2011 - Li & Fung Limited

THE NEW THREE-YEAR PLAN 2011–2013
The period under review was the first year of the current
Three-Year Plan (2011–2013). The targets of this new
Three-Year Plan 2011–2013 are to achieve Core Operating
Profit of US$1.5 billion by 2013, with Trading, Logistics and
Distribution expected to contribute US$0.7 billion, US$0.1 billion
and US$0.7 billion respectively. Our long-established market
position across the supply chain network puts us in an unique
position to optimize opportunities for remarkable growth in the
future.
Li & Fung will also continue to monitor market conditions to
ensure the continuing strength of its franchise, and to meet
its responsibilities to all stakeholders, including customers,
employees, vendors and shareholders.
Li & Fung has maintained strong credit ratings from Moody’s
and Standard & Poor’s, at A3 (stable) and A- (stable)
respectively. The Group continues to enjoy healthy cash flow
and has strong credit ratios. For details, please refer to the
following “Financial Position and Liquidity” section.
PEOPLE
As of the end of 2011, the Group had a total workforce of
29,624, of whom 4,518 were based in Hong Kong and 25,106
were located overseas and in mainland China.
At Li & Fung we recognized that our asset base resides in the
talent, enterprise and creativity of our people. We believe that
investing in our people is about investing in the future and our
goal is to inspire people and build a culture and environment in
which they can grow and succeed.
MANAGEMENT DISCUSSION & ANALYSIS (CONTINUED)
EMPLOYEE ENGAGEMENT
In September 2011, we launched our first Employee
Engagement Survey with the objective of assessing our
engagement with our employees and their customer orientation,
and finding out more about our strengths and opportunities
for improvement across our business units and countries. The
survey, which was web-based and implemented through a
third-party to safeguard the anonymity of the respondents,
consisted of 56, close-ended questions and one, open-ended
question.
Out of the 14,490 employees who received the survey request,
11,237 completed the survey, representing a response rate
of 78%. The survey helped management to understand the
views of employees and to receive useful feedback. We have
formed a Corporate Engagement Team in conjunction with
business executives to communicate the survey results across
the company and to identify follow-up actions. In addition,
our business executives will champion improvement initiatives
that focus on the three themes of Communication, Career and
People Care.
WELL-BEING, OCCUPATIONAL HEALTH AND SAFETY
AND HUMAN RIGHTS
We aim to provide a safe, healthy and respectful workplace by
adhering to our policies and codes, raising awareness, sharing
tips and experiences, and providing training for our employees.
The health and well-being of all of our people globally is at the
top of our agenda. Our Useful Tips on health and well-being
play a vital role in sharing knowledge to our employees through
daily email messages and our internal e-platform. The tips cover
issues relevant to occupational health (e.g. desk ergonomics,
heavy-lifting postures and precautions, stretching exercises)
and well-being (e.g. ways to stay positive, quick stress relievers
at workplace).
LI & FUNG LIMITED | ANNUAL REPORT 2011
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