In the modern era, sustainable development is not only a trend but also a social responsibility of businesses. The whole world is shifting towards sustainable business, and Phu Nhuan Jewelry Joint Stock Company (PNJ) has oriented its development towards this trend from a very early age. PNJ's commitment and actions in the field of Environment, Society and Corporate Governance (ESG) have helped them break through and go far in the business race.
Last June 29, PNJ is the only company to receive perfect scores from the jury in all 3 categories: E (environment), S (society) and G (governance) at the Sustainable Development Enterprise - CSA 2023 election..
Let's learn with Bizzi about PNJ's journey of "catching the ESG wave"!
PNJ oriented sustainable development from the beginning
Many years ago, when the concept of ESG was still new to many businesses, PNJ saw the value and meaning of sustainable development. They not only see this as a social responsibility, but also an opportunity to build a positive image and attract investors and wise customers.
Phu Nhuan Jewelry Joint Stock Company (PNJ) has shown its commitment to sustainable development since its inception. Ms. Cao Thi Ngoc Dung, Chairman of the Board of Directors of the company, revealed that from the first day of establishment, the business decided to put the interests of customers and society in the interests of the business.
For decades, PNJ has always used ESG as a guide for all their decisions and activities, whether in overall management strategy or production and business initiatives.
PNJ has shown its determination to standardize sustainable development activities according to international standards through the establishment of the "Environment, Society and Governance Subcommittee" in early 2022. This step promises to open new future for the group and enhance their long-term strategy.
The ESG subcommittee will play an important role in guiding more specific strategies, creating more rigor in management and implementation. Instead of just having an overall vision, this subcommittee will concretize activities and delegate implementation to the Executive Board or members of specific projects. This will help ensure that ESG goals and commitments are effectively implemented and performance is monitored and evaluated in detail.
In addition, the ESG subcommittee will take on an important role in monitoring and evaluating implementation, while also facilitating support and providing resources for activities related to Environment-Society-Governance. management at the company. They will be responsible to the Board of Directors for these issues, ensuring that the company complies with standards and commitments.
Ms. Tran Phuong Ngoc Thao, member of the Board of Directors of PNJ and Head of the ESG subcommittee, clearly stated that ESG includes many different aspects, each of which has its own criteria. To fulfill its commitment, PNJ has determined specific strategies for each pillar of ESG, including Environment, Society and Governance.
PNJ leaders have affirmed that ESG is not just a temporary trend but the future of business. They see this as an opportunity to improve the company's performance to a new level. Therefore, all major decisions and business strategies of PNJ are based on ESG principles.
PNJ's philosophy on ESG is "PNJ acts responsibly to honor the beauty of people and life in a sustainable way"
>>> See more: ESG 2023 – What should business owners, CFOs and Finance Controllers care about?
3 ESG pillars at PNJ and practical actions
At PNJ, the ESG philosophy is built on three important pillars: Environment, Society, and Corporate Governance. These are important factors to measure and ensure that the business is growing sustainably and having a positive impact on the community and the environment.
About pillar E (Environment)
PNJ has demonstrated a strong commitment to compliance with environmental protection laws in all of their production and business activities. One of the most notable features in this effort is that PNJ has begun implementing and maintaining greenhouse gas inventories through cooperation with a third party, starting from 2021. This shows the PNJ's commitment to monitoring and minimizing their impact on climate change.
Along with the greenhouse gas inventory, PNJ has proactively collected, appraised and implemented environmental initiatives based on proposed mitigation options after the inventory. This demonstrates their futuristic vision and adaptability in responding to environmental challenges.
PNJ is also one of the pioneering businesses in the journey of sustainable development, always voluntarily participating and creating activities to spread awareness of environmental protection and green living to the community. Activities such as “Thank you for not littering,” “Exchanging trash for gifts – for a green planet,” and “Chaining universities to spread green living” are clear examples of commitment. their conclusion.
In particular, the "Green Voluntary Community" project not only brings environmental value but also contains important social meaning, demonstrating PNJ's sense of responsibility to the community and a sustainable future.
About pillar S (Society)
PNJ has implemented a series of diverse activities aimed at taking care of employees and the social community. This includes human resources policies such as benefits, training, and recruitment, along with CSR projects such as Zero VND Mini Supermarket. They also organize sharing forums on many topics such as celebrating diversity, beauty without stereotypes, and accompanying children. All of these activities aim to build more policies consistent with PNJ's core value, which is "Caring for mutual development."
Below are some highlights of PNJ's commitment and activities to workers and the social community:
- 0 VND mini supermarket helps more than 170,000 vulnerable households during the epidemic
- The labor companionship program has helped nearly 3,000 difficult pregnant women
- The project to raise awareness about autism in Vietnamese children was initiated by PNJ, in collaboration with the Vietnam Children's Fund.
- The Faith Shelter Program gives nearly 450 houses to families in difficult circumstances across the country.
In the short period of time from 2018 to 2022, PNJ has made a significant contribution to the state budget with a total of nearly 6,000 billion VND. They have also supported more than 1 million people in difficult circumstances through many community responsibility activities.
In addition to caring for the community, PNJ also regularly takes care of and cares about the lives and spirits of its employees. They have made efforts to find early supplies of Covid-19 vaccines for employees, and have not cut their salaries during the pandemic. Furthermore, PNJ has adjusted to increase income for nearly 5,000 employees in 2021 with the motto "No one is left behind." This demonstrates their commitment to the development and wellbeing of their staff.
About pillar G (Corporate governance)
In pillar G (Corporate Governance), PNJ has made many reforms and significant progress in corporate governance. After years of "recreating thinking", PNJ's leadership team has reaped many achievements:
- Diverse leadership team: PNJ has built a diverse Board of Directors (BOD) team, demonstrating respect for diversity and quality in leadership. This helps strengthen decision-making and thinking power in businesses.
- Upgrading corporate "thinking": PNJ has succeeded in upgrading "thinking" from an individual business scale to a corporate level. Thereby, creating a flexible management structure and the ability to cope with the challenges of the larger corporation.
- Building management principles: PNJ has selected and developed corporate governance principles according to the best standards, including the Corporate Governance Principles released by the State Securities Commission and IFC in August 2019. This aspect helps ensure transparency and efficiency in governance.
- Applying international standards: PNJ has applied international standards such as the ASEAN Corporate Governance Scorecard (ACGS), aiming for global governance standards.
Enjoy the sweet fruit
PNJ has truly achieved remarkable achievements in the business field. In 2022, they recorded revenue of more than 33,800 billion VND, a sharp increase of 73% over the same period, and a profit of more than 1800 billion VND, an increase of 75.6%. PNJ's market share in the mid-high-end segment has doubled, from 25% (2017) to 51%. Labor productivity also increased significantly, reaching an increase of 208%.
Recently, PNJ announced cumulative business results for the first 5 months of the year with net revenue and profit after tax reaching VND 14,281 billion and VND 970 billion, respectively. This means that PNJ has completed 50.1% profit plan for 2023, despite being in a difficult period of the market. This is a remarkable result and demonstrates PNJ's ability to manage and react quickly in a changing business environment.
PNJ's advancement does not stop at business achievements but is also demonstrated by continuously receiving prestigious awards. At the announcement ceremony of "TOP 50 Outstanding Sustainable Development Enterprises in Vietnam" 2023, PNJ was continuously named in many award categories, because sustainable development strategies were implemented in a comprehensive and new way. batch.
Accordingly, PNJ was honored as the Sustainable Enterprise of 2023. The enterprise also scored a "hat-trick" in 3 typical categories:
- Pioneering waste reduction (E)
- Human resource strategy for sustainable development (S);
- ESG Leadership (G).
PNJ is also the enterprise that received the most awards at CSA 2023.
The biggest and proudest achievement for the PNJ team is not only impressive business numbers, but also the affection and recognition of the community and customers. PNJ's significant growth in brand value and higher position in customer experience rankings are testament to their dedication and commitment.
In the future, PNJ will continue to promote implementation with the belief that "ESG is no longer just an option but has become a way for PNJ to fulfill its mission of serving society and the community on the journey of sustainable development." solid".
Not only sustainable development based on 3 ESG factors, PNJ is also one of Bizzi's large corporate customers, pioneering the use of digital accounting and financial solutions to optimize processes and directions. to higher corporate governance standards and a sustainable development strategy in the future. Bizzi Vietnam is very proud and sincerely congratulates PNJ - a shining example of commitment to sustainable development. The close cooperation between PNJ and Bizzi in using solutions to digitize accounting and finance operations is a testament to the positive interaction between businesses and digital technology.
Hopefully, PNJ will continue to be a source of encouragement and motivation for both the industry and other business communities, to join hands in building a more sustainable and prosperous future for Vietnam.
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