electric staff would receive performance incentives of a total of 134 million restricted stock units in the hope of reinforcing team effort and commitment.

Digital Transformation

Shanghai Electric has launched its Industrial Internet " SEunicloud Platform" to push the boundaries of minds and machines. The platform represents a significant step in the company's digital transformation. The emerging business units of Shanghai Electric, including storage batteries and intelligent manufacturing, have also scaled up by 30% through leveraging mergers and acquisitions, joint ventures, venture capital and increased R&D investment.

EHS practice

Aiming at protecting the safety of employees, Shanghai Electric has established a health and safety management system that benchmarks a variety of global occupational health and safety regulations. Eighty percent of the affiliated companies of Shanghai Electric had been certified with the Occupational Health and Safety Management Systems (OHSAS18001) by the end of 2019.

The Environmental Protection Committees have also been assembled in various regional markets worldwide to enhance the execution of the Environment Health Safety (EHS) guidance. They facilitate the company's ability to respond swiftly to risks such as the outbreak of coronavirus (EHS practice in Dubai 700 MW CSP + 250MW PV Hybrid project concentrated solar power plant). They have resulted in a proven record of success: fatal accidents and serious injuries rate in construction sites remain at zero throughout the previous year.

Stronger Community

With the "Employee Home" established in seven International engineering project sites outside China, Shanghai Electric has provided a communal arena for employees from distinctive cultural backgrounds to communicate, socialize and entertain. It has also strengthened the bond between the company and the local residents as a multi-functional international community space.

Green & Environmental Protection

Shanghai Electric has implemented the "SEC-LOVE" system within the company to ensure all departments are aligned with an eco-friendly position. So far, 80% of the affiliated companies of Shanghai Electric had been certified with the ISO14001 Environmental Management System (EMS). Projects such as the Nantong waste incineration power project in Jiangsu, the Dongtai wind power station-in Jiangsu and the photovoltaic power station in Anhui Huaibei demonstrate the company's firm belief in the future of clean energy.

Social Responsibility

In November 2019, Shanghai Electric donated teaching materials to the Managile Elementary School in Zubaidiya Town, Wassit Province. This represented another milestone in the company's progress toward being an active and enthusiastic force in development efforts that help the local community. At the end of 2019, Shanghai Electric's overseas business have employed over 4200 local workers worldwide.

Following the pandemic outbreaks in January, Shanghai Electric has donated surgical masks to Fuji Electric Japan, the Wassit Thermal Power Plant in Iraq and the Thar Block-1 Integrated Coal Mine-Power Project, among others.

About Shanghai Electric

Shanghai Electric Group Company Limited (SEHK: 02727, SSE: 601727) is principally engaged in the designing, manufacturing and sale of power equipment and industrial equipment. It focuses on Energy Equipment Business including manufacturing and sale of coal-fired power generation equipment, gas-fired power generation equipment, nuclear power equipment, wind power equipment, energy storage equipment, high-end chemical equipment, power grid and industrial intelligent power supply system solutions,

Industrial Equipment Business including production and sale of elevators, medium and large-sized electric motors, intelligent manufacturing equipment, industrial basic parts, environmental protection equipment, construction industrialization equipment and the Integrated Services Business including energy, environmental protection and automation engineering and services, industrial internet services, financial services, international trade services, high-end property services and etc.

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