|Chinese enterprises encouraged to adopt new standard for future top 500(21/10/04)|
Chinese scholars have called on the country's businesses to adopt a new standard for selecting thetop 500 enterprises in the future, according to sources at the Future 500 China Forum held here Thursday.
The new standard, Future 500, differs from the popular Fortune 500 because it emphasizes businesses' social and environmental responsibilities, said Jin Zhouying, a research fellow with the Chinese Academy of Social Sciences.
The Future 500 system, proposed by Japanese scholar Tachi Kiuchi and American scholar Bill Shireman in 1995, is based on enterprises' three kinds of responsibilities in economic development, social progress and environmental protection.
The Fortune 500 list has been widely accepted for nearly 50 years. The newly proposed Future 500 system changes the traditional standard of industrial economy and no longer takes profits as the only index.
Most of the companies on the Fortune 500 list have a good social record, yet others fall short, said Tachi Kiuchi, chair of the World Future 500 Organization.
Wal-mart's high sales record made it the No. 1 business in the United States in March this year. But, the retailing giant was notlong ago accused of forcing its suppliers to exploit laborers, according to a report by the American National Labor Committee.
"Businesses should not only bring profits to its shareholders, but also take care of those people whose land they are mining from," said Kiuchi.
The World Future 500 Organization, founded in 1995, has attracted more than 300 American enterprises and more than 70 Japanese enterprises. China Petrochemical Corporation and Nanjing Automatization Co., Ltd. have become China's first group of enterprises to pass the Future 500 assessment.