Cosco Capital commits to boost ESG initiatives
COSCO Capital, Inc., together with publicly-listed subsidiaries Puregold Price Club Inc. and The Keepers Holdings Inc., are committed to strengthening its ESG framework to bolster the group’s environmental sustainability initiatives, institutionalize social responsibility programs and adhere to highest standards of good governance.
The Lucio Co-led companies teamed up with the Institute of Corporate Directors. In a special joint meeting of the boards of directors of Cosco and its listed companies, ICD fellow Alexander Patricio discussed the importance of environmental, social and governance initiatives and how these programs can become integral part of its corporate culture which in the long run can make the group even more sustainable, viable and relevant.
The group reported initial ESG initiatives which are already in place. Puregold showed strength in gender equality and inclusivity, with women comprising 60 percent of its workforce and 61 percent of managers and executives. It demonstrated robust support for grassroots communities where it operates.
Puregold employees are up to 98-percent local hires, while it has over 660,000 sari-sari store members under the Tindahan ni Aling Puring program all over the country.
All Puregold stores have converted to 100 percent-LED main lighting in 2021 to greatly reduce energy consumption. Meanwhile, S&R is steadily shifting to solar power with 50 percent off all its stores now being powered by solar panels. An increase in cross-dock operations in 25 percent of business operations delivered distribution efficiencies and reduction of CO2 emission by 36 percent.
The grocery chain operator has also stepped-up its campaign to reduce single-use packaging, with plastic bag usage down from 66 percent to only 51 percent in 2021. The chain’s 135 wastewater treatment facilities are compliant with the Clean Water Act and the Group has initiated a rainwater catchment and gray water venture to reduce overall potable water demand.
The Cosco Capital Group vowed to commit more resources to ESG initiatives. It is creating an ESG unit within the group to track, monitor and report all ESG plans and programs implementation. The group will also continue to closely collaborate with ICD to concretize and put in place a longterm and cohesive ESG blueprint.