SinoPac Holdings Upgraded to "AA" by MSCI ESG Ratings
[August 31, 2022, Taipei] International rating agency MSCI recently announced that it had upgraded SinoPac Holdings' MSCI ESG Ratings from "A" to "AA" with effect from August 11, 2022. This rating recognizes SinoPac as an ESG Leader in its industry and is the highest rating ever received by a company in Taiwan’s financial sector. It means SinoPac has highly recognized again by international benchmark sustainability rating agency after its being selected as a constituent of the Dow Jones Sustainability World Index in March this year and receiving the Silver Award in the S&P Global 2022 Sustainability Yearbook.
The MSCI ESG Ratings is one of the most important sustainability ratings for global investors, providing ratings for more than 8,500 companies across MSCI index constituents. The ESG performance of these companies is evaluated through 35 key indicators in three significant areas: environmental, social, and governance. The evaluation results are classified into seven grades, from "AAA" at the highest to "CCC" at the lowest.
In 2022, 190 companies in the global banking industry were rated. SinoPac Holdings has achieved a leadership position in two key indicators: human capital development and privacy and data security. The MSCI rating report also pointed out that SinoPac Holdings has significantly improved in several key indicators, including board composition, integrity, talent attraction and retention, and the level of exposure to high environmental impact industries. The rating of SinoPac Holdings was elevated since its "overall ESG performance improvement is relatively better than rated peers."
Mr. Stanley Chu, president of SinoPac Holdings, stated that SinoPac is committed to making an impact through its core business of finance, focusing on the three sustainable commitments of "reduce inequality," "mitigate and adapt to climate change," and "promote inclusive growth." Together with its stakeholders, SinoPac will continue to move forward on the path of sustainability. In March of this year (2022), the Board of Directors approved the company’s commitment to achieving net zero emissions from company operations by 2030 and net zero emissions across its entire business portfolio by 2050. Furthermore, in August, SinoPac joined the Science Based Targets initiative (SBTi). SinoPac remains committed to using its financial strength to guide the industry toward accelerating its low-carbon transition and achieving the corporate vision of "together, a better life."