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ECONOMY
Weekly Watch> WEEKLY WATCH NO. 46, 2011> ECONOMY
UPDATED: November 11, 2011 NO. 46 NOVEMBER 17, 2011
Corporate Conscience
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Chinese companies still have a long way to go to better honor their social responsibilities, as reflected by a recent report by the Chinese Academy of Social Sciences (CASS).

Only 8 percent of polled enterprises scored over 60 points, the minimum requirement to qualify as a responsible company. Average scores of state-owned, privately owned and foreign-funded enterprises were 32.8 points, 13.3 points and 12.5 points, respectively. None were even close to the passing standard of 60 points.

The evaluation was based on the performances of 300 enterprises, including 100 state-owned, 100 privately owned and 100 foreign-funded enterprises. The index consisted of four items: corporate responsibility management, market responsibility, social responsibility and environmental responsibility.

A total of 26 polled firms scored zero or even negative points, including 19 foreign companies. The world-leading sportswear brand Adidas (China) topped the list, with minus 4 points. In July, a textile supplier of Adidas in Ningbo, Zhejiang Province was found to be discharging a range of hazardous chemicals into nearby waterways.

Zhong Hongwu, Director of the Research Center of Corporate Social Responsibility under the CASS and one of the compliers of the report, said companies are less motivated to be more responsible for society.

"In addition, we lack an effective system to strengthen their motivation," he said.



 
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