Environmental, Social and Governance Report 2020-21 36 37 Our Net-Zero Journey Introduction Materiality Environment, Social and Governance Sustainability initiatives ESG frameworks Business is Conducted Ethically Adopt a public commitment to ethical conduct Health crisis, fractures, and disagreements have challenged Hong Kong over the past few years. However, even with such challenges, HKUST had strived to uphold our apolitical principle and focus on our core values including academic freedom, diversity, inclusiveness, and mutual respect all of which form the basis of our academic environment. Indeed, since HKUST’s founding days, we have been steadfast in our support of such openness and this position continues. As part of HKUST’s 2021 to 2028 Strategic plan, HKUST plans to continue upholding our core principles and values, by exercising individual and institutional integrity. To face all these issues and needs, HKUST will provide more human and financial resources. Establish internal controls to ensure it lives up to that commitment HKUST is committed to maintaining high ethical standards and integrity in operations. Conduct risk is the risk of improper actions, behaviors or practices that are illegal, unethical or contrary to our core values that could result in harm to the University and our stakeholders, or negatively impact our reputation. In order to uphold the highest standards of professionalism and integrity, the Employee Handbook details the requirements of professional conduct such as acceptance and use of donations, and avoiding conflict of interest in procurement duties where all staff are required to comply. Seminars or trainings on Personal Data Privacy are organized on a periodic basis to provide staff members the necessary information and techniques to handle personal data. Financial Assets Safeguard the Pursuit of Future-Fitness Policies that address investments in the individual hotspot areas of Future-Fitness. HKUST adopted an ESG statement for our investment portfolio which include ESG factors into considerations in the decision-making process. With the Sustainability and Net-Zero carbon commitment, HKUST’s Sustainable Investment Policy will be reviewed and enhanced in the coming years to help achieving the long term goal of net-zero emissions by 2050.The statement is: In line with the vision to be a leading university with significant international impact and strong local commitment, the University will incorporate—to a greater degree —environmental, social, and governance (ESG) considerations into the investment decision-making process. The University recognises that the adherence to sound investment management practices should include the consideration of ESG factors. Currently, several of the University’s fund managers are already signatories of the Principles for Responsible Investment (PRI) and have been taking relevant ESG factors into account as part of their investment decision-making process. The University is committed to the gradual and prudent incorporation of ESG considerations into the investment decision-making process, in a manner that will lead to the prioritisation of investments which are aligned with the University’s ESG views and the expected risk-return profile and ability to remain appropriately diversified across asset classes.
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