Panda issues first ESG report on leading initiatives aligned with Vision 2030

Panda Retail Company has announced the release of its inaugural Environmental, Social, and Governance (ESG) Report for the year 2023, underscoring its commitment to environmental sustainability, enhancing social responsibility, and internal governance, in line with the goals set forth in Saudi Vision 2030.

The report details Panda’s dedication to sustainable growth, positive societal impact, and environmental responsibility, founded on the belief that its success hinges on making a meaningful impact in the lives of customers, employees, and communities, and contributing to a more sustainable future for the retail sector through pioneering initiatives in environmental, social, and governance domains.

Commenting on this notable release, Dr. Bander Hamooh, CEO of Panda Retail Company, stated: "We are proud at Panda Retail to issue our first Environmental, Social, and Governance Report for 2023, reflecting our profound commitment to sustainability and our responsibility towards our community and environment. This report represents a roadmap that illustrates our efforts to achieve a positive and sustainable impact. We believe our role extends beyond providing products and services to include positive change in our stores and offices, aligning with Saudi Vision 2030 and enhancing sustainable growth in the Kingdom, in order to build strong partnerships with our communities, further improving their quality of life".

The report highlights the comprehensive environmental initiatives that contribute to reducing the company’s environmental footprint, including introducing biodegradable bags and encouraging customers to stop using single-use plastic bags, in addition to recycling over 18,000 tons of various materials. The company also achieved significant energy savings valued at SAR 3.78 million through the use of energy-efficient LED lighting in 100 of its stores.

Regarding corporate responsibility initiatives in 2023, Panda signed a cooperation agreement with the Saudi Export Development Authority to support the "Saudi Made" initiative, earned the "Mowaamah" Bronze Certification for enhancing an inclusive workplace for disabled people, and supported several charitable projects during the "Leave The Change For Them" campaign, where more than SAR 89 million were collected to support special-needs children and other charities through donations from Panda customers of leftover change.

The report also highlighted Panda's commitment to providing a healthy and supportive work environment that enhances employee well-being through initiatives such as "Panda Cares", which aim to improve their physical, mental, and emotional health. Additionally, the company organizes various events throughout the year and offers training programs for its employees through the "Panda Academy" to develop their skills. Furthermore, Panda provides support programs for employees with disabilities, focusing on achieving inclusivity and equal opportunities to ensure a positive work environment that fosters growth and development.

In terms of governance, the report shows Panda’s focus on the importance of transparency through the development of internal regulations and policies, as well as its efforts to ensure adherence to ethical business practices and a culture of disclosure across the organization, as part of a comprehensive vision to integrate sustainability into all aspects of its operational and business processes.

The report reflects Panda's strategic directions and its holistic vision towards environmental sustainability, adopting advanced technologies and innovative practices to reduce its environmental footprint, while maintaining employee welfare and community support, and contributing to sustainable national development under Saudi Vision 2030.