Fuji Xerox sees firms rushing to meet sustainability disclosures
Company claims its “iESG” platform is sole cloud service available for listed companies to push forward their internal and external ‘green’ disclosures
Fuji Xerox, the biggest supplier of office printers and document management systems in Asia-Pacific, is predicting a rush of listed Hong Kong firms to start investing in advanced programmes to help them comply with more stringent environmental, social and governance (ESG) reporting in the city.
It is a development that Tokyo-based Fuji Xerox has prepared for since September last year, when the company introduced a cloud-based enterprise management service that streamlines the ESG reporting process.
Hong Kong Exchanges and Clearing, which operates the local bourse, last year made it mandatory for the more than 1,700 companies listed the city to make general disclosures on their ESG policies.
From this year, all Hong Kong-listed firms must make further disclosures on measurable key performance indicators of ESG targets and achievements. Failure to comply will require companies to explain why they did so.
“We expect huge demand in coming months, as more listed companies in Hong Kong get serious about their ESG disclosure,” Fuji Xerox Hong Kong managing director Herbert Hui told the South China Morning Post.
While office automation rivals Fuji Xerox, Canon and Ricoh each offer solutions and consultancy services for businesses to cut down on their paper, power and carbon footprint, Hui said the “iESG” platform developed by Fuji Xerox in Hong Kong is the sole cloud service now available for listed companies to push forward their internal and external ESG disclosure efforts.
Cloud services enable companies to buy, lease or sell software and other digital resources online, just like electricity from a power grid.
With the Fuji Xerox iESG cloud platform, listed firms can collect multiple environmental and social data from every department and region, and store them into a single platform.
The service also automates the scanning of data from bills, as well as convert carbon emission measurements. In addition, it generates standardised ESG reports to reduce the administrative workload on businesses.
Hong Kong-traded property and development firm Yueshou Environmental Holdings, one of the early adopters of the iESG platform, said the service is being used to monitor its performance across multiple locations in the city and on the mainland.
“We can now collect and store all ESG information in a single database to better manage our performance and generate relevant reports,” Yueshou executive director Patricia Kwan said.
Hui said Fuji Xerox, a joint venture that is 75 per cent owned by Japan’s Fujifilm Holdings and 25 per cent by US-based Xerox, expects to generate more than half of its sales in Hong Kong this year from professional services.
Research firm Gartner has forecast overall spending on information technology services in Hong Kong to reach HK$29.4 billion this year, up from an estimated HK$28.2 billion last year.