MSCI ESG Rating for Proya Rises to BBB in a Single Year
HANGZHOU, China, Oct. 28, 2022 /PRNewswire/ — Recently, Proya Cosmetics Co., Ltd. (hereinafter referred to as “Proya”, stock ticker: 603605.SH) has seen its ESG rating upgraded from CCC to BBB by international authoritative index provider MSCI. Proya, which was included as a constituent stock of the MSCI flagship index in 2020, is the first listed firm to move up three levels consecutively in a single year among the A-share consumer stocks which MSCI rates, reflecting the recognition by the market of its outstanding ESG performance.
MSCI ESG Ratings is one of the most well-regarded ESG evaluation systems among the world’s institutional investors. It is designed to gauge the resilience of global companies to long-term and financially relevant ESG risks, and provides in-depth research, ratings and analysis on environmental, social and governance-related business operations and behavior.
This excellent ESG performance confirms the company’s unremitting efforts in practicing sustainable development and in striving to build a better future for all.
Proya back up its ESG strategy with actions: serving as a creator of, provider of and contributor to beauty
According to the Proya 2021 Annual Environmental, Social and Corporate Governance (ESG) Report released in April of this year, the firm showed the industry and consumers its CSR efforts during the past reporting period in terms of economic, environmental and social responsibility, including a launch of a series of initiatives concerning corporate internal structures, product environmental innovation and public service.
In 2021, taking sustainability management as a basis, Proya established a three-tier ESG management framework consisting of the Corporate Strategy Committee, ESG Management Committee, and ESG Executive Group to ensure the efficient implementation of its ESG strategies and initiatives, and by doing so, promoting the sustainable transformation throughout the product life cycle from product research and development, raw materials procurement, production and distribution, logistics and storage, consumption and use to disposal, while creating more eco-friendly beauty products.
From 2021 to 2022, Proya established a Green Packaging Working Group to build a comprehensive and complete environmentally-responsible packaging management system, and set an all-green packaging target of 2025, leading the industry in terms of management of packaging materials and waste. The report shows that during this reporting period, Proya effectively reduced the use of plastic packaging by some 127.6 tons. The factory logistics department and equipment suppliers jointly developed an automatic sleeve forming machine to replace traditional self-sealing bags with POF environmentally-friendly shrink film, which was used to wrap more than 2 million units of product. Moreover, 14,738 cases of conventional thermal insulation boxes were replaced by new nano-tech eco-friendly insulation boxes made of biodegradable materials and which have already been re-cycled 7,369 times.
This is the second consecutive year that Proya has released the ESG report to fully disclose its ESG data. According to the previous report, the company’s Huzhou production facility was rechristened the Huzhou Green Factory; 100% of its raw material suppliers signed fair trade agreements; 5,823 trees were planted, absorbing 106.56 tons of CO2 per year; 16,000 rolls of tape and 9,688 cartons were no longer needed, equivalent to a reduction of 14.78 tons of CO2 emissions.
Behind these figures lies enormous energy and money invested by Proya. In addition to facilitating its own sustainable development, the company is also actively working with suppliers to develop sustainable production processes and launch a range of energy conservation initiatives to empower partners and advocate an environmentally-responsible approach to life, incorporating the concept of sustainability into all levels of the value chain and promoting the development of the industry.
Proya launches the 2025 Plan — Beauty Aspirations for a Shared Future
In August of this year, Proya formally released the 2022-2025 Sustainable Development Strategic Plan, which provided details of the company’s ESG performance as well as its overall goal and vision of sustainability, making ESG management an integral part of its sustainable development plan.
The Plan, entitled Beauty Aspirations for a Shared Future, conveyed the company’s willingness to join hands with others in the beauty industry value chain and the whole of society to create a sustainable future, to achieve sustainability across all business operations, value chains and the social ecosystem that it serves.
Overall, Proya has set out for itself the following sustainable goals:
- By 2025, 100% of its key new products or formulation improvements will be assessed for safety, efficacy and sustainability, with a focus on improving product performance in terms of green packaging, carbon footprint and biodiversity protection.
- The use of clean energy is expected to reach 50%, advancing its own operations to hit carbon peak by 2025 and net-zero emissions by 2023.
- By 2025, Proya will drive the sustainable transformation of all partners throughout the value chain, share its own sustainable strategies and initiatives with its peers, and communicate sustainable consumption concepts to consumers through product sustainability disclosure.
- By 2045, carbon neutral is expected to be realized across the value chain.
- By 2025, the company will empower the development and growth of 500,000 women, teenagers and children.
Robust business operations and sound ESG management serve as the foundation of corporate sustainable development. In the Chinese beauty industry, Proya has taken the lead in developing this plan, showing its value and its commitment to making it happen. MSCI raising of Proya’s ESG rating to BBB, an three-step upward move within the space of one year, speaks volumes to the firm’s advances in ESG management.
Looking ahead, Proya will continue to promote its sustainable development with solid ESG management, making sustainability a core feature of the corporate roadmap. The company will work with all partners and consumers to drive the sustainable transformation across the value chain and move toward a better future.
For a complete MSCI ESG Ratings Report:
Proya Cosmetics Co., Ltd. is committed to building a new homegrown cosmetics industry platform. The firm is mainly engaged in the development, production and distribution of cosmetics products. The company has developed a series of its own brands, including Proya, TIMAGE, Off&Relax, Hapsode, CORRECTORS, UZERO and ANYA, covering skin care, make up, toiletries and other beauty products.
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