Shipping

30
Inside COSCO Corporation
COSCO Corporation
(Singapore) Limited
fleet this year – COS Cherry, COS Intrepid
and COS Joy – for their high quality
practices in sustaining marine safety and
environmental protection. This certification
enables marine vessels to enter US waters
without the need for US Coastguard
clearance, for up to two years.
INFORMATION TECHNOLOGY
Along with its parent, the COSCO Group,
COSCO Corporation is constantly looking
at ways to leverage modern technology
to enhance its services and business
processes. Within the international
shipping industry, more and more shipping
transactions are being handled online, as are
internal administrative functions. COSCO
Corporation is therefore committed to
keeping ahead in the new economy through
the regular upgrading and enhancement of
its information technology infrastructural
and support systems.
In order to enhance and streamline
Group-wide communication and business
processes, COSCO Group initiated a
programme two years ago to introduce
SAP software systems across the Group.
This system creates a single integrated
platform for management information,
business analysis, financial management,
human capital management, operations
and corporate services.
As part of this Group-wide technology
enablement process, in FY2004 COSCO
Corporation upgraded its corporate finance
management system by integrating it with
the Group SAP system. During the year,
it also expanded its communications
capabilities and business networking
opportunities through the creation and
implementation of new and improved
e-commerce platforms.
The advanced network now created
enables seamless information integration,
management and delivery, a critical
component in the enabling of smooth
transportation and logistics operational
processes for COSCO Corporation and
the COSCO Group. A main network
links COSCO Group and its subsidiaries,
delivering secure digital information across
the Group.
Our e-commerce platforms open up a world
of business opportunities to us, bringing
us closer to the customer and enabling
us to conduct business electronically. In
our shipping agency business unit, Costar
Shipping introduced IRIS, a user-friendly
information system enabling our customers
to obtain real-time tracking information
about their cargo at their own convenience.
These information technology systems are
developed by the COSCO Group’s in-house
IT department. Staffed by IT professionals,
the IT department is responsible for the
maintenance and regular upgrading of all
IT systems in the COSCO Group and its
subsidiaries, as well as for the development
of new, advanced IT support systems and
functions. COSCO Corporation also has a
dedicated IT department, responsible for
the integration, maintenance and ongoing
upgrading of the Group systems in order to
improve work productivity internally and
to provide increasing convenience
to customers.
CORPORATE SOCIAL RESPONSIBILITY
At COSCO Corporation, a sense of
responsibility to society as a whole is
enshrined as a core value. We are committed
to enhancing the welfare of the community
at large, as well as adopting practices in
our operations that cause the least possible
damage to the natural environment.
Caring for the less fortunate
In FY2004, as part of our annual charity
donations, COSCO Corporation donated
more than S$50,000 in total to a variety of
charity organisations. These included cash
donations, fundraising and the sponsorship
of charity events, and participation in
charity fundraisers.
Specifically, during the year, COSCO
Corporation sponsored and participated
in the SGX Bull Run. COSCO Corporation
donated S$25,000 in total in order to support
the running of the event. A management
member from COSCO Corporation took part
in the event, which involved a run to raise a
donations for ten charity organisations.
COSCO Corporation also donated money to
the Community Chest through the Singapore
Police Force’s charity drive as well as the
Community Chest in FY2004.
Protecting the environment
In order to minimise the environmental
impact of its shipping and ship repair
and engineering businesses, COSCO
Corporation applies rigorous standards
of environmental safety in its operational
processes. The US Coastguard “Qualship
21: certificate of eligibility” and ISO9002
certification mentioned above in the HR
section include stringent environmental
standards as part of the evaluation
criteria. Above and beyond conformity to
international environmental standards, the
award of these certifications demonstrates
the consistently high standards of pollution
control and environmental safety achieved
by COSCO Corporation.
Nurturing the business community
Above and beyond its commitment to
the best international practices of its
own industry, COSCO Corporation has
a sense of responsibility to encourage
and share best practice with the Chinese
business community in Singapore as a
whole. Its President, Mr Ji, in his recent
appointment as the acting Chairman of the
Chinese Enterprises Association (CEA),
has undertaken the task of providing
courses in corporate governance to
publicly-listed Chinese firms in Singapore.
Through these courses, Mr Ji hopes to
encourage greater transparency and good
corporate governance practices among
Chinese enterprises so that the interests of
shareholders would be better protected.
As a board member of the Singapore
International Chamber of Commerce,
Mr Ji also seeks to promote good
commercial practices by enterprises across
industries, including COSCO Corporation.