We are committed to the principles of good corporate governance which emphasize transparency, accountability and independence, and believe this contributes to long-term success.
Our Board of Directors and management team are committed to principles of good corporate governance which are consistent with prudent management. These principles emphasize transparency, accountability and independence. Risks are inherent in our business and the markets in which we operate. We recognize that risk management is the responsibility of all of our people as an integral part of our day-to-day business process.
Our risk management and internal control system is designed to manage the risk of failure to achieve our corporate objectives and provides reasonable, but not absolute assurance against material misstatement, loss or fraud, and to achieve long-term business success.
The Board is responsible for maintaining a solid and effective system of risk management and internal controls at Li & Fung and for reviewing its effectiveness and adequacy of necessary policies and procedures, helping us achieve high standards of corporate governance.
In Hong Kong, we are also recognized as a Caring Company under the Hong Kong Council of Social Services’ recognition scheme.
As a member of the Fung Group we have been a signatory to United Nations’ Global Compact since 2002 and have been publicly disclosing our progress to implement its 10 principles into our business via the Global Compact Communication on Progress Report.
Sustainability is integral to our business and our planning process
With operations spanning more than 230 offices and distribution centers in over 40 markets, addressing sustainability requires us to responsibly manage our environmental, social and governance performance, and to work with our customers, suppliers and industry partners to further the sustainability of supply chains and communities across our network. Health, safety and wellbeing, climate change, resource scarcity and increasing demands for transparency and accountability are important issues driving change in how we do business and engage with our ecosystem.
These issues pose risks, challenges and opportunities that we address through our Sustainability Strategy and day-to-day activities.
Respect for human rights is at the core of our beliefs and embedded in the way we do business
At Li & Fung our values foster a respect for human rights. We are committed to maintaining a respectful workplace free from discrimination and harassment of any form and to providing equal opportunities for all our people in support of the International Labour Organization’s (ILO) declarations on human and labor rights. We affirm these commitments in our Code of Conduct and Business Ethics.
We expect our suppliers to share our commitment to create better working conditions that uphold fundamental human and labor rights. This includes compliance with relevant local laws and regulations and meeting the obligations outlined in our Supplier Code of Conduct, which is based on the ILO’s core conventions and the requirements of the California Transparency in Supply Chains Act, and the UK Modern Slavery Act. You can read our Disclosure Statement on Modern Slavery which discloses our policies and actions relating to modern slavery and human trafficking in business and the supply chain.
Since 2002, the Fung Group has been a signatory to the United Nations’ Global Compact (UNGC), the world’s largest corporate sustainability initiative. Each year we disclose our progress in implementing actions to support the UNGC’s 10 Principles related to human and labor rights, the environment and anti-corruption.
Code of Conduct and Business Ethics
The foundation of Li & Fung’s culture lies in our history and our values. We believe we should always conduct ourselves and our business openly, honestly and in compliance with all applicable laws.
Our reputation is built on the actions of our people and we believe our success is built on our common vision of shared values and commitment to consistent and high standards, which are outlined in our codes of conduct.
Our Code of Conduct and Business Ethics sets out general principles on the way our people should conduct themselves at all times, how they should serve our customers and how they should work with our suppliers.