Times China: Room for Improvement on the Governance Front

4.76
34 ratings

Times China Holdings Ltd (formerly Times Property Holdings Ltd) is mainly engaged in property development, property leasing, and property management services. The company is also engaged in landscape architecture and design, along with property decoration through its subsidiaries. An analysis of the company's environmental, social, and governance policies are as follows:


Environment


From an environmental perspective, the company scores reasonably, outperforming on the Environmental Innovation Score front, but underperforming on the Emissions Score front.


For instance, it has implemented a resource reduction policy, which compares to the presence of a clear policy in the prior year. The company has implemented a water efficiency policy, with an energy efficiency policy implemented as well. This compares to the presence of a similar policy in the prior year.


Environmental policy areas the company is currently lacking include Resource Reduction Targets, Water Efficiency Targets, Energy Efficiency Targets, Environment Management Training, and Toxic Chemicals Reduction. Areas the company has addressed include Environmental Supply Chain Policy, the setup of an Environment Management Team, and Environmental Materials Sourcing.


The company has also not implemented renewable energy use, which compares to the lack of a clear policy in the prior year. The company has also notably not implemented green buildings as well, which compares to the lack of a defined policy in this regard in the prior year.


In terms of its carbon footprint, the company's Estimated CO2 Equivalents Emission Total stands at 7,797 in the latest fiscal year based on Reported CO2 Estimates.


Social


From a social standpoint, the company scores reasonably, outperforming on the Workforce Score front, but underperforming on the Human Rights Score front.


For instance, it has implemented a health and safety policy, which compares to the presence of a clear policy in the prior year. The company has also implemented an Employee Health & Safety Policy, with a Supply Chain Health & Safety Policy not implemented as well. This compares to the lack of a similar policy in the prior year.


The company has produced a decline in Net Employment Creation - the number of employees from CSR reporting totals 5,955.


As of the latest fiscal year, there have not been Management Departures, while the prior year saw no departures. Meanwhile, the company experienced no strikes this year, which compares to no strikes in the prior year.


Governance


From a governance standpoint, the company scores relatively unfavorably, outperforming on the Management Score front, but underperforming on the Shareholders Score front.


The company does not have a Corporate Governance Board Committee, but has a Nomination Board Committee, has an Audit Board Committee, and has a Compensation Board Committee. The company does have a Board Structure Policy and does not have a Policy for Board Independence in place. The Board has held six meetings in the last fiscal year. The Board size currently stands at nine members based on the latest annual/ESG report.


The Board has an average tenure of 9.3 years. Board diversity stands at 11.1% for gender diversity but lacks cultural diversity.


The company has implemented a Policy for Executive Compensation Performance but has not linked Executive Compensation to ESG Performance. The company has not implemented a Policy for Executive Retention but has implemented a Succession Plan. It has also not implemented an External Consultants policy.


The company has implemented CEO-Chairman Separation and does have its CEO as a Board member. Its chairman is an ex-CEO. Board member term duration stands at three years. In total, senior executives' compensation screens reasonably in the latest fiscal year, with Board member compensation also reasonable relative to the company's performance. Notably, the CEO compensation is not linked to total shareholder return. Meanwhile, executive compensation is not linked to long-term objectives. Sustainability compensation incentives have not been implemented. Thus far, there have not been any executive compensation controversies.


Sources:


http://www.timesgroup.cn/en/investors.aspx?type=1


http://www.timesgroup.cn/en/investors.aspx?type=2


http://www.timesgroup.cn/en/culture.aspx

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Business FinanceCompaniesCorporate GovernanceInformation GovernanceManagementRecords ManagementUBSExecutive CompensationBoard Of DirectorsUnited States Environmental Protection Agency