CONTENT

Chairman's Message

2

About Us

4

Environment
Green Finance Strategy

7

Domestic Green Finance Policies and Systems

11

Green Finance Practice14

Prospective Study and Cooperation& Communication on Domestic Green Finance23

Low-Carbon Operation of Domestic
Institutions

25

SocialDomestic Technology, Inclusive andPension Finance29

Customer Service of Domestic Institutions

41

Domestic Sustainable Financial Services

52

Global Financial Services

57

Return to Shareholders

64

Contributions to the Society

66

GovernanceCorporate Governance73

Strategic Management83

ESG Management

85

Risk Management

89

Governance of Human Resources

92

Digital Finance

100

Internal Governance

104

Social Responsibility (ESG)Management and Performance

106

Appendix001

Feedback Form

018

Chairman's Message

Chairman's Message

With a view to boosting the high-quality development of thefinancial sector and building China into a financial powerhouse,
President Xi Jinping called for cultivating and carrying forward
the financial culture with Chinese characteristics, and stressed
the five practical requirements, including “seeking benefits
through righteousness rather than seeking nothing but profits”,
in an effort to inject traditional and positive cultural genes into
financial work in the new era.

ChairmanLiao Lin

The Bank has followed the guidance of Xi Jinping Thought on
Socialism with Chinese Characteristics for a New Era, practiced
the political and people-oriented nature of financial work,
established a correct philosophy of righteousness and benefit,
integrated social responsibility into the entire process ofbusiness management, upheld integrity and righteousness, andserved the public. While effectively serving the high-quality
economic and social development, the Bank has realized
its own value, and promoted the coexistence and common
prosperity of finance, economy, society, and environment.
We adhered to the original purpose of finance and improved
the quality and efficiency of serving the real economy. We
focused on the main responsibilities and core business, madesolid headway in the five priorities of technology finance,
green finance, inclusive finance, pension finance and digitalfinance, stepped up support for major strategies, key areas
and weak links, and helped develop new quality productive
forces. In 2023, loans increased by RMB2.88 trillion, and bondinvestments reached RMB1.29 trillion, both growing stably
as compared to the previous year. The Bank set up a digital
inclusive center. The growth rate of loans to manufacturing,strategic emerging industries, green, inclusive, agriculturerelated and other key areas was significantly higher than the
average growth of total loans. The number of inclusive financeservice points increased to 4,760.
We stayed committed to green and low-carbon development,
to ensure harmony between humanity and nature. Taking
the development of green finance as an obligation to serve
the people, benefit the society, and preserve the ecologicalenvironment, we put efforts into both assets and operations,accelerated the green and low-carbon transformation ofdomestic investment and financing, built a digital carbon
accounting system, steadily carried out our own carbon
footprint management, and continuously improved effective
green financial services. In 2023, the balance of green credit
loans approached to RMB5.4 trillion, and the ICBC-supported
projects can save over 72 million tons of standard coal andreduce more than 144 million tons of carbon dioxide emissions.
The total carbon emissions from our operations remained
stable.
We adhered to safe development and maintained overall
economic and financial stability. While ensuring bothdevelopment and security, we took the lead in incorporatingclimate risks into the enterprise risk management systemfollowing the path of “active prevention, smart control andcomprehensive management”, to forestall, mitigate andaddress various risks in a coordinated way. We sped up thebuilding of an enterprise-level smart risk control platform,
strengthened the management of product risks, IT and network
security, and advanced the effective application of the “Fivepronged Risk Management Approach”. We implemented the
responsibility for workplace safety, addressed safety hazards in
key areas such as buildings and canteen gas, and continuously
consolidated our safe and stable operation.
We persisted in fully serving the people to meet theirneeds for a better life. Acting on the people-centered values,
we comprehensively leveraged the functions of nearly 15.5
thousand outlets and online platforms such as mobile banking,and extensively integrated our services into people’s livelihood
scenarios, so as to continuously enhance the sense of gain,
happiness, and security of the people. We accelerated thecomprehensive layout of pension finance, and have basically2

Industrial and Commercial Bank of China Limited

completed the renovations of online and offline channels
for the convenience of the elderly people. We strengthened
consumer protection, further addressed customer complaints
at the source, improved the long-term mechanism forpreventing and controlling account risks related to gambling
and fraud, and deeply rooted the brand of “By Your Side andAs Your Trust” in people’s hearts.
We acted on a people-centered philosophy to promote thecommon growth of employees and employers. We enhanced
care for employees, broadened their career development
channels, and tilted resources such as remuneration andbenefits, education and training, and health services towards
the grassroots level. We intensified efforts to cultivate
outstanding talents, iteratively implemented new employee
training programs such as the “ICBC Stars Program”, andcontinuously built a high-quality and professional financial
talent team. We seized the opportunity of D-ICBC construction
to create a talent pool “recruited by HR, trained by technology
and used by business”, and vigorously cultivate interdisciplinary talents skilled in business and technology.
We adhered to “Two consistencies” and promoted theintegration of Party building and corporate governance. We
remained committed to the Party’s comprehensive leadership,and stayed focused on improving conduct, tightening disciplineand fighting corruption. We improved probity culture in the
new era, and further enforced Party self-discipline and strict
governance of the Bank in all aspects. We continued to improvethe corporate governance of a modern financial enterprisewith Chinese characteristics, put into effect the newly revised
Articles of Association with approval of regulators, andfurther enhanced the scientific and effective decision-making
mechanism. We refined the ESG strategy management system,
and kept exploring sustainable development paths.
In the past year, we were delighted to see that hundreds ofhectares of economic ecological forests in the upper reachesof the Yellow River were thriving, fish and birds were living inharmony in the Shajiabang Reed Mashes Wetland of Suzhou,
tourists came in flocks to Huangyao Ancient Town in Hezhou,
Guangxi after its renovation, and small and micro enterprises
affected by the disaster in Zhuozhou, Hebei had received
loans from ICBC to resume work and production as soon as
possible. The financial power was steadily pooling to improvethe ecological environment and make people’s life betterand happier. Through these vivid scenes, we have a deeper
understanding that, in order to strengthen our financial workin the new era, we must vigorously cultivate and promote
the financial culture with Chinese characteristics, implement
the practical requirements such as “seeking benefits throughrighteousness rather than seeking nothing but profits”, andwork ceaselessly to boost the financial development with
Chinese characteristics.
At a new starting point of the journey we set out 40 years ago,
we will follow the guidance of Xi Jinping Thought on Socialismwith Chinese Characteristics for a New Era, fully and faithfully
apply the new development philosophy on all fronts, andplay a pivotal role in serving the real economy and a ballaststone role in maintaining financial stability, with a focus on
economic development as our central work and high-quality
development as our primary task. We will fulfill our responsibility
for environmental, social and governance (ESG), boost the highquality development of the financial sector, and make greater
contributions to building a great country and advancing national
rejuvenation on all fronts through Chinese modernization.

Chairman: Liao Lin
March 27, 2024

Corporate Social Responsibility (ESG) Report 2023

3

About Us

About Us

Corporate Culture
Excellence for You

MissionExcellent services for clients Maximum returns to shareholders
Real success for employees Great contribution to society

Industrial and Commercial Bank of China was established on 1 January 1984. On 28
October 2005, the Bank was wholly restructured into a joint-stock limited company.
On 27 October 2006, the Bank was successfully listed on both Shanghai Stock
Exchange and The Stock Exchange of Hong Kong Limited.
The Bank has devoted itself to building a world-class and modern financial
enterprise with Chinese characteristics. The Bank has a high-quality customer
base, a diversified business structure, strong innovation capabilities and market
competitiveness. The Bank regards service as the very foundation to seek further
development and adheres to creating value through services while providing
abundant financial products and superior financial services to over 12.05 million
corporate customers and 740 million personal customers around the world. It
has served the high-quality development of the economy and society with its
own high-quality development. The Bank has been consciously integrating social
responsibilities into its development strategy and operation and management
activities, and gaining wide recognition in the aspects of serving the manufacturingindustry, promoting inclusive finance, backing rural revitalization, developing green
finance and participating in public welfare undertakings.

VisionValuesTo build a world-class modern financial institution with Chinesecharacteristics in all aspects, and become a longlasting andever-prosperous bankIntegrity Leads to Prosperity
Integrity Humanity Prudence Innovation Excellence

The Bank always keeps in mind its underlying mission of serving the real economy
with its principal business, and along with the real economy it prospers, suffers
and grows. Taking a risk-based approach and never overstepping the bottom line,
it constantly enhances its capability of controlling and mitigating risks. Besides,
the Bank remains steadfast in understanding and following the business rules ofcommercial banks to strive to be a long-lasting and ever-prosperous bank. It also
stays committed to seeking progress with innovation while maintaining stability,
continuously enhances the key development strategies, actively develops the
FinTech and accelerates the digital transformation. The Bank unswervingly delivers
specialized services, and pioneers a specialized business model, thus making it “acraftsman in large banking”.

The Bank was

ranked the 1st place
among the Top 1000 World Banksby The Banker
andthe 1st place in the list ofcommercial banks of the Global 500
in Fortune
for the eleventh consecutive year

andtook the 1st place
among the Top 500 Banking Brandsof Brand Financefor the eighth consecutive year

4

Industrial and Commercial Bank of China Limited

Corporate Social Responsibility (ESG) Report 2023

5

Environment

SocialGovernanceGreen Finance Strategy

Green Finance Strategy
Domestic Green Finance Policies and Systems
Green Finance Practice
Prospective Study and Cooperation &Communication on Domestic Green Finance
Low-Carbon Operation of Domestic Institutions

On November 8 to 9, 2023, Chen Siqing, then Chairman of the Bank, attended the Annual Conference of Financial Street Forum 2023 and delivered aspeech at the Entrepreneur Roundtable Conference.

Green finance strategy
Strategic goal

Business philosophy

Becoming a green bank with goodinternational reputation.

Serving the domestic real economy withgreen finance.

In the process business development, the Bank has always adhered to integrating economic responsibility with social responsibility,
pursuing innovation-driven development, and fostering new development advantages on all fronts. The Bank attached greater
importance to the development of green finance and support for ecological civilization in the Group's development plan, in a bid toenhance the adaptation, competitiveness and inclusiveness of its services for green development. The plan made clear that "theBank will lead the way in practicing green development", and promoted the "building of green finance and ESG system" as a
specific measure.
In its strategic development plan for the "14th Five-Year Plan" period, the Bank put forward the mission of "adapting to the times,
staying ahead of competitors and benefiting the public", and emphasized the need to comply with the new trend of energy
revolution, clean production and circular economy, accelerate the innovative development of green finance, and improve the services
for ecological civilization.

6

Industrial and Commercial Bank of China Limited

Corporate Social Responsibility (ESG) Report 2023

7

Environment

Organizational structure of green finance

The Bank's green finance work system is an organizational management system thatis coordinated by the Board of Directors, senior management, and the Green FinanceCommittee, managed by relevant departments, and promoted by all business lines in acollaborative manner.

SocialGovernance

Strengthening climate risk identification and management
The Bank identified and assessed climate risk by analyzing the climate factors that affecttraditional risks, and incorporated climate risk factors into the identification and assessmentof such traditional risks as credit risk and market risk. It analyzed the impact of transformation
risks and physical risks on substantive risks, and studied the impact of climate risk on its capital
adequacy ratio from the aspects of risk level, management measures, etc.

Incorporating climate factors into internal rating

Domestic climate risk management
Progress of climate risk management
Including climate risk in the enterprise risk management system

In order to assess the risks and opportunities of enterprises during the transformation of carbon
peak and carbon neutrality and improve the foresightedness of the internal rating model, theBank managed to incorporate climate factors into the credit risk rating framework, improved
the credit risk rating system, and conducted special assessment of green enterprises andenterprises of high carbon emissions. Pilot rating has been carried out throughout the Bank.

Constantly improving the climate risk database
The Bank's climate risk database has integrated eight categories of data, including carbon
emission, carbon market, stress scenario, ESG data, and information disclosure. The Bank regularly
updated and maintained the database, and continuously improve data quality to provide basic
support for climate risk measurement, management and analysis.

The Bank has incorporated climate risk management into the enterprise risk management system,
to continuously improve climate risk management system. The Regulation on Enterprise-wide Risk
Management defines the governance structure of and responsibility for climate risk management,
establishes and constantly improves the "three lines of defense" for climate risk, and puts forward
the composition and requirements of the climate risk management system.

Climate risk stress testingSpecial Column"Three Lines of Defense" for Climate Risk Management

The first line of defense
Business departments
As the first line of defense for climate risk management, business departments are the major bearer and manager
of climate risk, and assume the responsibility for implementing the access standards for green finance business, andstrengthening climate risk-related business management.
The second line of defense
Risk management departments
As the second line of defense for climate risk management, risk management departments shall formulate climate
risk management policies, standards and requirements, and provide climate risk management methods, tools,
processes and guidance for the first line of defense. Risk management departments shall independently monitor,
assess and report climate risk status and risk changes of the Bank and business lines. Risk management departments
shall execute the one-vote veto power for green finance business and assess the effectiveness and appropriatenessof climate risk management.
The third line of defense

With reference to the technicalframework of the United Nations
Environment Programme (UNEP)
and based on the stress scenariosof the Central Banks and Supervisors Network for Greening the Financial System (NGFS), the Bank
carried out localized calibrationof stress scenarios in accordancewith domestic conditions, built
transformation and physical risk
transmission models, and conducted stress testing, so as tobecome a domestic leading bank
to complete the climate risk stresstest using international advanced
technology.

The Bank's climate risk stresstesting includes three categories of scenarios, i.e., orderlytransformation, disorderedtransformation and global
greenhouse. The Bank designed
special stress test methods for
key industries such as thermal
power, steel, transportation,coal, oil and gas, described thedevelopment laws of these industries.

During the reporting period,
the Bank's climate risk stresstesting conducted the localized
calibration of NGFS scenarios,
independently operated a comprehensive assessment modelthat generates NGFS scenarios,
conducted applicability checks
and adjustments on model input
indicators, and analyzed thereasonableness of model output
indicators. It made the Bank aleading domestic bank in localizing and calibrating the climate
risk stress testing scenarios ofinternational organizations, andfurther enhanced the Bank's
comprehensive climate risk
management capabilities.

Internal audit departments
As the third line of defense for climate risk management, internal audit departments are responsible for auditing
the implementation of climate risk governance, the performance of the Bank's green finance business, and theeffectiveness of green finance business management and process, so as to continuously improve the Bank's
green finance business management.

8

Industrial and Commercial Bank of China Limited

Corporate Social Responsibility (ESG) Report 2023

9

Environment

Implementation of domestic green finance plans
During the reporting period, the Bank persisted in promoting green finance from a strategic perspective, continuously deepened
the green finance system, and achieved initial progress in structuring a green finance development mode with ICBC's characteristics
from multiple dimensions such as governance structure, policy and system, product innovation, risk management, performance,
brand promotion, international cooperation, and forward-looking research.

The Bank's green industry investment and financing grew
rapidly, the scale of domestic
green loans was ahead ofpeers, and the growth rate ofgreen loans has been higher
than the average of total loans
for many years.

Improving the basic management systems
on green financeRefining the assessment
mechanism andstrengthening theassessment of green
finance

Outstanding achievements have been
made in forward-looking green financeresearch and cooperation.

The Bank defined the leading green industries
as the industries of aggressive entry, andadopted differentiated credit policies, including
preferential policies of economic capital andmatched authorization, to green loans.

Formulating annual
green loan planand providing FTP
preferences

On December 5, 2023, Wang Jingwu, Executive Director and Senior Executive Vice President of the Bank, attended the"Green Finance and Climate
Response: The Role and Opportunities of China's Banking Industry" side event at the Chinese workshop of the 28th Conference of the Parties to theUnited Nations Framework Convention on Climate Change (COP28) in video form, and delivered a speech.

10

Industrial and Commercial Bank of China Limited

GovernanceDomestic Green Finance Policies andSystems

Investment innovation in such products
as green bonds, wealth management
and funds has been quickened.

Investment and financing environmentand social risks have been effectively
prevented and controlled.

Social

By establishing the mapping relationship between
customers' industries, project keywords andgreen industry, the Bank effectively improved theidentification efficiency and management of green
loans using both intelligent system identificationand manual verification and correction.

Green finance has been included in the part of social
responsibility in the branch performance assessment
index system, focusing on assessment of the proportionof green loan balance, increase of green loans, green
finance products and service innovation of each
institution. Social responsibilities (ESG and sustainablefinance) were included into assessment indicators ofintegrated subsidiaries of the Group, to encourage
integrated subsidiaries of the Group to incorporate
ESG and sustainable finance into their strategic plans,
strengthen ESG investment and research, establish andrefine ESG management framework and constantly
enhance ESG governance capabilities.

Strengthening
differentiated credit
policies and economic
capital adjustments

The Bank arranged a specific amount of green loans toensure green industry financing. Internal fund transfer
pricing ("FTP") incentive measures were implemented
for green loans.

Actively pushing
forward the digitaltransformation of green
finance

Corporate Social Responsibility (ESG) Report 2023

11

Environment

Improving green finance policies and systems
1

Issuing the Notice on Relevant Issues of Implementation of the Guidelines forGreen Finance of the Banking and Insurance Industries

In alignment with the Guidelines for Green Finance of the Banking and Insurance Industries issued by the former CBIRC, the Bank
formulated measures to promote its green finance work at the next stage, and make overall arrangements for deploying thetasks of all departments and branches. The Notice on Relevant Issues of Implementation of the Guidelines for Green Finance of the
Banking and Insurance Industries puts forward seven key tasks to improve green finance in the next step, including:Strengthening the capability of environmental, social and governance (ESG) risk management, building ESG requirements
into the enterprise risk management system, and carrying out whole-process risk management
Continuing to promote the green and low-carbon adjustment of the investment and financing structure, reducing thecarbon emissions of the Bank's operations in an orderly manner, and steadily pushing forward the work of carbon peak andcarbon neutrality
Actively exploring and refining the Bank's green financial system and mechanism
Actively using technical means to improve green financial services

SocialGovernance

Steadily advancing the work related to "carbon peakand carbon neutrality"
During the reporting period, the Bank took the lead in the industry to develop a "carbon peak and carbon neutrality" plan of theGroup to devise investment and financing portfolio and its "carbon peak and carbon neutrality" route in a forward-looking manner.

Refining the asset end and systematically advancing the low-carbon
transformation of the Bank's investment and financing structure
The Bank systematically pushed forward the key tasks, including promoting low-carbon transformation of investment and financing
structure, strengthening climate risk management, and carrying out carbon accounting for investment and financing.

The green and low-carbon transformation of credit structure continued to advance, making the best of carbon emission
reduction support tools. Since the launch of carbon emission reduction support tools
loans to a total of

the Bank has granted

200,422

millionRMB
of carbon emission reduction

1,496
projectswith a weighted averageinterest rate of

3.09%

reducing the annual emission of

51,457.2 thousand tonsof carbon dioxide equivalent

Strengthening the green finance construction of overseas investment and financing business
Clarifying the responsibilities of entities at all levels to ensure that the Bank's green finance construction meets regulatory
requirement
Maintaining close communication with the governments and regulators

2

Formulating and issuing the 2023 Industry Investment and Financing Policy

The Policy covers nearly 50 industries of 16 segments, which comprehensively highlights the "green" orientation, and adopts
differentiated management measures such as economic capital occupation, authorization, pricing and scale to continuously
strengthen the differentiated policy support and control. Indicators about an enterprise's technology, environmental friendliness,
energy consumption, etc. were embedded into the process of selecting customers and projects in priority industries. The Bank
made great efforts to support the development of green, low-carbon and circular economy, and positioned key areas suchas clean energy, green transportation, energy conservation and environmental protection as industries of aggressive entry ormoderate entry.

3

Issuing the Green Guide to Investment and Financing of Industrial and Commercial Bank of China (Trial)

It is a basic document of the Bank's green investment and financing policy system. Focusing on green development, the Green
Guide to Investment and Financing of Industrial and Commercial Bank of China (Trial) took ESG risk prevention and control as
the basic starting point, and provided rich operation guidance for ESG risk prevention and control of investment and financing.
The Bank effectively strengthened effective and targeted ESG risk prevention and control through key points of ESG risk
identification, minimum access standards, excellent standards, and green investment areas. The ESG that the Bank focused on
includes environmental pollution prevention, energy conservation, response to climate change and carbon emission control,
water resource conservation and flood prevention and control, biodiversity and ecological protection, safe production andoccupational health, cultural relics protection, corporate governance and business owner behavior.

12

Industrial and Commercial Bank of China Limited

The Report on the Long and Medium-term Strategy for Improvement of Investment and Financing Structure under theGoals of "Carbon Peak and Carbon Neutrality" was issued. The report takes the carbon peak and carbon neutrality into
consideration in the research of industry investment and financing policies and customer selection, and implements the"basket by basket" strategy for investment and financing to continuously promote the green and low-carbon transformationof investment and financing structure, and strengthen the innovation of green financial products and services.

Accelerating the construction of a carbon accounting system for digital investment andfinancing business, to assist in the green transformation of the real economy
To strengthen the capability of serving the real economy, improve the quality and efficiency of its carbon accounting
services for investment and financing, and better assist in carbon peak and carbon neutrality work, during the reporting period, the Bank accelerated the building of a digital carbon accounting system for investment and financing
business, and developed a customized information collection plan for key emission industries such as power generation, steel, and petrochemicals, in line with the characteristics and needs of these industries. The plan covered 80%
of loan customers in the industries. The Bank improved the measurement and disclosure of investment and financing
carbon accounting, and promoted financial innovation in carbon peak and carbon neutrality. The accounting system
played an important role in helping the Bank serve the carbon peak and carbon neutrality work of the real economy.

Consolidating the operation end and steadily promoting carbon
footprint management in the Bank's operations
Following the overall path of "making an investigation, tapping potential, setting a route, and steadily advancing", the Bank steadily
carried out operational carbon footprint management and formulated an overall strategy of "four major areas and five improvements"for energy conservation and carbon emission reduction.

During the reporting period
andthe Bank recorded total
operational carbon emissions ofand consumption of water,electricity and office paper of

2,029.8 thousand tons

24,616.9 thousand tons, 2,446,767.18MWh

7,729.32 tons,

respectively

Corporate Social Responsibility (ESG) Report 2023

13

Environment

SocialGovernanceGreen Finance PracticeGreen credit

Underwriting of green bonds

During the reporting period, the Bank stepped up support for green product innovation, built a comprehensive carbon financeservice system, flexibly utilized franchise rights, pollution discharge rights, charging rights, new energy subsidy confirmation andother collateral loans, innovated guarantee methods, and actively expanded credit support for enterprises under the premise ofeffective risk control.

As at the end of the reporting period
The Bank's total
domestic green loans

hit a record highthe balance of green loans under the
NFRA criteria amounted to nearly

5.4

RMB

trillion

Maintaining aleading position
among peers

During the reporting period
the Bank actively pushed forward
the implementation of various
ESG bond projects in line withthe financing needs of customers
from all industries and regions forgreen transformation and energy
supply guarantee, effectively fulfilling its social responsibility.

The Bank underwrote

95

ESG bonds,
including green bonds,
sustainability bonds,
social bonds.

Among the total proceeds of

450,090

RMB

the Bank underwrote

112,875

RMB
as a lead underwriterin terms of total
amount and growth

millionmillionXinjiang Branch of the Bank successfully underwrote the first targeted green asset-backed
commercial paper (ABCP) in Northwestern China

Green bondAs the lead underwriter, Xinjiang Branch of the Bank successfully issued a targeted green ABCP for an enterprise.
With a priority rating of AAA, the bond had an issuance amount of RMB144 million. Its underlying assets involve
green projects, including urban black and odorous water treatment, sewage treatment, river, lake and wetland
protection and restoration, rainwater regulation and storage facilities construction, and domestic waste treatment.
After implementation of the project, it can reduce carbon dioxide emissions by 393.01 tons and save 177.15 tonsof standard coal annually.

Green bond issuance
Domestic issuance of green bonds

During the reporting period, the Bank issued three tranches of domestic green financial
bonds worth RMB60 billion in total, which had the largest issuance scale and the bestissuance cost among domestic green financial bonds in the reporting period. They
constantly improved the Bank's green development capabilities while advancing thecomprehensive green and low-carbon transformation of economic and social development.

Green bond investment
During the period, the Bank actively engaged in RMB-denominated green bond investment to provide green financial support for
key areas, such as ecological civilization.

Newly increased investment in RMBdenominated green bonds amounted to

90.4

Overseas issuance of green bonds

RMB

By the end of the reporting period
the Bank had issued nine
overseas green bonds, witha total amount of

19.9

USD

billionand continued to consolidate its leading
advantages among Chinese peers. It
had cumulatively won 17 international
awards from The Asset, The Banker,
Global Capital, the Climate Bonds
Initiative, etc.

Specifically, the issuance of USD2.2 billion worth of global multi-currency green
bond with the theme of "carbon neutrality"
and RMB10 billion worth of RMB green
finance bond was included into the official
achievement of the third Belt and Road
Forum for International Cooperation.

Industrial and Commercial Bank of China Limited

273.2

RMB

billionrepresenting a year-on-yearincrease of

33.5

%

The Bank prudently made investment in foreign currency green bonds, and steadily improved its market influence.

Newly increased investment in foreign
currency green bonds amounted to

429

USD

14

billionand the balance of green bonds
at the end of 2023 reachedmillionwith a balance of

1.27

USD
billionas at the end of 2023

representing a year-onyear increase of

36.27

%

Corporate Social Responsibility (ESG) Report 2023

15

Environment

SocialGovernanceGreen fundGreen wealth management

During the reporting period, ICBC Credit Suisse, a subsidiary of the Bank, actively participated in the financing for listed green
companies, the pricing of green companies in the capital market, and discovery of the long-term value of green development.

During the reporting period, ICBC Wealth Management, a wholly-owned subsidiary of the Bank, fully seized the strategic
opportunities of green finance development to deeply promote the construction of green finance, actively boost the green bondmarket, and channel various resource elements to the field of green, low-carbon and circular economy. It was awarded the "Top 50
ESG Practices - Responsible Wealth Management Subsidiary" and the "Best Asset Management Organization for Responsibility
Investment".

As at the end of the reporting period
ICBC Credit Suisse held

69,055

These stocks mainly came from sub-industries such as new energy
vehicle, energy storage, photovoltaic power, wind power, nuclear
power and environmental protection, accounting for%of total market capitalization of stocks held by ICBC Credit Suisse

ICBC Credit Suisse had issued a total ofwith a total amount of approximately

ESG-themed publicly offered equity funds
dedicated in investing in ecological environment, newenergy and carbon neutrality

RMB

15

ICBC Wealth Management continued tostrengthen forward-looking research on
green finance, deeply studied the "1+N"
policy system for carbon peak and carbon
neutrality, understood the overall directionof green finance and ESG investment,
and continuously increased investment
in green finance. As at the end of thereporting period, the balance of green bondinvestment of ICBC Wealth Managementro s e by ove r 6 0 % c o m pa re d t o t h e
beginning of the year, and its proportionin ICBC Wealth Management's credit bondinvestment further increased, higher thanthe proportion of green bonds in the credit
bond market.

30

million
RMB
worth of stocks in green economy sectors,
mainly including carbon neutrality,
environmental protection and new energy

34,883

millionDuring the reporting period, ICBC WealthManagement had a total of three ESGthemed wealth management products
which were operated steadily. The Bank
has introduced long-term stable funds
for the development of the green andlow-carbon industry by continuously
cultivating wealth management productsthat balance long-term performance andgreen responsibility.

Green leasing
During the reporting period, ICBC Financial Leasing, a wholly-owned subsidiary of the Bank, stuck to its leasing mission, upheld
the green development philosophy, continued to do a good job in the layout of green credit industry, and provided leasing financesupport for green industries such as the clean energy industry chain and the new energy vehicle industry chain, based on the trendof green and low-carbon economic development in China.

During the reporting period, ICBC Financial Leasing conducted financing leasing business with a new energy
company in Qingdao. The leased property is a complementary photovoltaic power generation asset for fisheryand solar energy. While meeting the basic power generation functions, the project construction fully considers
the attribute of resources of benefiting farmers. Construction of large-scale aquaculture ponds, and vegetable
fields under the photovoltaic panels boosted the development of local agricultural industrialization, assisted
agriculture and benefited farmers, and promoted rural revitalization and the popularization of clean energy
in urban and rural areas. It effectively leveraged the characteristics of leased products to serve China's major
strategies such as sustainable development and rural revitalization.

During the reporting period, ICBC Financial Leasing carried out a direct leasing project for aircraft maintenanceequipment in Chengdu, helping a company establish its first "full lifecycle" aircraft service center project guided
by the sustainable development philosophy in China. The assets were engineering machinery and equipment
required for the upgrading of second-hand aircraft. This project will provide one-stop services, including parking,storage, maintenance, upgrading, modification, dismantling, and recycling for various aircraft models, open up
a new model of green circular economy for aircraft, fill the gap at the end of China's aviation industry chain, andprovide reference and demonstration for the future recycling of domestically developed large passenger aircraft.

16

Industrial and Commercial Bank of China Limited

Green investment
During the reporting period, ICBC Investment, a wholly-owned subsidiary of the bank, firmly implemented the philosophy of green
investment, supported the green and environmental protection industries, and achieved the development strategy of "investment
and fundraising integration" through a combination of industry and finance. It gave priority to new energy power generation, green
transportation, green manufacturing, and strategic emerging industries, to promote the high-quality development of the real
economy.

As at the end of the reporting period
the balance of domestic green financeinvestment was

Newly increased investment in green
finance amounted to

RMB

RMB

52,988million

8,888

millionaccounting foraccounting for%of the existing assets%of the total newly increased
investment in the year

28.93

33.22

Corporate Social Responsibility (ESG) Report 2023

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Environment

SocialGovernanceCases of green
innovation

Guangdong Branch innovatively granted sustainable linked loans

During the reporting period, Guangdong Branch of the Bank granted a sustainable linked loan of RMB61 million
to a papermaking enterprise in Jiangmen. The enterprise adopts the world's advanced environmental protection
craft, technology and equipment, has established sewage treatment plants and other supporting facilities, andinnovatively produces zero-carbon paper. The loan was the first sustainable linked loan for the papermaking
industry in Jiangmen, with the loan interest rate linked to the energy conservation and emission reduction
effectiveness of the enterprise. If the chemical oxygen demand and ammonia nitrogen emission of the enterprise's
smoke are lower than the national emission standard and reach the emission value agreed in the contract, thepreferential interest rate can be enjoyed during the loan duration. It will help motivate the enterprise to reducesmoke and sewage discharge, and achieve green and sustainable development.

Beijing Branch actively participated in syndicated loans to support the development of
new construction industrialization

During the reporting period, Beijing Branch of the Bank, as the lead bank, provided a syndicated loan of RMB270
million to meet the funding needs of an enterprise for an intelligent green building project using prefabricatedcomponents. After the completion of this project, it can achieve an annual production capacity of one million
square meters of PC components and 210 thousand cubic meters of prefabricated components, promote thedevelopment of new construction industrialization, and effectively solve problems such as noise, dust, material
waste, and environmental pollution in the traditional construction industry and building materials.

Case

Case

The Bank provided financial support for the green andlow-carbon transformation of traditional industries

The Bank provided credit support for an offshore photovoltaic power station project

During the reporting period, the Bank provided RMB397 million worth of credit support for an offshore
photovoltaic power station project. The project was built on reclaimed beach, consisting of 210 thousand 550 wattphotovoltaic modules, with an average annual on-grid power capacity of 135,038.1 thousand kWh. Compared tothermal power with the same generation capacity, the project will save around 40.8 thousand tons of standard
coal, 111.9 thousand tons of carbon dioxide, 775.62 tons of sulfur dioxide and 1,164.78 tons of nitrogen oxides
annually.

The Bank provided full-scenario services for publicly offered new energy REITs

During the reporting period, the Bank provided full-scenario services for a publicly offered new energy REIT,
pioneered the publicly offered REITs factoring service model in the market, helped build underlying assets
through the "M&A+" service, and provided whole-cycle account custody and escrow services. The project isthe first publicly offered new energy REITs of a central enterprise in China, with an issuance scale of nearly
RMB8 billion, and the Bank's participation in strategic placement investment of nearly RMB100 million. Throughthe development and implementation of the full-scenario service solution for publicly offered REITs, the Bank
actively supported the healthy development of the publicly offered REITs market, and formed a virtuous circle ofcoordinated progress of existing assets and new investment.

Fujian Branch of the Bank supported the construction of an offshore wind power project

During the reporting period, Fujian Branch of the Bank provided credit support for an offshore wind power
project. Offshore wind power has the advantages of enjoying abundant resources, being far from residential
areas, not occupying land, not damaging protective forests, and having high hours of installed capacity utilization.
After the project is completed, compared to thermal power generation, it can save 349.6 thousand tons ofstandard coal for China each year and reduce carbon dioxide emissions by 1,063 thousand tons annually. The
project has significant environmental, social, and economic benefits.

Ningbo Branch of the Bank provided financial leasing services for a sewage treatment project

During the reporting period, Ningbo Branch of the Bank, together with ICBC Financial Leasing, conducted a green
financial leasing transaction of RMB550 million with a water group. With local sewage treatment equipment as
the leased property, the transaction provides green finance services for the enterprise by supporting county-levelsewage treatment business.

Guangdong Branch of the Bank supported the construction of an agricultural photovoltaic comprehensive development project.

18

Industrial and Commercial Bank of China Limited

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Environment

SocialGovernance

Case

Qinghai Branch of the Bank assisted in building a thousand-mu economic ecologicalforest project

Qinghai Branch of the Bank and the Sanjiangyuan Ecological Protection Foundation jointly built a thousand-mu
economic ecological public welfare forest in the upper reaches of the Yellow River. Upholding the philosophy of"ecology foremost and green development" and based on the rural revitalization, this project will build a thousandmu demonstration base for economic ecological forest management in Biandutan of Guide County in the upper
reaches of the Yellow River. It aims to build an ecological industry system of harmony between humankind andnature and a green ecological corridor covering both sides of the Yellow River, in a bid to strengthen the ecologicalbarrier in the upper reaches of the Yellow River.

The Bank actively promoted the integrated development of green finance and rural revitalization

During the reporting period, the Bank granted a project loan of RMB11.2 billion for an enterprise's wind power poverty
alleviation project, in a move to actively implement China's goals of rural revitalization and carbon peak and carbon
neutrality. With a total installed capacity of three million kilowatts, the project is intended to install 730 wind turbines.
After completion, the project will have an annual power generation capacity of 9,179 million kWh, save around 2,926.9
thousand tons of standard coal and reduce 7,737.9 thousand tons of carbon dioxide emissions, 2,886.08 tons of sulfur
dioxide emissions, and 2,841.40 tons of nitrogen oxides annually. The energy conservation and emission reduction
were very effective. Meanwhile, the project has formed a "sustainable industry circular poverty alleviation model" of
new energy that drives regional economy and continuously improves the people's livelihoods through major programs.

During the reporting period, Suzhou Branch of the Bank provided credit support for the ecological restoration,
operation and construction needs of the Shajiabang Reed Marshes Wetland Scenic Spot. As at the end of thereporting period, Suzhou Branch had provided a cumulative credit support of RMB800 million for this project.
Shajiabang Reed Marshes Wetland is a subtropical wetland park, which takes multiple measures such as cultivating
wetland plants and water-resistant plants, adjusting river channels, and renovating earthworks to create an ideal
wetland spatial form, creating a wetland ecological community with the characteristics of a southern water town.

Case

Suzhou Branch of the Bank provided financing for Shajiabang Reed Marshes Wetland Park

Hebei Branch of the Bank provided financial support for the Baiyangdian comprehensive ecological restoration project in Xiongan New Area.

Hangzhou Branch of the Bank supported the green bus project of Hangzhou

Hangzhou Branch of the Bank continued to support the construction of the new energy public transportation
system in Hangzhou, with cumulative working capital loans of over RMB4 billion. It cumulatively granted credits ofmore than RMB1 billion for projects such as the purchase of new energy buses and station construction. So far, all
the buses in the downtown areas of Hangzhou have been supersede by new energy buses, making low-carbon
transportation a more popular choice for more people.

Sichuan Branch of the Bank provided financing for the water-photovoltaic complementary
power plant projectSichuan Branch of the Bank granted a credit of RMB3 billion to a "water-photovoltaic complementary" power
plant. During the reporting period, Sichuan Branch of the Bank granted RMB1,068 million worth of credit loans forthe project. The project was the world's first million kW-level "water-photovoltaic complementary" power plant,
and also the world's largest water-photovoltaic complementary project with the highest altitude. The averageannual power generation is expected to exceed 2 billion kWh, and it is expected to save over 600 thousand tons ofstandard coal and reduce more than 1.6 million tons of carbon dioxide emissions annually.

The Bank launched the function of risk control map for ecological protection red line

Suzhou Branch of the Bank provided credit support to meet the needs including the operation and construction of
Shajiabang Scenic Spot, as well as the improvement of the ecological environment.

20

Industrial and Commercial Bank of China Limited

The Bank utilized the GIS (Geographic Information System) technology to embed ecological protection red line
database information in its credit management system - Global Credit and Investment Management System (GCMS),
which adds the ecological protection red line judgment function for loan project siting, and is incorporated into
the full-process management of credit business. In March 2023, recommended by the PBC, the Bank released thisachievement during the G20 and promoted it worldwide as China's solutions and experience, providing innovative
solutions to address the global challenge of biodiversity risk management for financial institutions.

Corporate Social Responsibility (ESG) Report 2023

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Environment

Case

Guangdong Branch of the Bank revitalizes marine carbon sink ecological products

Nan'ao County (Island) in Shantou City, Guangdong Province is located at the intersection of the East China Sea
and the South China Sea, with a 167-kilometer coastline. Currently, the total area of oyster cultivation in Nan'aoCounty is more than 20 thousand mu, with an annual output of over 30 thousand tons. It is the largest oyster
cultivation base in Guangdong Province. According to the characteristics of oysters that can absorb a large amountof carbon dioxide during their growth and are conducive to environmental protection, Guangdong Branch of the
Bank launched the "Loan Pledged with Right to Expected Earnings of Marine Carbon Sink", a financing product.
It helps farmers obtain financial support for aquaculture, which is pledged with the right to expected earnings ofcarbon sink by calculating and evaluating the carbon sink amount to be derived from cultured oysters, and taking
into account market prices.

Auckland Branch of the Bank actively participated in a sludge treatment project in New ZealandDuring the reporting period, Auckland Branch of the Bank actively organized and participated in a NZD400 million
syndicated financing project for a sludge treatment facility project of the Wellington Government in New Zealand.
Upon completion, the project is expected to reduce sludge by up to 80% and carbon emissions by 60%. It will
provide much-needed sewage treatment infrastructure for the Wellington area and play an important role inbuilding greener and healthier urban communities.

Dubai Branch of the Bank provided financial support for a Uzbekistan wind power plantDubai Branch of the Bank, as a lead arranger, jointly organized a USD900 million international syndicated loan withinternational multilateral institutions to provide financial support for a Uzbekistan wind power project. The projectis scheduled to build multiple wind turbines and supporting power facilities. After the project is completed, it isexpected to reduce carbon emissions by 1.40 million tons annually. After the project starts operation, it will help
improve the power structure in Central Asia, and promote global energy transformation and sustainable economic
and social development.

SocialGovernance

Prospective Study and Cooperation &Communication on Domestic Green
Finance
Prospective study
During the reporting period, the Bank continuously tracked international and domestic systems related to economic transformationand green finance, the National Conference on Ecological Environment Protection, and COP28 (the 28th Conference of the Parties tothe United Nations Framework Convention on Climate Change) and other important conferences, and conducted in-depth researchon key areas such as ecological cooperation, carbon governance, transformation finance, green bond, information disclosure, andcarbon market tools. It provided suggestions for global green finance governance, improvement of the green finance system, green
transformation of the banking industry, and green finance practices, and gave full play to the role of research in empowering practiceand creating value.

Releasing various green finance findings
During the reporting period, the Bank closely followed the forefront of green finance policy practice and development, focused on
key issues in the Bank's green finance development, and conducted special research, including a series of reports such as the New
Opportunities of Green Fintech, to assist in the development of related fields. The Bank released the 2024 Green Finance Outlook
Report, showcasing the achievements of the Bank's green finance development and providing intellectual support for financial
services to support China's green development.

Constantly promoting the Belt and Road green finance research
During the reporting period, the Bank prepared the third version of the Belt and Road green finance (investment) index, andcompleted the Belt and Road Green Finance (Investment) Index Report (2023), to help financial institutions make green investment
decisions under the Belt and Road initiative, and continuously expand the application scenarios and practical value of the Belt andRoad green finance (investment) index.

Dubai Branch of the Bank provided financial services for a wind power project in Uzbekistan.

22

Industrial and Commercial Bank of China Limited

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Environment

Cooperation & communication
During the reporting period, the Bank organized or participated in domestic and overseas activities with the theme of green financeand other relevant activities, including activities of the BRICS Business Council, and the China Development Forum. In various
activities, representatives of the Bank conducted in-depth discussions and communications with guests, experts and scholars fromdomestic and foreign government departments, industry associations, financial institutions, research institutes and enterprises, tojointly analyze the development trends and other issues in the field of green finance, and share the best practices and governanceexperience in green finance.

Actively participating in global climate risk cooperation andcommunication
It was the first financial institution in China to sign therecommendations for upholding TCFD. As an expert
member of TCFD, the Bank
actively participated in TCFD
global financial governance.
During the reporting period,
the Bank participated in four
plenary meetings of TCFD,
and provided suggestions
for the 2023 Status Report of
TCFD.

The Bank provided a special training on climate risk
management for domestic
and overseas branches andsubsidiaries.

The Bank
actively took partin the global financial
governance of Task
Force on ClimateRelated Financial
Disclosures(TCFD)The Bank
conducted
communicationand cooperation
at meetings

The Bank
provided climate
risk management
training

The Bank actively engaged incommunication and cooperation with domestic and foreign
peers in the field of climate risk,
and participated in climate risk
conferences and discussions
at home and abroad. During the reporting period, theChinese workshop under the
28th Conference of the Parties(COP28) to the United Nations
Framework Convention on Climate Change was held, with thetheme of "Green Finance andClimate Response: The Role andOpportunities of China's Banking Industry". The Bank presented a keynote report entitled
New Progress in Climate Risk
Management in China's Banking
Industry at the workshop.

Continuously promoting cooperation with the BRICS Business Council
As the Chinese Chairman of the BRICS Business Council and the Chinese group leader of the Financial Working Group, the Bank
actively promoted communication and mutual learning in the field of green finance, and assisted in green transformation in multiple
fields. During the reporting period, relying on the Financial Working Group, the Bank continued to promote the formulation of ESG
and green finance standards in BRICS countries. It organized an online "BRICS+" green finance cooperation seminar and released
the BRICS Green Finance Cooperation Report. Relying on the Energy and Green Economy Working Group, the Bank supported the
preparation of the second BRICS Energy Forum.

Building a communication platform for the Belt and Road interbank
cooperation mechanism
During the reporting period, the Bank hosted the third Belt and Road Bankers Roundtable (BRBR) in Beijing. Nearly 200
representatives from 80 financial institutions in Europe, Middle East, Africa, Southeast Asia and other key regions of the Belt andRoad cooperation also attended the meeting. They exchanged views on issues such as providing financial services to promote thehigh-quality development of the Belt and Road, and deepening the international cooperation in green and sustainable finance of theBelt and Road.

24

Industrial and Commercial Bank of China Limited

SocialGovernance

Low-Carbon Operation of Domestic
Institutions
Carbon footprint management
Steadily carrying out carbon footprint statistical work
During the reporting period, with its independently developed statistical system of carbon footprint management data, the Bank
organized internal institutions within the Group and subsidiaries to fill in annual energy consumption data, which collected three
categories of data, i.e., carbon emission data, emission facilities and monitoring facilities. The Bank constantly optimized theabnormal data model, provided prompts for abnormal data, and organized various institutions to correct abnormal data to ensure
the integrity and accuracy of data. A third-party specialized agency was engaged to check the data within the reporting period
through on-site inventory, document review and other methods.

Taking multiple measures to save energy and reduce carbon emissions
During the reporting period, the Bank actively carried out energy conservation and carbon emission reduction related to its own
operations. Focusing on four areas of technological infrastructure, building infrastructure, daily office, and key energy consuming
facilities, the Bank encouraged the improvement in five areas, i.e., structural renovation of building enclosure, replacement of aging
equipment, installation of energy monitoring platform, electrified substitution of vehicles, and electrified renovation of canteen,
during the natural maintenance and replacement of fixed assets.

Technologicalinfrastructure

Building
infrastructure

Four
major
areas

Daily
officestructuralrenovationof building
enclosureKey energy
consuming
facilities

replacementof aging
equipment

electrified
renovation of
canteenFive
improvements

electrified
substitutionof vehicles

installation ofenergy monitoring
platform

Promoting the practical implementation of green office
The Bank continued to promote its daily work related to carbon peak and carbon neutrality, encouraged employees to jointly
facilitate energy conservation and consumption reduction throughout the Bank, and continuously expanded the application scope of
paperless meetings and paperless fax, in an effort to reduce the consumption of office paper.

Corporate Social Responsibility (ESG) Report 2023

25

Environment

Continuously advancing the building of green and lowcarbon outlets

SocialGovernanceSupply chain management (responsible procurement)
During the reporting period, the Bank actively assumed the social responsibility in centralized procurement practices.

During the reporting period, the Bank actively implemented the philosophy of green environmental protection and low-carbon
energy conservation, deepened the construction of green and low-carbon outlets, and continuously improved hardware and servicesof outlets.

In terms of source design

In respect of key controls

It was advocated to comprehensively consider
the omni-directional physical environment suchas building structure, fire protection facilities, andinternal circulation, and to carry out modular, intensive, refined, and professional design of outlet
construction drawings. Efforts should be made to
avoid increased energy consumption and material waste during the construction due to designchanges, thereby reducing carbon emissions.

The Bank advocated choosing suppliers certified
by environmental protection agencies of nationalor provincial governments, and encouraged theselection of local materials and local quality suppliers and active use of green building materials
that are renewable and the certified green building
and decoration materials, in a bid to reduce comprehensive energy consumption.

In respect of technology application

In terms of exploration innovation

The Bank continuously explored the application of
new energy, new processes, and new technologies,
steadily advanced the energy-saving upgradingof lighting for outlets, accelerated the eliminationof inefficient lighting products, increased the promotion and use of efficient energy-saving lighting
facilities, explored the application of technologies
such as photovoltaic power generation + storage
batteries, solar LED display glass, and prioritized
the use of renewable energy.

Some branches explored green outlets (version 2.0)
through energy recycling, intelligent system control, and other methods.

Building of a green and low-carbon outlet - Anhui Hefei Technology Sub-branch

During the reporting period, Anhui Branch of the Bank adhered to the construction philosophy of energy-saving
technology, intelligent energy, and green and low-carbon development, and developed Hefei Technology Subbranch into a carbon neutrality sub-branch, which has been certified by the Beijing National Financial Technology
Certification Center as a carbon neutrality outlet.
The outlet intelligent system of the sub-branch comprehensively utilized photovoltaic power generation system,
roof greening rainwater collection system, and intelligent energy management system for building operation
to implement energy conservation and carbon emission reduction. It continuously refined energy structure,
improved energy utilization efficiency, and comprehensively reduced the intensity and total amount of energy
consumption related to its own operations. Since the system started operation, as of the end of the reporting
period, the cumulative on-grid photovoltaic power generation has reached 5,291 kWh, cumulatively reducing
4.11 tons of carbon dioxide emissions.The roof greening rainwater collection system provides the functionsof absorbing carbon dioxide, releasing oxygen, blocking dust, and alleviating the urban heat island effect. It
integrated water storage, drainage, water supply, and water use, and provided the functions of high-temperature
replenishment of water and low-temperature shutdown of irrigation.The intelligent energy management systemfor building operation adopts various methods such as centralized control, timed control, and control by induction
to reduce the activation time of lighting fixtures, air conditioning, and fresh air, and achieve green management tosave energy and reduce consumption.

26

Industrial and Commercial Bank of China Limited

The Bank firmly established the orientationof "probity and openness" and "open procurement and transparent procurement",
comprehensively promoted the "recruitment
as appropriate", continuously strengthened
the source governance of probity risk, andcontinued to formulate rules and regulations,strengthen the guidance for management andcontrol, and improve procurement transparency. Open bidding has become the preferred
procurement method for centralized procurement in the Bank.

Adhering to the philosophy of "good quality
and reasonable price", the Bank did a goodjob in quality assessment and testing, formulated reasonable procurement plans, and improved the cost-effectiveness of procurement.
The Bank implemented a number of procurement projects that support technological innovation and digital transformation, enhancerisk prevention and control capabilities, support small and micro enterprises and inclusive
finance, and promote green and low-carbon
operation, in a bid to empower the Bank's
high-quality development.

Identifying the management of environmental and social risks at eachlink of the supply chain, and improving relevant implementation andsupervision methods
In terms of institutional construction

In terms of implementation of procurement activities

The Administrative Measures for Centralized Procurement
Suppliers have been revised to further clarify the management
requirements for investigating major risks and illegal activities
of suppliers in environmental protection, social responsibility,
and corporate governance. The suppliers included in the
production safety blacklists or financial blacklists, as well as
those who have been criminally punished for environmental
protection violations, corruption, violation of labor laws or
regulations, product safety accidents, and undermining ofcustomer information security, were categorized as suppliers
that shall be exited.

During the implementation of open bidding projects, the bid
evaluation committee shall verify whether the bidding suppliers
have significant criminal records such as bribery and collusion
in bidding, as well as serious dishonesty. Once discovered, theirbidding qualifications shall be cancelled. In the supplier recommendation process, in-depth research and verification shall be
conducted to ensure that the recommended suppliers participating in the Bank's procurement activities comply with China's
regulations and the Bank's systems and regulations. The Bank
shall regularly investigate the risks of the Bank's centralized procurement suppliers, and have zero tolerance for suppliers withmaterial criminal records and serious dishonesty, and promptly
take measures, such as including them in the list of banned
suppliers engaging in misconduct and removing them from the
supplier database.

Encouraging the use of more environmental-friendly products andservices when identifying and selecting suppliers, and improving
relevant implementation and supervision measures
In accordance with China's laws, regulations and regulatory requirements, the Bank clarified the relevant qualification requirements
for suppliers to fulfill social responsibilities in environmental protection, energy conservation, occupational health and safety inthe field of procurement. In the business negotiation notice (or bidding documents), the technical and service requirements forenvironmental protection and energy conservation are clearly defined for the relevant project suppliers. The expert panel evaluates
whether the products and services provided by the suppliers meet the relevant requirements during the evaluation negotiationor bid evaluation, and reflects them in the final score. The suppliers participating in the review and negotiation shall sign a Social
Responsibility Commitment Letter, undertaking to execute green and environmental protection requirements. The supervision andacceptance standards for delivery, installation and debugging during the subsequent implementation of projects shall be tightened
to ensure effective execution.

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Environment

SocialGovernanceDomestic Technology, Inclusive andPension FinanceTechnology financeDuring the reporting period, the Bank maintained high priority to the energetic development of technology finance, and establishedand continuously iterated and updated the technology finance service support system that focuses on top-level design, regimes &mechanisms, policies support and resource allocation and features "specialized institutions, professional cooperation, exclusive products, special policies and special risk control".

As of the end of the reporting period
the balance of the Bank's domestic loans tothe companies in emerging industries was

up nearly

RMB

RMB
billionfrom the beginning of the year

2.7

trillion

950

Domestic Technology, Inclusive andPension Finance
Customer Service of Domestic
Institutions
Domestic Sustainable Financial Services
Global Financial Services
Return to Shareholders
Contributions to the Society

On November 8, 2023, Liao Lin, then President and current Chairman of the Bank, attended the Parallel Forum on "Finance Empowers Industrial
Development" of the Annual Conference of Financial Street Forum.

28

Industrial and Commercial Bank of China Limited

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Environment

SocialGovernanceAll-round and multi-tiered technology finance service system
The Bank set up the Technology Finance Promotion Committee, took the lead in the industry to establish specialized service
organizations such as "technology finance centers, characteristic sub-branches and technological innovation outlets" and created"well-coordinated" four-level (Head office, branch, sub-branch and outlet) collaboration to make technology finance service more
efficient. During the reporting period, the Bank set up specialized technology finance institutions such as technological innovation
centers and characteristic sub-branches to basically cover vibrant technological innovation areas.

The Bank won nearly
20 important awards such as

The Excellent Inclusive
Finance Bank of the YearBest Inclusive Financial
Service Bank of the Year

Technology finance campaign

by The Economic Observerby the Financial News (China)

The Bank channeled financial support to key technological innovation fields. The Bank stepped up key customer marketing efforts
and expanded coverage of services for them.

Outstanding Case of Inclusive Finance Service
Innovation of the Yearby The Chinese Banker

Innovation of exclusive products
The Bank formulated the Comprehensive Financial Service Plan for Technological Innovation Enterprises, rolled out innovative rewardbased credit products and characteristic scenarios of Quick Lending for Operation for special scenes of "Specialization, Refinement,
Differentiation and Innovation", and provided micro, small, medium and large enterprises with "stock, loan, bond and insurance"
financial services throughout their life cycle, so as to form a technology finance service system with ICBC characteristics.

The Bank further improved the applicability of digital inclusive products

Tightening of special risk control
The Bank took the lead in creating "sci-tech + talent" and "qualitative + quantitative" exclusive rating and credit models, andcontinued to spur the innovation of differentiated loan review models such as group loan review, active credit granting andpersonalized authorization, so as to improve the precision of technology finance services.

Reinforcement of exclusive support

As of the end of the reporting period
the balance of digital inclusive
loans was approximately

1.9

RMB

trillion

The Bank constantly diversified and optimized the three major digital inclusive product systems,
namely, Quick Lending for Operation, Online Revolving Loan and Digital Supply Chain. Branches
innovated and expanded service scenarios in light of local conditions to precisely cater to local
resources and customer characteristics, complement standardized products and improve market
responsiveness.

The Bank strengthened assessment guidance, FTP incentive, economic capital concession, credit scale and FinTech support, createda sound ecosystem of technology finance service, and promoted the sustainable development of technology finance.

Inclusive financeSupport for the development of small and micro enterprises
The Bank increased the grant of inclusive loans to provide stronger financing support
As of the end of the reporting period
the balance of the Bank's domestic inclusive
loans to small and micro enterprises stood at

2.23

RMB

1

trillion

an increase of

677.4

RMB
billion orfrom the beginning of the year

43.7

%

Such increase wasclose to a quarter of
the total new loansof the Bank.

Note: 1. Such amount is consistent with "the balance of inclusive loans under the criteria of China Banking and Insurance Regulatory Commission".
Xie Taifeng, then Chief Business Officer of the Bank, visited the Inclusive Finance Department for survey.

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Industrial and Commercial Bank of China Limited

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Environment

The Bank provided more precise services for key areas

Governance

The Bank made continued efforts in matchmaking by strengthening the dual supply of credit
funds and business opportunities

The Bank offered precise support for small and micro enterprises in wholesale/retail,accommodation, catering and foreign trade industries.

The Bank enhanced services for longtail customers such as self-employedbusiness owners, expanded marketingcoverage of specialized markets, business districts and parks, and further
satisfied their demands. It optimized"Merchant Loan" products, encouraged
branches to speed up unsecured loan
innovation in light of local conditions,and concentrated on improving thecapacity for small-line, credit-related
and full-online services.

SocialThe Bank supported micro and small
technological innovation enterprises,
actively communicated with local scitech authorities and high-tech parks
to obtain such data as the list of microand small sci-tech enterprises and thenumber of technological innovation
awards and patents, continuously optimized exclusive products and services,and proactively explored the models of
movable property and intellectual property financing, coordination between
investment and loan businesses, etc.

The Bank ramped up channel building to make delivery operation more efficient
The Bank continuously improved the integrated service network to provide financial services that are readily accessible to small andmicro enterprises.

It diversified and improved the abilities of two platforms, "ICBC Business Matchmaker" and "Agricultural Matchmaking", to serve
customers at a higher value, constantly enhanced one-stop services such as high-quality and online + offline integrated productrecommendation, supply-demand matchmaking and financing support, and facilitated the integration of resource elements to help
enterprises to expand their presence in the market.

As of the end of the reporting period
new platform users surpassed

250

thousand32

andthousandsupply and demand information aboutcommodities, technologies and projects

led to nearly

50

thousand cooperation intentions and received tens of millions visits

It was awarded"Demonstration Case of
Business Service Innovation""Excellent Practice Cases of Financial
Services for Rural Revitalization"from China International Fair for Tradein Services

from China Urban-Rural Financial Newsetc.
In view of urgent and frequent
demands of micro and small for
financing, it put in place mobilebanking, corporate internet
banking and other channels to
conduct standard operations andautomatic review & approval andprovide one-stop inclusive financial services that supports 7×24h
online application and handling.

It quickened steps in deploying
inclusive financial business inoutlets, improved their abilities
to serve micro and small customers and provided thoughtful
inclusive financial services in lobbies.

The Bank rendered comprehensive inclusive financial services more thoughtful
The Bank continuously improved the comprehensive financial service system featuring a combination of "financing, consulting andcommercial services" for small and micro enterprises, and diversified packaged services (business account and settlement and payroll
payment agency service) for them on the basis of good financing service. The Bank signed cooperation deepening agreements withlocal governments, industry associations, industrial parks and specialized markets in many places to promote access of inclusive
financial services to parks, enterprises and markets, and offered funds, policies, business opportunities and management services tosmall and micro enterprises around their diverse needs for enterprise financial services, internal management and market expansion.
The Bank further promoted a series of activities of "ICBC Inclusive Finance Travel" to put into practice the pan of "visiting thousandsof enterprises, boosting confidence and optimizing service". The Bank deeply participated in Celoan projects by deploying "Quick
Loan for Manufacturing", "Quick Loan for Technological Innovation" and other inclusive financial products on the national platform of
Celoan. As of the end of the reporting period, it cumulatively granted RMB261.2 billion to 60 thousand small and micro enterprises.

32

Industrial and Commercial Bank of China Limited

Tian Fenglin, Chief Business Officer of the Bank, attended the 12th APEC Small and Medium Enterprises Technology Conference and Fair.

Corporate Social Responsibility (ESG) Report 2023

33

Environment

SocialGovernanceSupport for rural revitalization

Common prosperity
The Bank conducted paired assistance campaigns to gear up the "revitalization in thefollowing five aspects"

As of the end of the reporting period
Focusing on improving quality and efficiency and consolidating development achievements.
During the reporting period, the Bank continued to promote the sustainable and healthy
development of featured industries such as Nanjiang's Mongolian gazelle, Tongjiang's whitefungi, Wanyuan's black chicken and Jinyang's green prickleyash. The key assisted enterprises
achieved year-on-year growth in annual sales revenue. The Bank organized various
consumption assistance activities to promote high-quality agricultural products from the four
counties and cities to enter industrial parks, e-commerce platforms, exhibitions, and dining
tables. It purchased advertising spaces on certain high-speed rail trains running from Chengdu
to first-tier cities like Beijing, Shanghai, and Guangzhou, helping to promote the agricultural andcultural tourism resources of the four counties and cities.

The Bank deepened thedual assistance of willpower
and intelligence, empowering rural revitalization.
During the reporting period,
it continued to implementthe "ICBC Agricultural Talent
Program", inviting experts
and scholars to deliver lectures. It organized over 50
online and offline training
sessions, covering more than
127 thousand person-timesof community-level talentsfrom the four counties andcities. This promoted theintegration of learning andapplication, enhancing theircapabilities and quality.

Support forindustrial
revitalization
Supportfor culturalrevitalization
Supportfor talent
revitalization"revitalizationin the following
five aspects"

Support forecologicalrevitalization

The Bank improved the appearance of villages and created green ecological environments. During the reporting period, it actively
supported some villages and towns in thefour counties and cities to carry out projects
suited to local conditions, such as the construction of eco-friendly rural accommodations and road beautification and illumination
projects, deepening the integrated development of agriculture, culture, and tourism. The
Bank implemented the "Award Supermarket"
project as a rural pilot, guiding over 1,500
villagers to actively participate in rural governance and build a better homeland.

34

Industrial and Commercial Bank of China Limited

Support fororganizational
revitalization

The Bank placed emphasis on
integrating education and entertainment to enrich cultural
life. During the reporting period, it continued to strengthen
the construction of public cultural services, supporting theestablishment of venues for
cultural and sports activities
in over 90 villages across thefour counties and cities, providing guarantees for fitness
and leisure activities for villagers. The Bank organized cultural and entertainment activities such as "village galas" incertain townships, promoting
the fulfillment of cultural andrecreational needs among rural residents.

The Bank leveraged its Group synergy topromote prosperous villages and enrich thepeople. During the reporting period, it actively
supported the development of collective village economies in the four counties and cities
by creating exemplary highlights. The collective economic income of Chaya Community
Village in Wanyuan City ranked first in the city
for two consecutive years. Dalunkan Village
in Wanyuan City was recognized as a national"One Village, One Product" demonstration
town. Dajuan Village in Jinyang County successfully held its first collective economic
dividend distribution conference, actively promoting income increases for the populationthat had been lifted out of poverty.

During the reporting period2

the balance of the Bank's domestic
agriculture-related loans reached nearly

4.24

RMB

a rise of more than960

more than RMB
trillionloans were granted to agriculturerelated areas

trilliona year-on-yearincrease of more than

29

RMB
billion or more thancompared with the beginning of the period

30

%

%

It kept increasing
agriculturerelated loan
grants

It was rated"excellent" for two consecutive years

in the assessment of financial institutions in serving rural revitalization by
the People's Bank of China and National Financial Regulatory Administration

The financial service system was improved
The Bank persistently improved the "1+6" framework of financial services for rural revitalization and consolidated urban-rural
collaborative service foundation.

It is led by the Urban-Rural Collaborative Development Strategy and backed bysix basic systems for rural financial services, including organization management,
fundamental systems, rural service delivery, entire product system, categorized
execution, and unified service brands.
Service structure:"1+6"

The Bank launched agriculture-related exclusive products and services and the firststandard digital inclusive loan product - "Planting e Loan" to improve suitability
and accessibility.
Product innovation

Corporate Social Responsibility (ESG) Report 2023

35

Environment

Channel construction

Technology-driven
empowerment

The Bank put in place an online + offline integrated rural financial service delivery system
and unceasingly broadened the range of financial services and listed 4,760 rural inclusive
financial service outlets, covering all top 1000 towns by comprehensive competitiveness.
The Bank accelerated the improvement and promotion of ICBC "Xingnongtong", an online
outreach system, which served more than 160 million rural customers in counties.

The Bank made sustained efforts to build ICBC Xingnong digital intelligence service
platform, tapped the scenarios of applying new technologies such as big data, artificial
intelligence, block chain and satellite remote sensing in agriculture-related fields,
and established nearly 2 thousand satellite remote sensing monitoring projects in 15
provinces.

SocialGovernance

The Bank supported the development of rural industries and helped to build abeautiful countryside
The Bank increased support for the development of rural industries such as agricultural product processing and circulation andmodern rural service, and provided quality financial services for industrial clusters such as agricultural product processing industry
parks, agricultural product e-commerce industry parks and cold chain distribution centers of origin. The "Credit Express Channel for
Agriculture Operators" was popularized to provide diverse and comprehensive financial services for new-type agriculture operators.
In cooperation with the Ministry of Agriculture and Rural Affairs, the Bank launched characteristic industry matchmaking andconnection activities of "Prosperous Agriculture Bank", released ten demonstration cases of "Prosperous Agriculture Matchmaking",and deepened the comprehensive financial services of "local specialty products". The Bank actively supported key projects suchas the improvement of rural living environment, the construction of cold chain logistics infrastructure, the power generation of
emerging energy sources in rural areas and the interconnection between urban and rural areas, so as to promote the balanced
integration of urban and rural areas.

As of the end of the reporting period
the balance of credit extended throughthe "Credit Express Channel for Agriculture
Operators" was more than

21

RMB

NearlyThe balance of loans for rural
infrastructure construction was
greater than

220

"Prosperous Agriculture
Matchmaking" activities wereconducted to serve more thanbillion350

an increase of nearly

10billiona rise of nearly

40

thousand
agriculture operators

RMB
billionfrom the beginning of the year

800

RMB

%
from the beginning of the year

Good financial services were provided for personal customers in rural areas and new citizens
The Bank launched the campaign of "Thriving Agriculture to Walk Ten Thousand Miles" to serve personal customers in rural areas andnew citizens, promoted the "Village-wide Credit" business model and continuously enriched exclusive products (such as deposits,loans and wealth management) for personal customers in counties and townships to precisely accommodate their financial demands
in production and living. The Bank continued to improve the exclusive financial service system for new citizens, provided panfinancial services related to employment, entrepreneurship, housing, social security and medical care for them, and endeavored to
improve the availability and convenience of financial services for new citizens and personal customers in rural areas.

As at the end of the reporting period
On August 30, 2023, Song Jianhua, Chief Business Officer of the Bank, attended the launching ceremony of the new farmer program "Partner
Bellwether Plan" and the release of the Action Plan for Serving Rural Revitalization Entrepreneurs under the Bank's private banking business.

The Bank pressed ahead with the effective integration between consolidation of achievements
in poverty alleviation and rural revitalization
With an eye on poverty elimination areas, key counties for national rural revitalization assistance and regions receiving paired
assistance, the Bank improved and consolidated financial assistance mechanisms, made ongoing efforts to increase financial
resources to these places, innovated credit products with regional characteristics, and resolutely implemented key assistance tasks
such as preventing return to poverty, industrial assistance, personnel training and organizational building.

As of the end of the reporting period
the balance of various loans
to poverty elimination areas
exceeded

1

RMB

36

trilliona surge of more than

170

RMB
billionover the beginning of theyear

Industrial and Commercial Bank of China Limited

The balance of various loans to
key counties for national rural
revitalization assistance surpassed

170

RMB

billionan increase of more than36%
from the beginning of theyear

personal customers in counties
increased by more than

11

millionThe "Village-wide Credit" businessmodel covered more than

15

thousandadministrative villages

with more than

5.6

millionhouseholds registeredand the credit wasmore than82

RMB

billionTibet Branch launched an innovative product - "Xueyu Xingnong e Loan·Yak Loan"

During the reporting period, Tibet Branch of the Bank learned in the process of in-depth survey that, thefarmers and herdsmen in Guoruo Village of Naqu City had difficulties in expanding the scale of yak breeding andincreasing the income of yak breeding due to the shortage of working capital. Therefore, the innovative product"Xueyu Xingnong e Loan·Yak Loan" was unveiled according to local conditions. The first loan of such type was
successfully issued at the end of August.

Corporate Social Responsibility (ESG) Report 2023

37

Environment

Pension financeSocialGovernancePension fund finance
As at the end of the reporting period

Improvement of organizational system construction
The Bank established the Pension Finance Committee, which is responsible for the overall promotion of pension finance throughout
the Bank.

Social security

Annuity

The Bank ranked first in theindustry in terms of domesticsocial security deposits andcumulative number of financialsocial security cards issued

The Bank led other banks in terms of the scaleof enterprise annuity funds under the Bank's
trusteeship, number of individual enterprise annuity
accounts and annuity funds under the Bank's
custody. Its investment management scale alsoranked among the top in the industry

Measures
The Bank formulated the Opinions on Actively Developing Pension Finance,
established product service system and scenario ecosystem covering pension fundfinance, elderly care service finance and pension industry finance, achieved goodresults in top-level design, working mechanism, product system and customer
service, and remained committed to supporting the coordinated developmentof national pension undertakings and pension industry through high-quality
financial supply.

1

2

The weight of pension finance was increased in the KPI assessment ofbranches.

A pension financial product and service system was put in place,covering pension fund finance, elderly care service finance and pension
industry finance.

3

Basic elderly care service

Social security service
windows are set, so thatthe insured units and individuals can handle social
security businesses suchas insurance registration,
information inquiry, premium payment, certificate
printing, qualification
certification, transfer andcontinuation of social
security relations. This
move kept improving thecapability for supplying
public services.

Enterprise andoccupationalannuity service

The Bank was
the first in theindustry tolaunch "social
security-banking
integrated
outlets"

The Bank
continued topopularize
financial social
security cards

The Bank sought
to provide goodinvestment advisory
service for personal
pension funds

With the focus on social
security and people's
livelihood services, theBank pushed forward
the issuance and activation of financial social
security cards, setup of"ICBC e Social Security"
sector on mobile banking, card application,
wider-range applicationand other relevant work.

The Bank established the index system of pension financial business, the data
platform of pension finance and the unified view of the first, second and third
pillars of pension funds.

4

Elderly care service financeAchievements

During the reporting period
the Bank won the"Tianji Award for Pension Financial Services Bank"

Improvement of elderly care service
functionsSupport for the building of an agefriendly societyFirst, the Bank increased the deployment ofcharacteristic facilities by relying on "ICBC
Sharing Stations". Second, the Bank continued to make it more convenient for elderly
customers to access financial services.

The first elderly customer service brand "ICBC Aixiangban" was unveiled.

by Securities Times for the fifth time

"Best Pension Financial Service
Award"
by Retail Banking"Excellent Pension Financial Service
Bank Award of the Year"by The Economic Observer

38

Industrial and Commercial Bank of China Limited"Pension Finance Organizationsof the Year"

Support for pension wealth managementof residents"Pension Innovation BankAward of the Year"For the elderly customers, "Fumanyi"
exclusive deposits and "Fuman" series
of wealth management products wereintroduced.

by yicai.com

by East Money

Organization and operation of service
activities for respecting the elderly
The Bank relied on the "ICBC Sharing Stations" to carry out financial knowledge publicity and voluntary service activities such aspension financial knowledge, elderly care andprevention of telecommunications fraud, andactively built a financial consumption environment that respects and suits the elderly.

Corporate Social Responsibility (ESG) Report 2023

39

Environment

Dalian Branch of the Bank built a special network with the theme of "Warm Sun" to provide service experience
integrating "finance + respecting the elderly" for the elderly customers. The network has a reading area for theelderly, a youth experience area and a public education area for the elderly to build an emotional exchange site
for the elderly customers. A professional Warm Sun financial management team was set up to provide exclusive
wealth management services for the elderly customers. It regularly visited the community to organize free healthexamination and other service activities for the elderly.

Shanghai Branch of the Bank has built barrier-free demonstration outlets suitable for aging, and better met thefinancial service needs of special groups by transforming the hardware space and facilities of the outlets, carryingout sign language and first aid training for employees, setting up green channels for special groups and the elderly,
and cooperating with the District Disabled Persons' Federation, the neighborhood committees of the streets andthe surrounding enterprises and institutions to carry out public welfare service activities for the elderly.

Shenzhen Branch of the Bank continued to carry out the "first responder" project, provided all outlets under its
management with automatic external defibrillators (AED), and continuously improved the ability to deal withvarious emergency scenarios for elderly customers.

B end
Corporate customers
During the reporting period, the Bank increased high-quality credit grants, provided precise and strong financing support for key
fields, and continued to make the service for the real economy more adaptable and competitive.

As of the end of the reporting period

Pension industry finance

14.6

RMB

Service for inclusive
pension projects

The Bank regarded the pension industry
as the key sector of the "HappinessIndustry" and the key area of the "New
Service" credit layout. The Bank built abusiness ecosystem around the fundflow, information flow and industrial chainof pension enterprises, highlighted the
combination of industry and finance, andprovided comprehensive financial services.

Considering the characteristics of the
inclusive pension industry, the inclusive
pension projec ts were connec ted
household by household. The Bank fully
used special relending policies and tools
for inclusive elderly care, continued toincrease the supply of inclusive pension
loans and formed a joint force to support
the development of the pension industry.

Jiangxi Branch of the Bank actively served an elderly care service company in Jiangxi, and provided a packageof financial services (including financing, settlement and personal banking) based on its demands. By methods
such as multi-segment collaboration and multi-level interconnection, the Bank expedited project connection andcredit review & approval to support smooth progress, which effectively supported the project construction funddemand, reduced corporate financing cost, and effectively helped Nanchang Municipal Government to explore
the model of combining medical care with elderly care.

40

Industrial and Commercial Bank of China Limited

Governance

Customer Service of Domestic
Institutions

the balance of local currency
corporate loans of the Bank's
domestic branches exceeded
RMB14 trillion to hit

Service for silver economy

Socialtrillion

representing an increase of
more than

2.3

It fully played a keyrole in serving thereal economy.

RMB
trillionfrom the beginning of theyear, reaching a new high.

Service for the real economy
Service for modern industrial system construction and advanced manufacturing industry
During the reporting period, the Bank made all-out efforts to become the "Manufacturing Finance Leader", actively carriedout special campaigns of "Foundation Consolidation Project of Financial Services for Manufacturing", and rolled out innovative"measures" involving "special layout, special list, special duty assessment and special resource". Meanwhile, it set tasks and goals of
stable and continuous increase of loans to manufacturing, and hit a new high.

As of the end of the reporting period
the balance of loans to
manufacturing was as high as

3.8

RMB

trillion

an increase of

828,870

RMB
million orover the end of the previous year

27.3

%

Corporate Social Responsibility (ESG) Report 2023

41

Environment

SocialGovernanceC end

Support for private economic development
During the reporting period, the Bank continued to increase its support for private enterprises.

Personal customer base

As of the end of the reporting period
the balance of various loans forprivate enterprises exceeds

6

RMB

trillion

private enterprises were nearly

400

thousandan increase of84

30

thousand or nearly
from the beginning of the year%

The number of private enterprise customers, increment and growth rate reached a record high
The Bank quickly put into practice the requirements of "31 Measures for Promoting Private
Economy". It was the first in the industry to holdsymposiums with private enterprises to survey
the financial demands of the frontline private
enterprises. It also worked out "Eight" measuresabout "financing, consulting, commercial services, trust, supply chain, innovation, inclusive
finance and new driver" to better serve private
enterprises.

As of the end of the reporting period

740

The Bank made and released the list of
high-quality private enterprises at the
Head Office level and supported themthrough special policies.

19.8

millionover the end of the previous year.
Such increase ranked first in

2.05

RMB
trillionfrom the beginning of the year.
Both total amount and increment

The project covers Jingxiong Intercity Railway,
Xiongshang (Shangqiu in Henan) High-speed
Railway and Xiongxin (Xinzhou in Shanxi) Highspeed Railway, which are three major high-speed
railway projects around Xiongan New Area. Uponcompletion, the project will speed up the flow ofresource elements in Xiongan and its surrounding
areas and promote coordinated regional development.

The project is an important landmark for the country
to comprehensively promote the high-quality development of the follow-up project of the South-toNorth Water Transfer Project and accelerate the construction of the main framework and artery of thenational water network, and has been incorporated
into the major national water conservancy projects.
The project, once completed, will play an importantrole in advancing economic and social development.

Guizhou Tongren Branch supported theconstruction of the concrete filled steel tube
arch bridge with the world's longest span

Guizhou Branch of the Bank extended loans to support theconstruction of Wujiang Mega-bridge.

8.65

trilliona rise of418,996

RMB
compared with the beginningof the year

millionremained No. 1

The Bank won 12 important
awards such as"Best Wealth Management Bank in
Asia Pacific" and"Best Digital Brand Campaign"by The Asian Banker

The loans of RMB3.75 billion wasapproved for the project1 of the Middle
Route of South-to-North Water Transfer Project

The balance of personal loans
amounted to
RMB

trillion

an increase of

the industry

RMB37 billion of loans were granted to support
three major high-speed railways connecting
XionganIndustrial and Commercial Bank of China Limited

RMB

a net increase of

Support for infrastructure construction

42

20.71

millionpersonal customers

The Bank carried out special service actions, organized financial seminars for senior executives of private enterprises, launcheda series of activities with the theme of "setting up a leading group, erecting a platform, establishing a mechanism, building abrand and conducting an assessment" to support the high-quality development of private enterprises, and improved the quality and efficiency of financial services for them by preparing action plans, holding a discussion between banks and enterprises,
coordinating investment and financing, serving private enterprises and jointly building party organizations.

During the reporting period, the pier work on
the arch of Wujiang Bridge, the control projectof Dejiang-Yuqing Expressway in Guizhou, which
was supported by Guizhou Tongren Branch of the
Bank with a credit of RMB1.65 billion, was fullycompleted, marking entry of the project to thestage of bridge deck construction.

The Bank was the first to overtake
RMB20 trillion in financial assets
from personal customers to hit

the Bank had"Outstanding Retail Bank"and "Outstanding WealthManagement Bank"by jrj.com.cn

Mobile Banking 9.0

intelligence

the innovative version of
Mobile Banking 9.0 was
launched

Oriented at
simplicity

humanization

significantly improving
the digital service
capability

As of the end of the reporting period
the number of personalcustomers using mobilebanking reached552

millionThe "carbon space" service of mobile banking was launched to convert the low-carbon behavior of personal customers into "green
energy" for benefit redemption. The column of "ICBC Sight Initiative, Public Welfare Hall" went online to combine greenness andpublic welfare. The Bank made innovative use of cutting-edge technologies to launch new services such as the innovative versionof mobile banking new version of "home page", digital staff and 3D precious metal business hall. The Bank was the first in theindustry to launch family wealth management, innovative family account certification, asset diagnosis, wealth planning, right sharing
and other services. It upgraded the wealth community and enriched such products as special price base, index base selection and"Yinglilexiang". The Bank launched four scenarios of consumption, countryside, convenience and cross-border, upgraded the rightcenter 2.0, and created a new experience of one-stop inquiry and use of customer rights. In nine countries/regions such as theUnited Arab Emirates and Singapore, the "cross-border e payroll payment" business was put into operation to provide convenientonline financial services for Chinese-funded enterprises and expatriates. Domestic institution, ICBC (Asia) and ICBC (Macau) andlaunched mobile banking services in Guangdong-Hong Kong-Macao Greater Bay Area to achieve mutual recognition of identity,
scenario sharing and capital exchange at home and abroad. The Bank continued to improve mobile banking services for the elderly,
and bridged the "digital gap" among elderly customers through exclusive services such as pension zone, account trust, exclusive
deposit, and "screen-to-screen" online counseling.

Corporate Social Responsibility (ESG) Report 2023

43

Environment

SocialGovernance

Channel outlet construction
The pilot project of deepening reform launched in an all-round way, and new models andprocesses were introduced in an orderly manner to serve customers
The Bank promoted the new process for appointment service at outlets to realize multi-channel appointment acceptance, realtime sharing of appointment information, and active service delivery of outlets, and to provide customers with smooth experienceof seamless coordination between online and offline channels. In the face of thorny problems, impediments and bottlenecks with
community-level outlets, the Bank extensively optimized the design of business processes for account opening change, informationinquiry, account unlocking, cross-border remittance and cash deposit/withdrawal to enhance customer experience. The digital cash
service model was successfully launched on a trial basis in five branches such as Zhejiang Branch and Hebei Branch. 70% transactions
were conducted without cash at counters. The Bank gathered pace in "Three-in-One" (intelligent transaction of digital customer
service manager, intelligent verification and intelligent risk control) capacity building, and firstly deployed and applied them in highfrequency scenarios such as password reset and account loss reporting. The number of intelligent transactions in the operation fieldreached 320 million, a year-on-year increase of 14%.

Barrier-free services of outlets

Xuhui Yude Road Sub-branch in Shanghai of the Bank was selected as "Typical Case of Excellent Barrier-free
Environment Construction in 2023". Xuhui Yude Road Sub-branch stood out from the fierce competition (withan elimination rate of nearly 50%) by comprehensively improving its barrier-free service facilities and skills andintegrating barrier-free service culture. As the first "Barrier-free Banking Environment Construction Outlet of
Shanghai" in the system of ICBC Shanghai Branch, Xuhui Yude Road Sub-branch promoted "barrier-free" service
with financial "warm" to better meet the financial service needs of the disabled, elderly and needy.

Protection of the safety of customers' financial assets

The layout of offline channels was continuously optimized
While keeping stable total number of outlets, the Bank continued to increase resource allocation and service supply of them andbroadened their coverage. During the reporting period, 670 outlets were optimized and adjusted, of which nearly 60% were locatedin China's key areas such as the Yangtze River Delta, Beijing-Tianjin-Hebei and Guangdong-Hong Kong-Macao Greater Bay Area.

As of the end of the reporting period

6,245with coverage ofextending to serve

there were15

in total in counties

counties
formerly without outlets in Ningxia and Yunnan

The Bank hadof which

4,760

ICBC outlets

inclusive financial service
points in rural areas

1,004

were established in thepast year

86.9%

Their service
scope wascontinuously
widenedIt was the first time foroffline services to realize
coverage of all top 1000
towns by comprehensivecompetitiveness

The Bank created a customer-centricunified risk view that fully showing
risks and covering all kinds of scenarios, developed and put into operation
an intelligent risk control system forpersonal banking, realize the transformation of risk control from "ex postmonitoring" to "early warning andin-process intervention", and constantly cemented the foundation ofrisk prevention and control.

The intelligent risk control platform
for personal banking was upgraded
to enhance the risk control capability.
In view of new means of telecommunication fraud, online early warning,
dissuasion and protective stop payment model were adopted. The ability
to manage personal accounts wasstrengthened to safeguard customer
funds.

The integrated financial anti-fraud
platform of the People's Bank of China
was connected to acquire external risk
information and realize the verificationof the number of cross-bank accounts,
the sharing of risk information and thecollaboration of early warning and dissuasion.

Protection of customer privacy and data security
The Bank provided financial services for FISU World University Games and Asian Games

The Bank fully carried out the requirements of the People's Bank of China and the organizing committees of
FISU World University Games and Asian Games for financial services. As the exclusive official banking partner ofthe 31st Chengdu FISU World University Games and the 19th Hangzhou Asian Games, it successfully completed
the task of ensuring financial services for the two major international events. During the FISU World University
Games, a total of 746 thousand customers were served, and nearly 29.94 million transactions of foreign currency
exchange and digital RMB consumption were completed, amounting to RMB5.95 billion. During the Asian Games,
a total of 4.03 million customers were served, and nearly 1.66 million transactions of foreign currency exchange
and digital RMB consumption were completed, amounting to RMB190 million. During the events, through theconstruction of online and offline multi-level and three-dimensional service channels, such as full-function
outlets besides the venues, mobile banking vehicle, new-type currency exchange machines, exclusive customer
service hotline, mobile banking zone and exclusive APP financial service zones, the Bank successfully completed
service support for cash exchange, foreign card acceptance, digital RMB and other businesses.

44

Industrial and Commercial Bank of China Limited

Major awards in data governance and security fields

During the reporting period
the Bank was the only one in
the banking industry to win thetitle of"2022 Top Ten Brandname Enterprises for
Data Management"

Its data management
practice wasshortlisted as"100 Excellent
Data Management
Cases"The "Data Middle-office
Management Capacity Building
Project" was conferred the"Best Data Management
Implementation"by The Asian Banker

Corporate Social Responsibility (ESG) Report 2023

45

Environment

The Bank refined the four-in-one (decision-making, management, execution and supervision) organizational structure. Institutions
at all levels joined hands to ensure the effective implementation of customer information protection and data security management
requirements.

SPECIAL FEATURE

Data security policies and processes

SocialGovernance

Financial consumer protection
Consumer protection

Data security execution

Further improvement in consumer protection management
The Bank took solid steps to manage data security by categories and levels. Throughautomated tools, the Bank leveraged machine learning algorithms and establishedidentification rule bases to further facilitate the implementation of tiered and classified
data security standards.

Data security risk was self-assessed. Focusing on three domains, namely, financial data
security management, financial data security protection and financial data security
operation & maintenance, the Group's data security risk was assessed.

Monitoring, early warning and emergency drilling were reinforced. The Bank worked on
improving the emergency response and handling mechanism relating to data security
events, formulated the Emergency Plan for Data Security Incidents, and organized
emergency drills about data security to enhance the ability to give an early warning
against and handle data security events.

Security protection of personal customer information kept improving. The Bank further
improved and clarified the security management requirements and implementation
standards for the entire life cycle of personal customer information to better guide thesecurity management personal customer information.

Efforts were redoubled in information security inspection and cultural publicity. The
Bank carried out annual information security management supervision and inspection,organized special self-inspection of customer information risk, and strengthened therisk prevention of the whole Group. The Bank continued to strengthen the publicity andpractice of the data security philosophy, and organized training on data security andpersonal customer information protection through online courses and offline training
sessions.

The digital risk control of online platforms was continuously tightened to effectively
protect the security of customer funds. The Bank strengthened the risk prevention
and control of online fraudulent transactions, established a hierarchical management
system of e-banking customer's payment limit, and made the limit control over personalcustomers better targeted. It implemented the dynamic management of payment via
enterprise internet banking, used big data, artificial intelligence and other technologies toimprove the intelligent risk identification mechanism of online transactions, deepened theapplication of new equipment fingerprint technology, and promoted the face recognition
function of enterprise internet banking, effectively guarding against the risk of online
fraudulent transactions and safeguarding customer funds.

46

Industrial and Commercial Bank of China Limited

The high-level overall planning was refined. The Bank has
always regarded consumer protection as an important objective
and management requirement of corporate governance.
During the reporting period, the Board of Directors, Board ofSupervisors and Senior Management strengthened the overallplanning of consumer protection and complaint management,
and continued to promote the in-depth integration of
consumer protection into the whole process of businessdevelopment. The Board of Directors reviewed and debriefed
consumer protection reported for many times, conducted
special studies on major issues and important policies, andstrengthened guidance on consumer protection work. The
Board of Supervisors continued to exert tougher supervision
over the performance of the Board of Directors and Senior
Management in consumer protection work, and promoted
the improvement of consumer protection. The Consumer
Protection Committee of the Senior Management held sevenmeetings throughout the year to study and solve the key issues
concerning consumer protection complaints, and effectively
gave play to the role of overall coordination and organizational
promotion.
The consumer protection system was optimized. During thereporting period, the Bank revised and issued special management measures for consumer protection management
and review and financial knowledge education and publicity
for consumers by adding the latest regulatory requirements
and its practice, and refined the normative and targeted requirements for consumer protection work. The Bank revised
and issued the assessment and evaluation measures for consumer protection, optimized assessment indicators, raised
assessment weights, and procured institutions at all levels toincrease resource input.

The full-process management of consumer protection improved. The Bank established the consumer protection accessand post-evaluation mechanism for new products (businesses), and promoted the embedding of consumer protection
requirements into the whole process of product design, approval and release, change and exit. The Bank implemented
the requirements for consumer protection review and management, increased support for consumer protection review
of key products such as wealth community, and deepened
the implementation of infrastructure projects (such as outlet
competitiveness enhancement and mobile banking APP construction) and the consumer protection services for innovative
businesses (such as inclusive finance and elderly care service).
The monitoring and assessment of customer opinions on key
products and service were enhanced.
The integration of consumer protection with businessdevelopment was deepened. The Bank combined consumer
protection with the work on coping with aging, forestallingand defusing financial risks and promoting rural revitalization,and increased the supply of products and services suitable
for the elderly and digitalization, and resource input, so as tobetter meet the needs of different financial consumers. In thedevelopment of programs for rural revitalization and financial
service for new citizens, deepening the construction of "ICBC
Sharing Station +" service scenarios, cracking down on illegal
financial activities and other major work, relevant consumer
protection requirements were refined.

Notable progress in education and publicity activities
Consumer protection education and publicity were made more innovative and excellent. The Bank concentrated on a series ofactivities such as "March 15th Consumer Rights Protection Education and Publicity Week", "Publicizing Financial Knowledge to Walk
Ten Thousand Miles" and "Financial Consumer Protection Education and Publicity Month" and created popular posts with more than
100 thousand clicks such as "24h ICBC Consumer Protection" to make financial knowledge accessible to more customers, which were
widely applauded.

During the reporting period
more thanconducted in China to benefit more thanthousandeducation and publicity activities wereof peoples

218.4

2,161

million person-times

a year-on-year increase of

13.38

%

Corporate Social Responsibility (ESG) Report 2023

47

Environment

SocialGovernance专题
By type of business

By region

The complaints were concentrated
in credit cards and personal banking,making up 86.75% of total complaints.

The complaints were mainly distributedin Guangdong, Hubei, Jiangsu, Hebei
and Sichuan, accounting for 29.07%.

During the reporting period
CCTV, People's Daily, Xinhuanet.com, the public account of "xuexi.cn" and the Financial News (China) made special
coverage on the effectiveness of the Bank's consumer protection education and publicity results. The Bank's caseof "Enhancing People's Sense of Gain in an All-round Way through Consumer Education and Publicity Activities" wasawarded the "Excellent Case of Service Innovation in China's Banking and Insurance News in2022" by the Bank of China Insurance Daily. The typical case of ICBC Promoting "Practical Work for the People" wassubmitted to the National Financial Regulatory Administration, and relevant experience and practice were publicly
singled out for praise.

Customer complaint management measures
All-round enhancement of consumer protection training for employees

During the reporting period

Steady efforts were launched to organizebank-wide training on consumer protection

Ongoing efforts were made to improve
the ability of key personnel to performconsumer protection duties

During the reporting period, the Head Office held four bank-wide trainings on special subjects such as legal management ofconsumer protection, customer complaint
management, consumer protection andconsumer protection related to customer
service manager.

Practical, scenario-based and express
training were provided for key personnel
serving customers, such as customer service and wealth management managers
and outlet heads, with a view to strengthening the awareness and skills of frontline personnel in consumer protection.

the Bank recorded acustomer satisfaction rate1
of

90.81
0.4

%

up

%
over last year

Note: 1. The Bank's survey data.

During the reporting period

1,790

more than

155.6

training sessions
involving consumer protection complaint
were held for

The root causes of problems involved incomplaints were thoroughly remedied

The ability to settle complaints wasstrengthened

The Bank advanced the "Management Yearfor Personal Banking Complaints" campaign
with high attention to frequent problems,
and worked out targeted solutions and tookroot-cause remediation measures to improvecustomer service on all fronts.

The Bank adopted 20 targeted measures toimprove the capability for online settlement
via 95588 and introduced 21 policies to easethe burden on grassroots and encouraged
and empowered them to settle disputes byfully using various mechanisms.

Complaint management was driven through technologies
The Bank accelerated the transformation and innovation of digital finance, promoted theintelligent management model of customer complaints, applied robotic process automation,
natural language processing, artificial intelligence generated content (AIGC) and othertechnologies to the main links of complaint handling and management, and made monitoring andanalysis more intelligent. The first bank-wide AIGC scenario was successfully applied to achieve
automatic-writing of complaint handling reports on a large scale. Comprehensive use of intelligent
means to simplify the operation of complaint work order processing.

thousand person-timesof trainees

Customer complaint channel and process
The channels for accepting complaints were continuously unblocked. The Bank accepted
customer complaints through multiple channels such as customer service telephone, businessoutlets, portal website, online banking, mobile banking and WeChat banking, and provided
7*24h service through electronic channels to ensure smooth and efficient acceptance. The Bank
published complaint methods, handling procedures or related links through various channels suchas business outlets, official website homepage and WeChat public account of "ICBC Customer
Service", so as to facilitate customers to quickly lodge their appeals.

Complaint management
During the reporting period
the Bank received

204.9

thousandcomplaints from personal customers

The complaints dropped by

14.02

%

year on year

48

The complaints averaged at

1,323

from personal customers every 100 outlets
a year-on-year decline of

13.19

Industrial and Commercial Bank of China Limited

%

and

2,758

every 10 million personal customers
a year-on-year decline of

16.25

%

The customer complaint handling process was continuously optimized. In the acceptance link,
after the Bank accepted customer complaints, for those that cannot be solved on the spot, workorders were prepared in the unified complaint management system of the Bank, and sent to the
responsible departments or institutions according to the principle of being most conducive to theproper handling of complaints. In the handling link, the organizations responsible for handlingcomplaints informed customers in time of the acceptance. A time-limited system for handlingcomplaints was adopted, stipulating the time limits for handling complaints in different situations.
In the closure link, the handling results were notified to customers in time, together with theverification of complaint details, relevant basis and grounds for making the decision in accordancewith regulatory provisions.

Corporate Social Responsibility (ESG) Report 2023

49

Environment

SocialGovernanceG end
Governmental financial services
The Bank actively supported theconstruction of digital government

The Bank made digital government
services more efficient

Proactive efforts were made to pick up
speed in establishing the "One-stop
Online Service Platform for Yangtze
River Delta". The Bank continued to
upgrade the platform functions. Asof the end of the reporting period,
with the approval of the provincial
and municipal governments in the
Yangtze River Delta region, the Bank
has put into operation a total of 4,077
intelligent terminals under the "Onestop Online Service Platform for
Yangtze River Delta" project, covering
2,540 outlets across the Yangtze River
Delta region.

Keeping pace with digital government
service improvement, the Bank provided comprehensive financial service
schemes for subdivided scenarios,
covering 35 provinces (cities) and thefields of "all-purpose code across acity", "one-stop handling", "smart city","smart politics and laws" and "smart
culture and tourism", and helped tomake government service more digitalized and intelligent.

Interbank financial service

The Bank spared no efforts to forge
ahead with the construction of social
security scenarios and optimized
financial services associated with thepeople's livelihood

The Bank was the first in the industry to launch the "Fully Digital Currency
Model" scenario for bulk clearing business, successfully gained the first market
business cooperation, and worked hard to ensure the timeliness and security of
the commodity trading settlement link.

During the reporting period, onlinesocial security agency transactions via"ICBC e Social Security" saw a year-onyear increase of 24%, and agency size
witnessed a year-on-year rise of 27%,
ranking first in the industry. The Bank
was the first in the industry to launch
offline "Social Security + Banking Integrated Outlet", set social security
windows for all levels of social security
departments at outlets by giving fullplay to its channel advantages, andextended public service functions ofsocial security to offline outlets to provide the people with a variety of social
security services such as subscription
registration, inquiry, payment and qualification certification.

The Bank accelerated the digital and Intelligent transformation of bankingsecurities business, and continued to promote new media, carriers and channels.

In May 2023, Duan Hongtao, Senior Executive Vice President of the Bank, attended the 8th Annual Meeting of the Board of Governors of the New
Development Bank in Shanghai and visited the Shanghai Futures Exchange.

50

Industrial and Commercial Bank of China Limited

More than

50%of the Bank's third-party depository
customers were acquired via thechannel of "Ma Shang Ying"

More than

one million

third-party depository
customers were obtained
thanks to "Intelligent Brain"

During the reporting period
in addition to the output of intelligent anti-money laundering system, credit risk management system, market risk management
system and other product types, the Bank successfully developed data analysis, data security, digital transformation consultation,
data platform and other digital related projects.

On November 9, 2023, Xiong Yan, Chief Business Officer of the Bank, attended the ICBC Custodian Innovation and Cooperation Forum.

Corporate Social Responsibility (ESG) Report 2023

51

Environment

Domestic Sustainable Financial
Services
Proactive efforts to help ensure stableproduction of grain and other important
agricultural products
During the reporting period, the Bank further ramped up agriculture-related loan grants, and prioritized support for high-standard
farmland, rural infrastructure construction and other key areas.

The Bank strengthened the financial support for
agricultural and rural modernization. The Bank
prepared schemes to support scenario-based service
for protected agriculture, carried out a number offinancially supported protected agriculture projects with
regional characteristics in Jiangsu, Shandong, Sichuan
and other places. Among them, Jiangsu Binhai Modern
Marine Pasture Project and Shandong Shouguang
Danhe Protected Vegetable Industry Chain Project arehighly innovative, of great replication and promotion
value, and beneficial to connecting and leading farmers.

Focusing on key areas such as high-standard
farmland, modern protected agriculture, advanced
agricultural machinery research & development,
and seed industry revitalization, the Bank continued
to increase financing support. The Bank launched
the exclusive innovative product-- "Grain Planting
Loan", developed a special service plan to support
protected agriculture, actively suppor ted thedevelopment of modern agricultural industry chain
including planting and breeding, and helped build adiverse food supply system.

Banking-government and banking-enterprise cooperation
was strengthened

The Bank took full advantages of structural monetary policy
tools

The Bank signed a strategic cooperation agreement with
China Beijing Green Exchange, teamed up with the Ministry of
Ecology and Environment to build the "Financially Support Ecoenvironmental Protection Project Reserve", and participatedin the "financial and sustainable development" exchange
activities, demonstrating a responsible image.

In terms of carbon emission reduction support tools, qualified
carbon emission reduction loans were approved by the central
bank, whereby low-cost re-lending funds can be obtained
accordingly. The Bank effectively supported the fund demandof advanced production capacity projects in the energy field.

Domestic medical, educational, judicial,
cultural and tourism financial services
Medical financial service

During critical periods of spring farming preparation and autumn grain procurement and storage, agriculturerelated digital financial products were introduced to make financing more accessible and convenient at Jilin
Branch of the Bank.

It was the first in the industry to launch the smart medical
service brand "ICBC Cloud Medicine" and formed a service
matrix of intelligent medical products under 45 sub-categoriesof 5 categories with the goal of "optimizing governance,
revitalizing medicine and benefiting the people".

In terms of agricultural trade, tools and materials, the Bank continued to promote innovative scenarios(such as "Agricultural Trade Loan" and "Blue Sky Loan") to deepen the integration of agricultural-related
secondary and tertiary industries. It was the first to pioneer characteristic financing scenario–- "Agricultural Machinery e Loan" that integrates big data, Internet of Things, block chain and other advanced
technologies to fill the gaps in the field of online agricultural machinery e loan products across the province. Focusing the on regional fertilizer market, the innovative product "Guangxin Fertilizer Loan" waslaunched to inject new momentum into the development of agriculture-related industries in Liaoyuan.

52

During the reporting period, the Bank earnestly implemented the "carbon peak and carbon neutrality" plan and continued to increasefinancial service and support to help ensure stable energy supply and safe and green development.

Jilin Branch optimized online service for agriculture-related products

In the field of breeding, it
continued to promote theprecise support of "Animal
Husbandry e Loan" for beef
cattle, sika deer and othercharacteristic clusters.

Industrial and Commercial Bank of China Limited

GovernanceDomestic financial service related
to energy

The Bank did well in the popularization of electronic vouchersof medical insurance and cooperation on mobile payment
and clearing, and provided convenient and efficient mobile
payment and clearing services for the people subscribing to
medical insurance.

In the field of planting, within
only one year after launching thecompetitive product "Planting
e Loan", it completed precise
support for planting scenarios ofmore than ten kinds of crops (suchas rice, corn, ginseng and blueberry), and served more than 850
agricultural-related farmers, withcumulative granting of inclusive
loans surpassing RMB330 million.

SocialThe "ICBC Cloud Healthcare" project
was awarded

the first prizein 2023 Open Source and Information
Consumption APP Competition
andthe "Top Ten Leading Cases"of China's new-type smart cities

Education-related financial services
The Bank built an educational financial service system with complete products and functions, develop innovative platform products,
and made ICBC brand- "Intelligent Education" more popular.

The Bank developed theplatforms of "Intelligent
Campus" and "Intelligent
Vocational Education"
to help higher learning
institutions and vocational colleges to achieve
information-based andefficient campus management.

It built the "Bank-School
Link" platform to help
primary and secondary
schools and kindergartens
to improve their information-based school-running capabilities and facilitate teachers, students
and parents.

It established the "Education and Training Cloud
Platform", and actively
connected with the "National Comprehensive
Supervision and Service
Platform for Off-campus
Education and Training".

Relying on all kinds of digital financial
cloud platform services in the industry,it actively advanced the innovation ofindustry-education integration andthe transformation of industry-university-research, and was recognized
as the "Industry-education Integrated
Enterprise" by the National Development and Reform Commission and theMinistry of Education.

Corporate Social Responsibility (ESG) Report 2023

53

Environment

Judicial financial services

SocialGovernanceDomestic financial service related
to charity

The Bank took the lead in the industry to launch the "Intelligent Politics andLaws" comprehensive service platform to realize whole-process management
and meet the customer needs for financial services.

Financial services for disaster relief
Earthquake relief

Financial services related to culture and tourism

During the reporting period, a 6.2-magnitude earthquake struck Jishishan county in Linxia Hui Autonomous Prefecture of Gansu
Province. The Bank promptly carried out earthquake relief, paid close attention to the earthquake relief and the production and lifeof the affected people, and quickly activated the emergency response mechanism to ensure emergency duty and various financial
services.

Guangxi Branch supported Huangyao Ancient Town Tourism Upgrading Project through innovative
financing methods

Huangyao Ancient Town is a famous
tourist attraction in Hezhou, Guangxi.
In order to speed up the integration
into the Greater Guilin Tourism Circle,
further raised the profile of the ecotourism brand and upgrade thescenic spot to the level of national 5A,
Guangxi Branch of the Bank increased
its support for Huangyao Ancient Town
Tourism Resource Upgrading Project,and explored innovative financing
methods to support the granting of
project loans through the right tocharge specific assets. As of the end of
the reporting period, the project loansof RMB0.4 billion were granted in total.

Considering the potentially increasing demand for financial services in Linxia Prefecture, the Bank has opened
a green channel for emergency rescue and disaster relief in all business outlets in Linxia Prefecture to provide
financial services on a timely basis. The Bank provided all-weather services via mobile banking, online banking
and other online channels. In response to the actions of relevant organizations to support earthquake relief andthe needs of enterprises for emergency funds, the Bank actively made communication, promptly handled urgent
and special matters through special methods, strove for the fastest approval process, and comprehensively
strengthened financial services such as fund allocation, settlement and clearing, and loan approval and issuance.

Flood prevention

Guangxi Branch financially supported Huangyao Ancient Town Tourism
Resource Upgrading Project.

During the reporting period, in the face of the flood disaster caused by typhoon and heavy rainfall, the Bank further stepped up its
financial services, actively helped the people in disaster-stricken areas to overcome difficulties, and effectively safeguarded theirinterests. Branches in disaster-hit areas quickly set up special teams for flood control and disaster relief to promptly communicate
with local enterprises. Adhering to the principle of "prompt handling of urgent and special matters through special methods",
rapid response and green channel mechanisms were put in place to meet the financial needs of customers in a timely manner. For
customers affected by the flood, the repayment plan and interest-bearing period were rationally adjusted to support enterprises toresume work and production.

A thermal company affiliated to a group operates the only central heating network in Zhuozhou City, Hebei
Province, and is tasked with local heat supply. In the flood disaster, some thermal substations of the enterprise
were destroyed, the equipment of the heating boiler room was soaked by the flood, and the heat pipe network
was also damaged and could not work normally. In order to help return local thermal infrastructure to normal assoon as possible, the Bank responded quickly, approved a loan of RMB60 million for the enterprise within a shorttime, and made every effort to ensure the "continuous supply" of local public services.
For small and micro enterprises and self-employed business owners with the weak ability to respond to thedisaster, the Bank opened a green channel for loans, increased the granting of inclusive loans, and gavepriority to ensuring the credit grants to Beijing, Hebei, Tianjin, Heilongjiang, Jilin and other disaster-stricken
areas. Meanwhile, it focused on strengthening credit support to key customer groups such as small and microenterprises, planting and breeding enterprises, self-employed business owners and farmers, so as to help themtide over difficulties. For the customers unable to repay the loan principal and interest on time due to the disaster,
renewal and other ways were combined to ensure the continuity of loan support and alleviate the short-term
financial pressure on small and micro enterprises.
Hebei Branch financially supported the Garden Expo Project of Cangzhou Grand Canal Culture Belt.

54

Industrial and Commercial Bank of China Limited

Corporate Social Responsibility (ESG) Report 2023

55

Environment

SocialGovernance

Global Financial Services
In the disaster-stricken areas, the Bank actively provided financial support for small and micro enterprises
tasked with flood relief and basic safeguards for public wellbeing, in an effort to help restore normal
production and living order as soon as possible. For example, Hebei Branch granted more than RMB40
million of inclusive loans to the affected merchants and farmers in Zhuozhou to support rapid resumption ofwork and production. Heilongjiang Branch instantly investigated households in Wuchang hit by the disaster,
strengthened the supply of inclusive and agricultural-related loans, and supported the normal agricultural
production capital turnover of farmers to the greatest extent through online digital products such as Quick
Lending for Operation and Planting e Loan.
For personal customers affected by the disaster, the Bank provide refined financial services by category. Amongthem, the customers incapable of repaying overdue personal and credit card loans, the repayment period can bereasonably postponed. For the customers whose credit cards cannot be used due to loss reporting, expiration,
card damage and other reasons, emergency cash withdrawal service was made available at nonlocal outlets.
For freshmen in disaster-stricken areas, the Bank mailed bank cards to them in advance through online card
application service to facilitate their account opening and fund transfer during enrollment.

With regard to fee reduction/
exemption, the Bank took the
initiative to contact government
departments, regulators andcharitable organizations in disaster-stricken areas, updated
the information of donees in atimely manner, and exempted
the transfer of donations tocharitable accounts or special
accounts for disaster relief fromfees. For issuers and credit card
holders in disaster-stricken areas, the fees arising from agency
business, and credit card cash
withdrawal, transfer and payment were exempted.

In terms of financial guarantee forthe people's livelihood, the Bank fully
cooperated with the competent social
security authorities to actively provide
supporting financial services related tosocial security such as provident fund,pension, unemployment benefits,
employment subsidies and medical insurance reimbursement during special
periods, so as to avoid payment delay,
treatment reduction and service interruption. For example, Beijing Branchof the Bank actively supported the"sufficient payment" of social security
and provident funds, and provided
housing provident fund balance withdrawal services for depositors who
were heavily affected by the flood andin urgent need of large-amount funds,
so as to help people go through temporary living difficulties.

International operation landscape
As of the end of the reporting period
the Bank had established413

branch institutions in 49
countries and regions globallyand indirectly covered

20

African countries through its
stake in Standard Bank Group

with its service
network spanning six
continents and majorinternational financial
centers worldwide

Among them, the Bank had

259

branch institutions in 30 countries
along the Belt and Road Initiative

The Bank increased investment
and financing support in transportation, municipal administration and other fields to promote
post-disaster reconstruction.
The Bank made every effort
to ensure cash operations andemergency allocation of disaster relief funds, and increased
liquidity support for branches in disaster-stricken areas.
ICBC-AXA Assurance Co., Ltd.
launched emergency responseto rainstorm and flood disasters
in many places of China, andinitiated a green channel for efficient claims settlement.

Based on the actual situation, the Bank reasonably arranged business outlets and their business hours according
to the impact of floods in various areas, and appropriately increased portable smart teller machines to effectively
ensure the continuity of financial services in disaster-stricken areas. The Bank gave full play to the role of "ICBC
Sharing Stations" in providing rest, drinking water, charging and other services for the people affected by thedisaster and rescue and relief workers, as well as emergency supplies such as umbrellas, towels and medicines,
so as to help the people tide over difficulties. Relying on rural inclusive financial service sites, the Bank supported
services for disaster-stricken rural areas and facilitated the people in rural areas to handle financial business.
At the same time, the Bank stepped up various contactless services such as "Cloud Outlets" and "Remote
Handling" to ensure round-the-clock online services without interruption such as mobile banking, ICBC e Life,
online banking, remote banking, open banking, WeChat public account and "Xingnongtong" APP. The Bank
earnestly provided 95588 call-in service, shortened the waiting time for transfer to online manual service, andsolve the pressing concerns of the people in a timely manner.

56

Industrial and Commercial Bank of China Limited

On August 21 to 27, 2023, during his visit to South Africa and Kenya, Chen Siqing, then Chairman of the Board of Directors of the Bank, participatedin a series of activities at the BRICS Summit.

Corporate Social Responsibility (ESG) Report 2023

57

Environment

SocialGovernance

Serving high-level opening-up
Solidly promoting the "Preferred Bank Strategy for Foreign
Exchange Business"
The Bank actively drove the opening-up and innovation of the interbank market, continuously enriching the range of tradable
currencies, and supporting foreign exchange settlement and currency trading services for nearly 30 currencies of the Belt and Road
partner countries, serving the currency exchange and hedging needs of "Going Global" Chinese enterprises.

Leveraging its global payment and settlement network, the Bank has innovatively launched
the "ICBC Global Pay" service, providing one-stop cross-border payment and settlement
services for global customers. This product effectively addresses cross-clearance, crossregulation, cross-time zone, cross-language, and cross-currency payment and settlement
challenges. It has now been promoted to major countries and regions along the Belt andRoad Initiative.

Liaoning Branch of the Bank has actively supported the high-quality development of Liaoning's foreign trade economy by providing a comprehensive
package of international services, including export settlement, trade financing, fund trading, and risk management, to 3,026 foreign-invested foreign
trade enterprises in Liaoning Province. This has helped unlock the efficiency of port integration and contribute to the development of Liaoning as amaritime powerhouse.

The Bank committed to empowering business development through innovation, continuously injecting new vitality into fund facilitation. For instance, by leveraging the Free
Trade Account, the Bank provides cross-border investment and financing, full-featured
cross-border cash pooling, and other product services for multinational enterprises, building a new "onshore-cross-border-offshore" financial service system. As one of the firstbatch of custody clearing pilot bank, the Bank actively participates in the "Southbound"bond business, providing comprehensive services for investors, including cross-bordercustody, fund clearing and settlement, and currency exchange. The Bank has also innovatively developed products such as "Digital Trade e-Link", "Intelligent Trade Finance Platform", and "Customs Cloud Butler" to promote cross-border payment business cooperation
with cross-border e-commerce. Additionally, the Bank is actively participating in the pilot
projects of multilateral central bank digital currency bridges in the UAE, Thailand, and other locations, supporting the RMB internationalization.

Dubai Branch of the Bank has implemented the "Chunxu Action" by leveraging its RMB business advantages
and building a comprehensive system of cross-border RMB products for investment, financing, pricing, andsettlement. By implementing the Preferred Bank Strategy for Foreign Exchange Business, the branch successfully
opened an account for Free Trade Zone bond investment with China Central Depository & Clearing Co., Ltd.,
enriching investment opportunities in offshore RMB bonds. It has supported the opening-up of China's interbank
market and the development of the offshore RMB market, consistently ranking as the largest CIBM bondinvestment institution and the largest issuer of RMB financing instruments in the Middle East region.
On February 10, 2023, Zhang Weiwu, Senior Executive Vice President of the Bank, attended and delivered a speech at the China-Cambodia Forum for
Economy, Trade Investment and Tourism.

Zurich Branch of the Bank has fully utilized the Group's 24/7 global RMB trading platform and network, as well as
the advantages of being the largest RMB asset bank globally. During the reporting period, the branch provided
RMB bilateral loans equivalent to USD 500 million to "Going Global" Chinese enterprises, continuously deepening
cross-border RMB supply chain financing cooperation with these enterprises. It has completed 140 cross-border
RMB supply chain financing transactions totaling RMB 558 million and provided comprehensive RMB and foreign
currency financing equivalent to USD 593 million to enterprises under the "Chunrong Action".

58

Industrial and Commercial Bank of China Limited

Financial support for the Belt and Road Initiative
The Bank has actively fulfilled its mission of providing financial services for the Belt and Road Initiative. Seizing opportunities ininterconnectivity, supply chain stability, and green and low-carbon transformation, the Bank has fully supported China's high-level
opening-up, the "Going Global" of Chinese enterprises, and local economic and social development. It has strived to promote policy
coordination, facility connectivity, unimpeded trade, financial integration, and people-to-people bonds through high-quality financial
services, driving the high-quality development of the Belt and Road Initiative.

Corporate Social Responsibility (ESG) Report 2023

59

Environment

SPECIAL FEATURE

During the first Belt and Road Forum for International Cooperation in 2017, under the guidance of the People's Bank of China,
the Bank took the lead in establishing the Belt and Road Bankers Roundtable (BRBR) mechanism. This mechanism is dedicatedto promoting practical cooperation among member and observer institutions in areas such as project financing, green finance,
financial technology, inclusive finance, risk management, capital markets, and personnel training. It aims to deepen the exchangeof experiences and information sharing, achieving mutual benefits and win-win outcomes. As of the end of the reporting period,
the BRBR membership and observers have grown from 45 institutions in 28 countries and regions initially to 164 institutions in 71
countries and regions, encompassing diverse entities such as commercial banks, policy banks, multilateral development institutions,insurance companies, securities firms, financial infrastructure providers, and research institutions.

SocialGovernance

Cooperation with Standard Bank GroupBy the end of the reporting period, the Bank's strategic partnership with Standard Bank Group had spanned 15 years, driving over
USD20 billion of investment in nearly 30 African countries, setting an example of successful Sino-foreign financial cooperation.

During the reporting period, the Bank successfully hosted the 3rd Belt and Road Bankers Roundtable, where
all BRBR members jointly released the Initiative of the Belt and Road Bankers Partnership on Addressing Global
Challenges in the Post-Pandemic Era.
As the world's largest bank for RMB business, the Bank has established a globalized, round-the-clock fundclearing system to provide uninterrupted 24/7 RMB clearing services to countries and regions along the Belt andRoad, effectively enhancing the efficiency of financial integration. By the end of the reporting period, the Bank
had acted as the RMB clearing bank in 11 countries, including Singapore, Luxembourg, Qatar, Thailand, Canada,
Argentina, Russia, Laos, Kazakhstan, Pakistan, and Brazil, providing services covering settlement, remittance,
lending, guarantees, foreign exchange trading, and derivative transactions. The Group's annual cross-border andoffshore RMB business processing volume exceeded RMB100 trillion.

On December 11, 2023, the Bank's RMB clearing bank in Kazakhstan opened in Almaty. As an important financial
infrastructure, the Bank's RMB clearing bank in Kazakhstan will serve the country and radiate to Central Asia,
fully utilizing functions such as fund lending, bond issuance, securities investment, agency trading, and financial
market transactions. It will provide beneficial channels for Central Asian market players, including central banktype institutions, banking institutions, asset management companies, and sovereign funds, to participate in the
Chinese market and share the dividends of China's opening-up.

Supporting economic and social development of host countries
The Bank adhered to the goals of "high standards, sustainability, and benefiting people's livelihoods". Relying on professional
products such as export credit and international project financing, it actively supported major infrastructure, energy, andtelecommunications projects in countries along the Belt and Road. This helps improve local transportation infrastructure, power
supply, and network communications, creating favorable conditions for economic development and improving people's lives in hostcountries. In its cooperation with host countries, the Bank upholds the principle of "joint consultation, joint construction, and sharedbenefits", effectively enhancing local infrastructure levels, driving the development of key industries, creating ample employment
opportunities, and improving people's quality of life.

China-Europe Business Council
On April 2021, the Bank, together with outstanding enterprises from China and Europe, initiated the establishment of the ChinaEurope Business Council. During the reporting period, the Bank successfully hosted the China-Europe Entrepreneurs Conferenceat the National Exhibition and Convention Center (Shanghai). As a supporting event of the 6th China International Import Expo, theconference saw the Bank, as the chair of the China-Europe Business Council, release the Win-Win Cooperation, Steady Progress andFar-reaching Prospects – China-Europe Business Confidence Survey Report 2023 on behalf of the council. This report, a researchachievement of the China-Europe Business Council, constructed a China-Europe business confidence index and provided in-depth
analysis on the current operations and challenges faced by Chinese and European enterprises. It also offered suggestions andplans for further deepening the "Bridge of Trust" action plan and promoting steady progress in China-Europe economic and tradecooperation.

60

Industrial and Commercial Bank of China Limited

On June 28, 2023, Liao Lin, current Chairman and then President of the Bank, met with the Chief Executive Officer of Standard Bank Group.

In August 2023, the Bank and theStandard Bank Group convened
their annual strategic cooperation
meeting and signed the Action
Plan for Strategic Cooperation
between ICBC and SBG 2024-2028,
which was included in the list ofachievements during President Xi
Jinping's state visit to South Africa.
The action plan covers fourteenareas of cooperation, including
personnel exchange, corporate
finance, retail finance, financial
technology, risk management,
ESG, and green finance, charting
the direction for further deepening
the strategic partnership.

Corporate Social Responsibility (ESG) Report 2023

61

Environment

ESG exchange

SocialGovernance

Promoting local economic and social development

During the reporting period, the Bank and the Standard Bank Group exchanged views on their respective ESG management
frameworks, standards, and ratings, and agreed to incorporate joint learning, promotion of ESG and sustainable finance practices,and research exchange into their new Five-Year Action Plan for strategic cooperation.

On June 14, 2023, Africa Representative Office of the Bank and the Standard Bank Group co-hosted the "Financial
Support for New Energy Development" seminar with the China Chamber of Commerce for Import and Export ofMachinery and Electronic Products in South Africa. Attendees engaged in in-depth discussions on Africa's energy
transition, new energy project development, project financing, and PPP business cases. Representatives fromseveral Chinese financial institutions in South Africa attended the meeting.

Customer appreciation event
In August 2023, the Bank and the Standard Bank Group
held a customer appreciation event in Johannesburg,
South Africa, attended by over 120 participants,
including the chairmen of both banks, the CEO of theStandard Bank Group, and executives from 45 leading
Chinese and African corporate clients.

Personnel exchange
During the reporting period, the Bank and the Standard Bank
Group conducted personnel exchanges and innovatively carriedout exchanges of mid-level managers in financial technology area.
Positive results were achieved in areas such as fintech practice andsystem stability enhancement. By the end of the reporting period,
the parties had facilitated 51 employee exchanges covering over ten
front, middle, and back-office business lines, including credit, trading,risk, technology, and finance and accounting.

During the reporting period, the Bank's Africa
Representative Office, together with the Guangzhou
and Shenzhen branches, and the Standard Bank
Group successfully held the 2023 China-Africa Wine
Tasting and Matchmaking Event. The event attracted
active participation from renowned wineries inSouth Africa's Western Cape Province as well as wine
buyers from Guangzhou and Shenzhen, with several
preliminary cooperation intentions reached on-site.

During the reporting period, the Bank's Africa Representative Office, in collaboration with the Zhejiang
Branch and the Standard Bank Group, successfullyorganized the 2023 China-Africa Fruit and Nut Supply-Demand Matchmaking Event. The event drew
enthusiastic participation from fruit and nut producers
from four African countries, including South Africa,
Kenya, Tanzania, and Uganda, as well as renowned
buyers from Zhejiang Province. Preliminary letters ofintent totaling nearly RMB50 million were signed.

Promoting China-Africa trade development

During the reporting period, the Bank collaborated with the Standard Bank Group to provide services for the 6th China
International Import Expo (CIIE), jointly building the brand of "Preferred Financial Cooperation Partner for the China-Africa Economic and Trade Corridor". 26 quality African enterprises from eight countries, including Ghana, Kenya, Lesotho,
Nigeria, South Africa, Tanzania, Uganda, and Zambia, were invited to showcase their local specialty agricultural products
at the Bank's Food and Agricultural Products Exhibition Area and the Standard Bank Group's booth, promoting the China-Africa Trade Facilitation Program and the Poverty Alleviation and Agriculture Revitalization Program.

During the reporting period, the Bank and the Standard Bank Group jointly invited nearly 50 quality local enterprises
from 12 African countries, including South Africa, Zimbabwe, Zambia, Namibia, Mozambique, Lesotho, Malawi,
Tanzania, Uganda, Nigeria, Kenya, and Ghana, to participate in the 3rd China-Africa Economic and Trade Expo,
contributing financial strength to promote China-Africa trade development.

Jointly hosting "China Day" events in Africa
During the reporting period, the Bank and the Standard
Bank Group jointly held "China Day" customer events ineight countries, including Uganda, Kenya, Tanzania, Zambia,
Mozambique, Angola, Zimbabwe, and Malawi. These events
focused on China-Africa economic and trade cooperation,
economic conditions in respective countries, and RMB
business, aiming to establish the two banks as the preferredfinancial cooperation partners for the China-Africa Economic
and Trade Corridor, supporting Chinese enterprises' deep
engagement in Africa and steady progress.

On September 12, 2023, a group of directors of the Bank visited Standard Bank Group for survey, and had in-depth exchanges with the board of
directors and senior management members of Standard Bank Group on issues such as corporate governance and customer services for Chinese
enterprises.

62

Industrial and Commercial Bank of China Limited

In the future, the Bank and the Standard Bank Group will continue to strengthen strategic coordinationand contribute to the comprehensive deepening of China-Africa economic and trade cooperation.

Corporate Social Responsibility (ESG) Report 2023

63

Environment

Return to Shareholders
Investor relations management
During the reporting period,
the Bank further enhanced
the proactiveness and precision of its investor relations efforts. Through online
and offline channels, we
conducted approximately
100 one-on-one and oneto-many routine investor
relations communications
and conducted earnings
roadshows for nearly 2,000
global investors, addressing investor inquiries in amarket-oriented, internationalized, and professionalmanner.

SocialESG and green finance investor relations activities
During the reporting period, the Bank convened the 2023 Global Investor ESG Communication Meeting with nearly 20 domestic andoverseas green finance institutions and investors, comprehensively showcasing new developments and achievements in areas suchas green finance, social responsibility, and corporate governance.

Stakeholder evaluation

During the reporting period
the Bank was honored with accolades such as thethe Bank's MSCI ESG rating was upgraded to AA,
making it the first listed bank in China to receive an
AA ratingby the China Association for Public Companies

It topped the "ESG Comprehensive
Performance Ranking for Banks" by CBIMC"Best Practice of the Annual Report
Presentation of Listed Companies
2022"
ranked among the

In June 2023, the Bank conducted a roadshow in the Middle East.

The Bank adhered to an investor-centric approach and effectively
protected the rights and interests of small and medium investors
During the reporting period, in response to the concerns of small and medium investors, the Bank organized a special
event themed "Understanding My Listed Company - Visiting Blue Chips" to explore topics such as "Digital Transformation" and "Comprehensive Risk Management", promptly addressing the concerns of small and medium investors. The
Bank maintained smooth investor relations interactions through multiple channels, receiving over 300 related inquiries
from small and medium investors via platforms such as the Shanghai Stock Exchange e-Interaction, Investor Hotline,
and Investor Relations email.

ranked first in the GYROSCOPE assessment
system among national commercial banks for thethird consecutive year by China Banking Association"Top 5 Banks by Market
Capitalization" and the"Top 50 Companies by Market
Capitalization"

ranked first in the "Top 100 Banks in
China" by the China Banking Association for eightby Wind, among others

consecutive years

Operating Income

Net Profit(RMB million)(RMB million)

860,880

842,352

806,458

350,216

362,110

Basic Earnings per Share(RMB)

365,116
0.95

2021

2022

On April 20, 2023, the Bank held a special event titled "Understanding My Listed Company - Exploring Blue Chips", which was attended by the Board
Secretary Guan Xueqing.

Industrial and Commercial Bank of China Limited

2021

2023

2021

2022

2023

Cash Dividends

Total Taxes Paid

(RMB million)(RMB million)

104,534

64

Governance

108,169

109,203

2022

2023

165,788

2021

0.97

0.98

2022

2023

170,816

149,745

2021

2022

2023

Corporate Social Responsibility (ESG) Report 2023

65

Environment

Contributions to the Society

To continuously deepen long-term public welfare mechanisms and enhance the Group's public welfare brand, the Bank initiated the"ICBC Sight Initiative" and carried out a series of distinct and diverse public welfare activities. This fostered a positive environment for"sharing public welfare resources and jointly building public welfare projects", further highlighting the responsibility and commitmentof a major state-owned bank.

Lifeline Express
As of the end of the reporting period

During the reporting period
the Bank directly invested

It purchased and helped sell

RMB
millionin targeted poverty alleviation funds (including approximately RMB4.98 billion in loans)to the four counties of Nanjiang, Tongjiang, Wanyuan, and Jinyang in Sichuan Province

RMB
billionworth of agricultural products
from the targeted areas

5,084

2

For 20 consecutive years, it implemented the "Sailing
Project" to support underprivileged students

This year,

and assistance was provided to

outstanding rural teachers
were recognized and trained

financially challenged new college students

540

The “Lifeline Express” hospitalproject has successively carriedout treatment activities in ten
provinces, including Guizhou,
Inner Mongolia, Yunnan, Henan,
Shanxi, Jilin, Gansu, Sichuan,
Hubei, and Qinghai
providing nearly

14

Case

Targeted poverty alleviation

400

GovernancePublic welfare branding

Public welfare activities

For 21 consecutive years, the Bank carried out the"Candlelight Program" to honor rural teachers

SocialDuring the reporting period, the Bank donated RMB 4 million for the"Lifeline Express" Qinghai Station project, conducting free medical
treatment programs in Haixi Prefecture (Delingha City) and Haidong City,
Qinghai Province. This initiative provided 1,507 free cataract treatment
surgeries for impoverished patients, with 245 cases in Haixi Prefecture and1,262 cases in Haidong City. The "Lifeline Express" project was an importantmeasure to effectively link the consolidation and expansion of poverty
alleviation achievements with rural revitalization efforts, bringing light andhope to cataract patients in the region and improving their quality of life.

thousandcataract patients with free sightrestoring surgeries, helping themregain their eyesight.

During the reporting period,
the Bank further expanded its
assistance to cover all students
from Jinyang County admitted
to universities and colleges
Photo from the 2023 "ICBC Sight Initiative - Lifeline Express" event in Delingha City,
Qinghai Province.

In collaboration with multiple charitable organizations, the Bank supported the construction of digital classrooms, campus
environment improvements, and "Olympic Champions on Campus" activities in multiple schools across the four counties.

Childlike Innocence Harbor
As of the end of the reporting period, the Bank had cooperated with the Central Committee of the Communist Youth League andits affiliated foundations to support the construction of "Childlike Innocence Harbor" care stations for left-behind children in thefour counties of Nanjiang, Tongjiang, Wanyuan, and Jinyang in Sichuan Province. A total of 150 "Childlike Innocence Harbor" stations
were established, with an investment exceeding RMB 10 million. Leveraging the "Childlike Innocence Harbor" project, the Bank
continuously improved the mechanisms for resource sharing and joint project development, facilitating the matching of publicwelfare projects. This served over 10,000 visits from rural left-behind children and organized over 1,000 activities.

The "Warming Children's Hearts and Guiding Their Studies"
knowledge lecture series invited aviation experts to explain
domestic aircraft manufacturing knowledge to the children.
The "Dreaming in the Harbor, Painting Our Homeland"
activity allowed children to vividly depict their vision ofhome through drawings.

On March 28 to 31, 2023, Yang Shaojun, leader of the Onsite Discipline Inspection Team, conducted an in-depth field survey in Jinyang County,
Liangshan Yi Autonomous Prefecture, Sichuan Province, and extended solace to the impoverished masses.

66

Industrial and Commercial Bank of China Limited

The "Spreading Warmth in Winter, Nurturing Young
Hearts," "Building Dreams and Seeking Light, Delivering
Books for the Future," and "ICBC Caring: joining hands with
Nanjiang" activities donated down jackets, sports shoes,
books, study supplies, and sports equipment to hundredsof students in the targeted poverty alleviation counties,
bringing care, warmth, and joy to the local children.

The "Childlike
Innocence Harbor"
service station in
Yangjiahe Community,
Nanjiang County, Sichuan Province.

Corporate Social Responsibility (ESG) Report 2023

67

Environment

SocialGovernance

ICBC Sharing Stations
Case

During the reporting periodorganized over

leveraging its network of

95

15.5

thousand"ICBC Sharing Stations,"
the Bank systematically expanded
its convenient services andthousandcare-themed activities such as "Walking Together,Warming the Spring," "Triple Caring in the Summer,"and "Autumn Care at ICBC Sharing Stations"benefiting over

Additionally, the Bank capitalized on the "ICBC
Sharing Station" service platform to provide
volunteer services and charitable assistance tosociety through enhanced collaboration withvolunteer service organizations, creating a "WarmHome" of volunteerism, care, and assistance.

12

millionvisits from new urban residents, outdoor
workers, students taking entrance exams, theelderly, and other community members

During the reporting period, the institutions organized multi-level, cross-professional youth practice teams
around the five areas of financial services for rural revitalization. These teams were dispatched to the Bank's
targeted poverty alleviation points at various levels to carry out the "3+X" practice activities, which included"conducting a rural survey, completing a people-benefiting project, leveraging financial strengths" and "organizing
an independent activity". The institutions integrated these activities with the "ICBC Inclusive Service Campaign"and "Agricultural Green Seeding" initiatives, actively mobilizing young employees based on regional conditions.
They conducted over 140 rural survey activities in more than 70 targeted poverty alleviation counties andvillages, paired up with over 80 local government agencies, enterprises, and institutions for joint development,
and served over 3,000 rural households and merchants.

"Blue Letter" Companion Program

To consolidate the achievements of poverty alleviation and inject youthful and financial energy into rural
revitalization, the Bank joined hands with the Blue Letter Rural Child Care Center to launch the Blue Letter
Companion Program, initiating a voluntary service journey where ICBC youth volunteers send a letter every
month to accompany the growth of rural children. Over three years, 63,252 letters from the "Blue Letter" weresent to 62 rural schools across more than ten provinces including Henan, Hunan, Guangdong, and Guangxi. 4,621
volunteers connected with 4,621 rural children through warm letters, forming a supportive network. At the 6th
China Youth Volunteer Service Public Entrepreneurship Competition, this program won the national gold award.

Case
During the reporting period, Beijing
Branch of the Bank jointly launched
the "Care for Health Volunteer Service"project with the Volunteer Service Promotion Center of the Central Committee
for Social Work and the China Volunteers
Association. With two ICBC Sharing
Stations as the main bases, a total of 15
health lectures and volunteer clinics wereorganized, providing nearly 400 visits ofhealth care services to residents of surrounding communities as well as key corporate and individual customers, further
enriching the volunteer service offerings
at ICBC Sharing Stations.

To better serve and benefit the people, and to provide
more quality, convenient, and attentive health services
to rural residents, on November 28, 2023, the ICBC-AXA
Healthy Home at the Wuli Village Health Center in Beicuo
Town, Pingtan, Fujian was officially unveiled and put into
operation. The Healthy Home is a medical service facility
jointly established by ICBC-AXA Life Insurance Co., Ltd.
Fujian Branch, the Bank's Pingtan Free Trade Zone Branch,and the Wuli Village Committee of Beicuo Town, Pingtan.
It is equipped with an intelligent health all-in-one machinethat provides 24/7 remote intelligent consultation services,helping rural residents monitor their personal healthanytime. An on-site medical staff member is also available
to provide guidance.

During the reporting period

125

thousandyoung volunteers from the Bank
participated in volunteer activities

Industrial and Commercial Bank of China Limited

On August 4, 2023, the Bank successfully invited the Blue Letter public welfareorganization and gathered young volunteers from its branches in Inner Mongolia,
Liaoning, Hubei, and Hunan. They visited
Maojiatan middle school and Cuijiaqiao
middle school, the partner schools of
the Blue Letter Companion Program in
Hanshou County, Changde City, Hunan
Province, providing an opportunity for the"big friends" (volunteers) and "little friends"(students) to meet in person.

Case

Volunteer activities

68"New Journey of Rural Revitalization, New Achievements by ICBC Youth" Themed Practice Activity

raised nearly

1.3

RMB
in donations

and served overmillion

1,912

beneficiaries

thousand"Bright Vision Action" Season 9- Shihezi Station Public Welfare
Activity in Xinjiang

The Xinjiang Branch of the Bank successfully
hosted the "Bright Vision Action" Season 9- Shihezi Station public welfare activity in
Xinjiang. Over 150 volunteers from acrossthe country worked tirelessly for a week,
conducting vision screenings for more than
4,000 students in grades 1 to 5 in Shihezi
City, as well as over 300 residents in the
61st and 40th communities of Shihezi City.
Additionally, they established vision tracking
records for over 1,200 grade 1 students.

The "Bright Vision Action" Season 9 successively held events in Beijing, Inner Mongolia, Sichuan, Xinjiang, and other locations, providing
vision screenings for nearly 100 thousand students across 7 provinces and municipalities.

Corporate Social Responsibility (ESG) Report 2023

69

Environment

Global public welfare

ICBC (Asia)

Supported the Landing ofShenzhen Branch"Kangaroo Kids' Home"

Jiangsu Branch

During the reporting period, Shenzhen Branch of the Bank andMeituan jointly held the launch ceremony for the "Kangaroo
Kids' Home - Shenzhen Longhua Station," establishing
the first Kangaroo Kids' Home in Shenzhen. This initiative
provides comprehensive support, including after-school care,
extracurricular activities, and character education, for thechildren of delivery riders and children in the local community,
addressing the challenge of balancing work and parenting
faced by delivery riders. It also offers more convenient andattentive financial services for this group.

On September 21, 2023, young employees from the Bank's Jiangsu
Branch of the Bank organized the "Caring for Blossoms" student aid
activity.

The "Kangaroo Kids' Home - Shenzhen Longhua Station" supported
by Shenzhen Branch of the Bank.

Inner Mongolia Branch

Inner Mongolia Branch's "Making Dreams Come True, Motivating
Through Education" Donation Campaign

Governance

Promoted Inclusive
Community Development

ICBC (Asia) integrates the philosophy of "Diversity andInclusiveness - Caring in Action" into its daily operations, andleverages the extensive platform of the ICBC (Asia) Charitable
Foundation to organize various charitable and public welfare
activities covering areas such as environmental protection,
sports philanthropy, cultural preservation, and arts andculture, promoting sustainable development. The ICBC (Asia)
Charitable Foundation continues to drive themed charitableand public welfare initiatives, and collaborates with the "ONEICBC Public Welfare Service Team", encouraging employees toactively participate in community building efforts and exert
social influence.

ICBC (Europe)SocialContinued Tree
Planting Activities

To further exemplify its green banking philosophy, coinciding
with the 28 th United Nations Climate Change Conference(COP28), ICBC (Europe) Headquarters organized some
employees and their families to participate in another tree
planting activity near the town of Godbrange in northern
Luxembourg. The oak and beech saplings planted can quickly
adapt to the new environment, positively contributing to
improving the local ecology. After over five hours of effort,
more than 510 oak and beech saplings were planted, covering
an area of over 30 acres.

ICBC (Thai)

During the reporting period
ICBC (Asia) was honored withthe "Caring Company 20+ Logo"by the Hong Kong Council of Social Service
becoming one of

the first enterprises

to receive this recognition

ICBC (USA)Supported Local
Community Development

ICBC (USA) proactively and conscientiously implemented theCommunity Reinvestment Act, attaching great importance topositive interactions with the communities where its branches
are located. Fully leveraging its business characteristics andadvantages as a financial institution, it actively participates incommunity development, promoting harmonious and stablecommunity growth. During the reporting period, ICBC (USA)completed multiple community reinvestment-related donation
projects involving non-profit organizations in areas such as community economic development, livelihood, cultural cooperation,community education, and women's rights protection.

ICBC (Peru)

In 2019, Inner Mongolia Branch of the Bank innovatively launched the "ICBC Ulan Muqir" poverty alleviation campaign, forming
25 "ICBC Ulan Muqir" teams. In June 2021, it further innovated by introducing the "ICBC Ulan Muqir" Rural Revitalization Financial
Services brand. In 2021, the "ICBC Ulan Muqir" teams initiated the "Making Dreams Come True, Motivating Through Education"
donation campaign, establishing relationships to support 33 students for no less than three years. In 2022, the campaign was further
expanded to 100 students. Many of the supported students come from remote counties and villages. The "ICBC Ulan Muqir" teams
liaised with local governments and organizations to understand the students' situations, donated books and learning materials toschools and community libraries, visited student families, and delivered student aid funds, living supplies, and study materials to thestudents and schools, conveying love and warmth.
On November 16, 2023, ICBC (Thai) donated daily necessities to the
Disabled Assistance Home in Ubon Ratchathani Province.

Zhejiang Jiaxing BranchSuzhou Zhangjiagang Branch
ICBC (Mexico)

Zhejiang Jiaxing
Branch of the Bank
organized the"Adding Greenery
to Tongxiang"
volunteer activity.

Industrial and Commercial Bank of China Limited

Melbourne BranchSuzhou Zhangjiagang Branch of the
Bank organized the"Yangtze River Ecological Protection"
activity.

During the reporting period, ICBC (Mexico) volunteers extended care
to children in welfare homes.

70

During the reporting period, ICBC (Peru) volunteers conducted tree
planting activities in underprivileged communities in Lima.

Melbourne Branch organized employees and their families to participate in a beach cleanup volunteer activity with the Beach Patrol.

Corporate Social Responsibility (ESG) Report 2023

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Environment

SocialGovernanceCorporate GovernanceIntegration of Party building and corporate governance
The Bank remains steadfast in developing finance with Chinese characteristics, always upholding the centralized and unified Party
leadership in financial work. In an ongoing effort to modernize its governance system and capacity for higher-quality development,
the Bank has effectively improved its modern corporate governance framework, mechanism and culture, valuing corporate
governance as the foundational work for high-quality development in a new area. The top-level design of corporate governancehas been enhanced. The new version of the Articles of Association took effect upon approval by the National Financial Regulatory
Administration (NFRA) during the reporting period, increasingly fusing the Party leadership into corporate governance andembedding the institutional strengths into the modern governance system. Highlighting the political and people-oriented nature offinancial work, the Board of Directors of the Bank has effectively implemented the decisions and plans of the CPC Central Committee
and the State Council and financial regulatory requirements, fully unleashed its function of strategic guidance and risk management,
coordinated efforts to execute the "Three Tasks" of financial work and kept making financial services more adaptive, competitive andinclusive.

Corporate Governance
Strategic Management
ESG Management
Risk Management
Governance of Human Resources
Digital FinanceInternal Governance

On March 30, 2023, Chen Siqing, then Chairman of the Bank, chaired a meeting of the Board of Directors.

72

Industrial and Commercial Bank of China Limited

Corporate Social Responsibility (ESG) Report 2023

73

Environment

SocialGovernance

SPECIAL FEATURE

Clean ICBC program
Probity culture development

Achievements in anti-corruption and anti-fraud

The Bank stepped up the probity culture development
to underpin the strict Party self-governance and bankgovernance in every respect.

A probity culture research center was established for in-depth study on probity culture development. The report
entitled Study on Banking Probity Culture Development was compiled to provide theoretical support and practicalbasis for the Bank's probity culture development. Adhering to the principle of openness, the center has strengthened
exchanges with outside organizations. It promoted cooperation with the China Anti-Corruption Research Center,
Chinese Academy of Social Science and enhanced exchanges and partnership with the China Banking Association andother institutions, thereby making solid, deep-going progress in the Bank's probity culture development.

The Opinion on Strengthening Development of the
Probity Culture Research Center and the Education
Base for Innovation Culture was issued to cement
the base for developing probity culture and laying
a solid foundation for the "Clean ICBC" culture.

The anti-corruption awareness education has been further
strengthened. A number of anti-corruption awarenesseducation films including the Anti-Corruption Film for
Division-level Officials were released to effectively promote
remediation and enhance governance through case study,
amplify the deterrent effect and enhance employees' andofficers' awareness of compliance.

Promoting no-restricted area, full coverage and zero-tolerance against corruption under
the principles of "ensuring all personnel do not dare to, are unable to and have no desire tocommit corruption"

The Bank continued to strengthen
deterrence so officials don't dare tocommit acts of corruption

The Bank has broadened and deepened its
efforts to reinforce the cage of institutions so
officials are unable to commit acts of corruption

Such non-compliances as misappropriationof financial resources, abuse of power or
influence and acting on illegal instructions
were severely punished. The corruptions behind credit, investment, disposal of non-performing assets and personal finance werefought resolutely. The self-investigation caseassessment system was reformed actively.

It deepened and broadened the special
crackdown on corruption risks in three key
fields, namely credit, emerging business,and procurement, and strengthened theinvestigation and accountability for substantial
risk losses and major cases. The special
crackdown on "revolving door" between
business and politics and "escape resignation"
were normalized. Overseas key institutions
appointed full-time probity commissioners tofurther strengthen the supervisory power.

The Bank has further strengthened officials' vigilance sothey have no desire to commit acts of corruption

The Opinions on Accelerating the Development of Clean ICBC in the New Era and New Journey was analyzed andformulated. The Bank formulated the Opinions on Strengthening Tiered and Classified Notification in Case Warning
Education, held the warning education conference attended by the Bank's division-level officials and the warning
education conference of the Head Office, organized the viewing of warning films for division-level officials andcompiled the Case Warning Record (2021-2022). The "Clean ICBC" official account released disciplinary review,
investigation and "Double Expulsion" information, set "Gong Xiao Lian Discipline Class and Case Warning column"
and pushed anti-corruption tips on a regular basis. This account had mover 330 thousand followers, having a
growing deterrent effect.
On July 27, 2023, the Head Office held an anti-corruption awareness education conference.

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Industrial and Commercial Bank of China Limited

Corporate Social Responsibility (ESG) Report 2023

75

Environment

Hammering away at addressing the practice of formalities for formalities' sake, bureaucratism,
hedonism, and extravagance

SocialGovernance

Shareholders' General Meeting, Board of Directors, Boardof Supervisors and Senior Management
Shareholders' General Meeting
During the reporting period

Typical cases were announced with afocus on key nodes. 16 editions of "Gong
Xiao Lian's Interpretation of Eight Rules"
self-made short videos were released
through the Clean ICBC official accountand the ICBC research and study platform,
which were viewed and studied by morethan 150 thousand person-times.

The long-term mechanism for improving
the conduct was routinized. The Provisions
on Effectively Improving the Work Styleof the Head Office and Keeping Close
Contact with the Masses (Version 2023)
was revised. The Head Office issued
policies on expenditure regulation.

the Bank held

1
1

annual general meeting

extraordinary general meeting

Identifying problems early and correct them while they were nascent, setting up successivelines of defense

reviewed

and heard

proposals, including the
Proposal on the Final Accounts for 2022,
the Proposal on the Profit Distribution
Plan for 2022 and the Proposal on
Applying for Temporary Authorization
Limit for External Donations

reports, including
the Work Report of
Independent Directorsof Industrial andCommercial Bank of
China Limited for 2022

14

3

Board of Directors
During the reporting period

The principle of educating before disciplining was upheld to avoid punishing without educating. Training of more than threedays included disciplinary education additionally. The discipline education of young officials was valued and special surveys wereconducted. Probity and discipline education was fused into day-to-day activity through class-based guidance, discussions andprobity talks.
Note : For more information on the number and results of corruption prosecutions, please visit the website of the CPC Central Commission for Discipline
Inspection.

the Bank received a number ofDuring the reporting period
the Board of Directors of the Bank held

11

meetings and discussed 82 proposals, including the
Proposal on the 2022 Work Report of the Board of Directors ofIndustrial and Commercial Bank of China Limited, the Proposalon the Corporate Social Responsibility (ESG) Report 2022 ofIndustrial and Commercial Bank of China Limited, Proposalon the 2023 Inclusive Finance Business Operation Plan and
the Proposal on the 2022 Risk Report and Risk Appetite
Assessment.

honors and awards for its high-quality
development research project
including the"Golden Round Table Awards"

from the Directors & Boards magazine

the "Outstanding Research Outcomes"
for the year
and the "Best Practice of Corporate

Governance" from the China Association
for Public Companies (CAPCO)
and the "Chinese Business Top 100
Award", "Chinese Ethical BusinessAward", and "Chinese Business Top 100
with Special Contribution Award"
from the China Business Top 100 Forum

On January 17, 2023, Yang Shaojun, leader of the Onsite Discipline Inspection Team, made a special exchange and presentation for the discipline
inspection and supervision cadres of the Bank.

76

Industrial and Commercial Bank of China Limited

On June 29, 2023, the Bank held its 2022 Annual General Meeting.

Corporate Social Responsibility (ESG) Report 2023

77

Environment

Diversity of the Board of Directors

As at the disclosure date of the results announcement12
directors

GovernanceDuty performance of directors

The Bank advocates an excellent board culture featuring "harmony in diversity". The diversity in gender, expertise and geography
provides the Board of Directors with a strong basis for informed decision making.

the Board of
Directors of the
Bank consisted ofSocialExecutive
Directors

Non-executive
Directors

Independent Nonexecutive Directors

2

5

5

Mr. Liao Lin
Mr. Wang Jingwu

Mr. Lu Yongzhen
Mr. Feng Weidong
Ms. Cao Liqun
Ms. Chen Yifang
Mr. Dong Yang

Mr. Herbert Walter
Mr. Yang Siu Shun
Mr. Shen Si
Mr. Fred Zuliu Hu
Mr. Norman Chan Tak Lam

The number of Independent Non-executive Directors of the Bank accounted for more than one third of thetotal members of the Board of Directors, complying with relevant regulatory requirements.

At the First Extraordinary General Meeting of 2023, Mr. Herbert Walter (German) was elected as Independent Non-executive Directorof the Bank, and his qualification was approval by NFRA in March 2024.

Independence of the Board of Directors
In strict accordance with regulatory requirements and the basic rules on corporate governance, the Bank has stepped up efforts
to ensure independent directors fulfill their duties and give independent opinions to the Board of Directors, and reviews theireffectiveness annually.
During the reporting period, Chairman of the Board of Directors had talks with independent directors on corporate governance, risk
management, digital development and talent development. In addition, before each meeting of the Board of Directors, the Bank
organized relevant personnel to communicate with directors about all the agenda items and sought directors' detailed opinions on
matters to be discussed. During the meeting of the Board of Directors, the directors of the Bank contributed valuable input andwisdoms to the Bank's business development.

The Board of Directors of the Bank attaches great importance to environmental, social and governance (ESG) matters, as evidenced
by its ongoing effort to deepen ESG governance and improve the ESG governance structure.

The Bank performed social
responsibilities as a responsible
large bank

The Bank improved therisk management systemand capabilities

The Bank strengthened audit
supervision and improved theinternal control evaluation system

The Board of Directors reviewed the
proposal on the Corporate Social
Responsibility (ESG) Report 2022 ofIndustrial and Commercial Bank of
China Limited to track the Bank's
performance of social responsibilities
regarding environment, society, governance and corporate culture.

The Board of Directors reviewed orheard relevant proposals and reports
on enterprise risk management, interest
rate risk in the banking book (IRRBB)
management, liquidity risk management and the Group's compliance risk
and anti-money laundering management, thereby ensuring the Bank reinforced the lines of defense against risks
and continuously improving the overall
effectiveness of risk management.

The Board of Directors regularly reviewed the Proposal on the Internal Audit
Plan for the Year, incorporating green
credit risk into the scope of internal audit
projects, climate risk into the enterpriserisk management system, and making
systematic and forward-looking responses. Due attention was paid to theimplementation of green credit policies,
financing eligibility management andrisk mitigation under the goal of "carbon
peak and carbon neutrality".

During the reporting period, the Board of Directors of the Bank held a strategic seminar themed by "ESG and Green Finance
Development" to enhance scientific and effective decision-making. Members of the Board of Directors conducted field surveys atthe Head Office departments, branches and integrated subsidiaries, delivered high-level research results in ESG and green financedevelopment, improvement of commercial banks' asset mix and income structure and gave constructive opinions and suggestions
on the Group's business development. Directors also actively participated in special training and seminars organized by regulatorsand the Bank under the themes of "ESG", "Green Finance Development", "Climate Risk Prevention and Control" and so on.

The Board of Directors held a strategic seminar themed by "ESG and Green Finance
Development" to promote green and sustainable development of the Bank

During the reporting period, the Board of Directorsof the Bank held a strategic seminar themed by"ESG and Green Finance Development", attended by
Executive Director and Senior Executive Vice President
Mr. Wang Jingwu, Directors Mr. Lu Yongzhen, Mr. Feng
Weidong, Ms. Cao Liqun, Ms. Chen Yifang, Mr. Dong
Yang, Mr. Anthony Francis Neoh, Mr. Shen Si and Mr.
Fred Zuliu Hu, and Board Secretary Mr. Guan Xueqing.

The participating directors heard the work reports ofHead Office departments on the development trendsof green finance and the Bank's work on green credit,
ESG and climate risk management. They recognized
the Bank's work and research results in green financeand ESG and gave suggestions on next steps in four
aspects.

The Board of Directors of the Bank includes a Nomination Committee.

As at the disclosure date of the results announcement
the Nomination
Committee of the Boardof Directors consisted of5members

including3

Independent Nonexecutive Directors

The Nomination Committee was chaired by
Independent Non-executive Director

Mr. Fred Zuliu Huwith othermembers

Mr. Liao Lin

Mr. Feng Weidong

Mr. Yang Siu Shun

Mr. Norman Chan Tak Lam

On August 30, 2023, the Board of Directors of the Bank held a strategic seminar themed by "ESG and Green Finance
Development".

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Industrial and Commercial Bank of China Limited

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Environment

SocialGovernanceCorporate governance of integrated subsidiaries

Directors conducted an in-depth field survey on green finance in support of "carbon peak,carbon neutrality"

The Bank further strengthened strategic guidance on integrated subsidiaries.
During the reporting period, the Bank's directors Ms. Cao Liqun and Ms. Chen Yifang visited Shenzhen Branchof the Bank on a field survey. They heard special reports of the branch, inspected the construction of officebuildings, visited outlets and corporate customers and took an in-depth look at ESG development and green
finance of Shenzhen Branch. The directors affirmed the branch's achievements.
During the reporting period, the Bank's Director Mr. Lu Yongzhen conducted a field survey at Shanxi Branch of
the Bank, heard the branch's special reports and visited relevant enterprises to learn about the branch's asset
structure adjustments and income structure improvements.

During the reporting period, the Bank formulated the Guidelines for High-quality development of Domestic Integrated
Subsidiaries. The Administrative Measures for Strategy Implementation Evaluation of Integrated Subsidiaries (Version2023) was issued, incorporating the corporate social responsibility and ESG scoring indicators of subsidiaries with afocus on the ESG strategy planning, management capability and governance capability of subsidiaries. The strategy
implementation evaluation for 2022 was carried out.

The Bank strengthened guidance on corporate governance of subsidiaries.

Board of Supervisors

During the reporting period, the Bank provided subsidiary corporate governance training courses for over 170
persons, including independent directors of the Group and its subsidiaries and employees of the Bank. Leaders of
the Bank taught courses on enterprise risk management of the Group, the Bank's green finance development system,
climate risk management, corporate governance requirements, governance quality and effectiveness of subsidiaries
as well as the Bank's ESG management and information disclosure practices. These training courses enhanced theManagement's awareness of the ESG philosophy.

Composition
As at the end of the reporting period
the Board ofSupervisors of the
Bank consisted of3

including

1 Employee Supervisor
Mr. Huang Li

and2 External Supervisors
Mr. Zhang Jie
Mr. Liu Lanbiao

members

Meetings
During the reporting period

the Board ofSupervisors held

9

meetings

17

considered
proposals
including the report on the workof the Board of Supervisors for
2022, the report on performance
evaluation and the corporate social
responsibility (ESG) report for 2022

34

heard
reports on business
operation of the Bank,
risk management andconsumer protection

35

and reviewed
special reports on quarterly
supervision, special surveys of
the Board of Supervisors andimplementation of supervisory
suggestions of the Board ofSupervisors.

SupervisionDuring the reporting period, the Board of Supervisors conscientiously performed its supervisory responsibilities according to relevantlaws and regulations, regulatory requirements and Articles of Association. It strengthened supervision over key sectors, products,
institutions and aspects of work, kept monitoring strategic, systematic, big-picture and early signs of problems and conducted
day-to-day supervision over due diligence, financial affairs, risk management and internal control. Eight supervisory surveys wereconducted with a focus on the rural revitalization strategy, competitiveness of outlets, management of financial expenses, centralized
procurement, local government debt risks, internal control of key institutions, competitiveness of county-area institutions andinclusive finance development. These activities highlighted the corporate governance supervision characteristics and enhancing thequality and effectiveness of supervision, unleashing the Board of Supervisors' crucial role in corporate governance and improving
compliance of the Bank's operation and development.

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Industrial and Commercial Bank of China Limited

On October 19, 2023, the leadership of the Bank took a group photo with the participants in the 2023 Corporate Governance Forum, a training
program on corporate governance of subsidiaries.

Information disclosure
The Bank actively responded to the complex and changing
external circumstances, and implemented laws, regulations
and the regulatory requirements of the stock exchanges
where it is listed. Moreover, it continuously strengthened
communication with the capital market, made continued
efforts to make information disclosure more transparent andbetter informed investors and other stakeholders of the Bank's
strategy implementation, corporate governance and business
management.

In the annual evaluation of
information disclosure by companies
listed on Shanghai Stock Exchange,

the Bank was rated A("Excellent") for ten
consecutive years

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Environment

timelyDuring the reporting period, the Bank further improved
the measures for internal reporting regarding major
disclosures, assigned responsibilities to specificpersons and organizations and ensured the timely,
accurate and complete reporting for major disclosures.

During the reporting period, the Bank made solid headway in maintaining stable growth, adjusting structure, increasing growth drivers,
preventing risks and breaking new ground. The core metrics of the "Strong, Excellent and Large" features remained stable. The
operating activities made progress and improved quality while ensuring stability. The strategy of "leveraging our strengths, tacklingareas of weaknesses and solidifying the foundation" made fresh headway. Major strategies and tasks were further implemented withnotable results.

assigned
responsibilities
to specificpersons
accuratecomplete

Forms and times of information disclosure
The Bank discloses information mainly through designated media, including websites of the Shanghai Stock Exchange and The
Stock Exchange of Hong Kong, in the form of regular reports and extraordinary announcements. The Bank continued to enhancecommunication with global investors such channels as the Bank's official website, domestic and overseas newspapers, SSE
E-interactive, investor hotline and mailbox, in such forms as shareholders' general meeting, performance briefing, thematic investor
relations activities roadshow and reverse roadshow, meetings with investors and analysts and press conferences, so as to enhanceinvestors' sense of gain.

During the reporting period
the Bank disclosed

and issued overbatches of
periodical reports

extraordinary
announcements and related documents
in Chinese and English languages.

260

Efforts made on reduction of information asymmetry and equitable
treatment of investors
In order to protect the rights and interests of investors and other stakeholders, especially minority shareholders, the Bank performs
the obligation of information disclosure in strict accordance with domestic and foreign regulatory rules for information disclosure.
During the reporting period, the Bank continuously improved the proactive information disclosure system in the course of periodic
reporting and responded actively to investor concerns through the voluntary disclosure column, making its information disclosure
more proactive and effective. Extraordinary announcements manifested the Bank's latest outcomes and progress of its ongoing
efforts to pursue high-quality development, support the real economy and forestall and mitigate financial risks. The Bank madevoluntary announcements including the Announcement on the 2023 Interim ESG Report to further boost corporate transparency andprotect investors' right to know.
To ensure investors' equal access to information, the Bank made synchronous information disclosures on stock exchanges where
it is listed and prepared regular and extraordinary reports in simplified Chinese, traditional Chinese and English languages to meetinformation needs of various investors at home and abroad. The Bank continued to improve the investor interaction platforms,
including the investor relations website and the investor mailbox, and continued to build a user-friendly, unobstructed and efficientchannel for communication with investors.

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Industrial and Commercial Bank of China Limited

Governance

Strategic Management

Major achievements in the information
disclosure system development during
the reporting period

4SocialLeveraging our strengths - higher-quality
development

In support of stabilizing
growth, the institutional
deposits and corporate
deposits maintained aleading edge over peers byeither balance or increase.

Settlement finance madeongoing breakthroughs.
The newly opened corporate settlement accounts
increased by over 30%
year-on-year, cementing
the strengths in size of thecustomer base.

Focus was placed on
supporting the major
national strategies aswell as key areas andweaker sectors of thereal economy.

Tackling areas of weaknesses for coordinateddevelopment - making well-ordered progressin key strategies
The No.1 Personal
Bank Strategy

was further implemented
to sharpen the competitiveedge. Personal customers'
assets under management(AUM) exceeded RMB20
trillion, the first to break
mark and the top performer
by growth among China's
banks, showing gradual improvements in the customer
ecosystem.

The Preferred Bank
Strategy for Foreign
Exchange Businesswent deeper to refine theservice system, delivering
remarkable results in helping stabilize foreign tradeand foreign investment.
During the reporting period, the Bank dealt withover RMB200 billion ofcross-border E-commercecustomers, up nearly 50%
year-on-year.

Competitive edge in
key regions

was sharpened, including
a ledging edge in five key
regions in terms of thebalance of general deposits and total loans.

The Urban-Rural
Collaborative
Development Strategy

yielded notable results.
The balance of agriculture-related loans reachednearly RMB4.24 trillion.
The village-related service
capacity kept improving.
The numbers of personal,
corporate and institutionalcustomers in county areas
all outpaced the Bank's
average.

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Environment

Solidifying the foundation - stronger momentum ofdevelopment

SocialGovernance

ESG Management
Strategic plan for ESG and sustainable finance

The Bank fully implemented the digital transformation strategy to further boost the digital level.

The Bank strengthened
digital empowerment ofcustomer services, continued to improve thethree major customer
service platforms, namely, Mobile Banking, OpenBanking and ICBC e Life,and further improved thedigital service ecosystem.

The Bank improved the policy framework for enterpriserisk management, deepened
the Five-pronged Risk Management Approach, refined
the risk officer system andnew rules for credit approval,
furthered the "Three Gates
and Seven-color Pools" development and made comprehensive improvements inthe core indicators of asset
quality.

The Bank always seeks to harmonize economic responsibilities with social responsibilities
during business development.

ESG governance structure
Organizational structure
Shareholders' General
Meeting

Solidifying the foundation - firmer footing ofdevelopment

Board of Directors

Corporate Social Responsibility and Consumer
Protection Committee

Strategy Committee
The mechanism for leader discovery, training and selection was improved. The Bank carriedout a number of premier training programs, including the "ICBC Leadership" training forheads of domestic institutions and the capacity enhancement training for the branch heads
in charge of credit (accredited credit risk officers).

Senior Management

Risk Management
Committee

ESG and Sustainable Finance Committee

Organizational Level

Corporate Strategy and Investor Relations
Department
Accelerating the digital workforce

By integrating all channels, online
and offline, the Bank provided
targeted services to customers.

Executive Level

Branches, Head Office Departments
and Subsidiaries

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Environment

Board of directors

SocialGovernance

ESG and Sustainable Finance Committee

The Board of Directors of the Bank actively performed its role in strategic decision-making, deepened ESG governance and madecontinuous efforts to refine the ESG governance framework.

Under the Board of Directors
The Strategy Committee under the Board of Directors is responsible for considering the annual
social responsibility report and putting forward suggestions to the Board of Directors.
The Corporate Social Responsibility and Consumer Protection Committee is responsible forstudying and considering the Bank's fulfillment of social responsibilities for environment, society,governance, serving rural revitalization and corporate culture, consumer protection strategies,
policies and objectives, green finance strategies and the development plan, basic rules, annual
plan and evaluation measures of inclusive finance business and other matters, and putting
forward suggestions to the Board of Directors.

The Senior Management established the ESG and Sustainable Finance Committee, which now is an auxiliary decision-making bodythat leads and coordinates ESG-related work for the Senior Management.

Specific responsibilities
Implementing the Group's strategy and goals of ESG and sustainable finance, coordinating the work of all institutions and all lines
in the field of ESG and sustainable finance, and guiding the whole Bank's ESG and sustainable finance development and business
management.

During the reporting period
At these meetings, the committee considered
the committee held

Proposals reviewed

3

meetings

3

proposals
including the Report on the Submission for Review of the
Corporate Social Responsibility (ESG) Report 2022 of ICBC andthe 2023 Interim Report on Corporate Social Responsibility(ESG and Sustainable Finance) of ICBC (First Draft)

and read4

proposals

The Board of Directors highly values and continuously deepens ESG governance. By reviewing proposals, hearing reports,
holding seminars and conducting surveys, the Board of Directors promoted the Bank to improve the ESG governanceframework with refined governance policies and mechanisms and to integrate ESG requirements into business development.

During the reporting period, the Board of Directors reviewed and approved the Corporate Social Responsibility(ESG) Report 2022, the Proposal on 2022 Risk Reporting
and Risk Appetite Assessment and the Proposal on the2022 Work Review and 2023 Work Plan for Consumer Protection.

The Board of Directors reviewed and adopted the
Proposal on Regulations on Enterprise-wide Risk Management (Version 2023) to refine requirements for the
management of climate and other risks, improve theobjectives and requirements of enterprise risk management and clarify five priorities of technology finance,
green finance, inclusive finance, pension finance anddigital finance.

Institutions at all levels
Domestic institutions at all levels implemented the ESG and sustainable development philosophy in accordance with laws,
regulations, and regulatory requirements. Overseas institutions implemented it in accordance with local standards and regulatory
requirements.

ESG risk management
Senior Management
The Senior Management of the Bank is responsible for ESG (social responsibilities and sustainable development) management.
Specific responsibilities
Implementing the resolutions made by the Board of Directors and its special committees on social responsibilities (ESG); formulating
the annual management objectives for social responsibilities (ESG), and leading and coordinating the work related to social
responsibilities (ESG) within the framework of objectives; submitting the annual social responsibility (ESG) report of the Bank to theBoard of Directors; reporting the policies and objectives of the Bank's social responsibilities (ESG), implementation of relevant issues
to the Corporate Social Responsibility and Consumer Protection Committee of the Board of Directors.

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Industrial and Commercial Bank of China Limited

Enhancing environmental, social and governance (ESG) risk management across the board

Strengthening the green classified managementof investment and financing

Strengthening the system-based ESG risk
management

The Notice on the Trial Implementation ofGreen Classified Management of Investment
and Financing of Overseas Institutions was
issued, requiring all overseas institutions to
implement a full range of green classified
management of investment and financing
within the scope permitted by the laws,
regulations and regulatory provisions of hostcountries (regions).

The Notice on Strengthening the Managementof Customer Environmental Risk System wasissued.

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Environment

Building a three-in-one ESG information disclosure system
A three-in-one ESG information disclosure system composed of the annual report on corporate social responsibility, interim special
reports on ESG and green finance disclosure reports, and normalized information disclosure.

As at the end of the reporting period

The "ESG Column" was created on the
homepage of the official website to disclosethe Bank's latest ESG practices and strategic
progress on an ongoing basis, with over
100 ESG updates released cumulatively.

The annual social responsibility (ESG) report wasissued for the 16th consecutive year

As the first bank in the industry tobenchmark with mainstream organizations' ESG
rating topics, the Bank issued the interim special
report on ESG for the third consecutive

SocialGovernanceRisk Management
Iterative upgrades of the enterprise risk
management system
Efforts were stepped up to prevent and control financial risks, serving high-quality development. The Bank implemented in depth
the "Five-pronged Risk Management Approach", namely the overall risk management of domestic and overseas institutions, on- andoff-balance sheet businesses, commercial banking and investment banking and other services, online and offline business, and Head
Office and subordinate institutions. The Bank strengthened the key measures to manage "people, money, defense line and bottomline" to ensure the risk management responsibilities were fulfilled. The risk officer management mechanism was enhanced, with theenterprise risk management extending downwards to lower tiers to further disseminate the enterprise risk management philosophy
and requirements. The enterprise risk management system and mechanism were improved to enhance the management of digitaltransition risk and other emerging risks, in a bid to achieve a higher standard of enterprise risk management.

year

The special report on green finance has been
issued for the fifth consecutive years"ESG Updates" column of the Bank

ESG training

Persistently deepening the Group's
market risk management

The Bank maintained ongoingtracking, monitoring and reportingof country risks, and strengthened
the assessment, rating and forward-looking analysis of country
risks.

The Bank improved the Group's market
risk management policies and procedures to fully reflect the latest regulatory requirements and management
practices. Keeping a close eye on thefive major markets, the Bank responded
actively to changes in the global macro-economy and financial markets athome and abroad. The Group's market
risk limit management was consolidated
in support of the Group's global market
business development. The risk control
models and information systems were
further optimized to explore intelligent
and digital innovations.

The regulatory requirements for consolidated management were implemented
in an ongoing effort to improve thequality and efficiency of the Group's
consolidated management. The seethrough monitoring of risks was
stepped up to cement the foundation
for high-quality development of internationalized and comprehensive operations. The Bank strengthened the overallmanagement of banking subsidiaries,
furthered the enterprise risk management of non-bank subsidiaries on acompany-specific basis and refined therisk appetite and quota management,so as to constantly boost the capabilities of risk prevention and control.

Steadily advancing the Group's
product risk management

Actively building the smart risk
control system

Constantly improving the model
risk management

The Group's product risk management system was improved and theGroup's product catalog updated.
The responsibilities for product risk
management were clearly assigned
across the three lines of defense
and all levels of institutions, so as
to strengthen product lifecycle
management covering the launch,maintenance, alteration and discontinuation of products.

The Bank started building an enterprise-level smart risk control platform,
designed and developed four enterprise-level service centers for risk
measurement, risk view, risk monitoring/warning and risk decision-making, andconsolidated the risk database service
capacity based on the data middle-office in an upgrading push for enterprise-level, intensive and smart management of risk warnings, strategies,
models and views.

The Bank promoted the hierarchicaland classified management of models, improved the policy framework
for model risk management and kept
improving the model lifecycle management including development,
validation, approval, monitoring,
application and retirement, so as toensure the prudent, effective, andsmooth operation of all models. The
Bank built a model risk management
system, strengthened the research ofmodel risk identification and monitoring technologies, and improved forward-looking risk management.

Providing ESG risk training courses
The Bank enhanced the special training on ESG leveraging on its training system and made continuous improvements in its routine
ESG training mechanism. During the reporting period, the Bank provided ESG training programs and courses, adding the ESG
component to the training of management personnel and international talent. During the reporting period, the international talenttraining program provided courses on corporate governance, green finance, inclusive finance and human resources management.

The Bank held 263 training sessionsof green finance/environmental
governance-related courses with

24,629trainees

2,626 training sessions of inclusive
finance-related courses with

159,548

trainees390 training sessions of rural revitalization/
county-area governance-related (including
rural credit system development) courses with

33,063trainees

11 training sessions of corporate
governance-related courses with513

trainees

2,007 training sessions related tohuman resources courses with

139,572

traineesand 496 training sessions related tocontinuing education courses with

51,959trainees

During the reporting period, the young and middle-aged core talent training program provided such courses as green finance/
environmental governance, rural revitalization/county-area governance (including rural credit system development), inclusive financeand human resources management.

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Industrial and Commercial Bank of China Limited

Endeavoring to enhance theGroup's consolidated managementof risks

Continuing to strengthen theGroup's country risk management

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Environment

Internal control system

SocialGovernanceAnti-Money Laundering (AML)
During the reporting period, the Group's AML work was guided by the "risk-based" principle. A self-driven money laundering risk
prevention and control mechanism was established and improved with a focus on "one basic framework, five management pillars".
The Bank refined the Group's AML standards, implemented the reform for centralized due diligence in AML, strengthened the money
laundering risk assessment and control, optimized the intelligent monitoring, analysis and reporting mode, built a digital AML
ecosystem, increased AML supervision and assessment and consolidated the AML publicity and training.

Internal control building
Internal control managementon the credit front
during the reporting period, the Bank conducted compliance monitoring and inspection on green credit,
made improvements in the internal control mechanism for green credit, improved the plan for green credit
development, and actively expanded the high-quality customer base in the green industry, so as to facilitate
high-quality development of green finance.

AML work of overseas institutions

The Bank furthered standardization of the Know Your Customer (KYC) process for AML work of overseas institutions, standardized
the customer's money laundering risk assessment methodology of overseas institutions, diversified the overseas AML management
toolkit, held the online training on overseas AML practices and enhanced core AML staff's ability to perform duties in overseas
institutions.

Internal control mechanism
building
To strengthen the accountability system, the Bank considered and adopted the Work Rules for Accountability
Committee of the Head Office (Version 2023) and the management measures for accountability for nine risk
incidents, and strengthened the alignment with the Regulations on Handling the Violations of Employees (Version2022), the further regulating the accountability for all risk events of the Bank.

IT system development

System development: Attaching importance to AML-related technological resources, the Bank built the "ICBC BRAINS" AML financial
service platform that covers domestic and overseas institutions of the Bank as well as other banks and financial institutions.

Monitoring of abnormal employee
behaviors
The Bank stepped up model development, further optimized system functions, upgraded the "management
dimension" monitoring mode, developed the "non-compliance index" system and achieved intelligent evaluationof the management of primary-level management units. The "enhanced monitoring" function was added toenhance in-depth analysis of abnormal behaviors for key positions and authorized approvers.

Case risk prevention and control

The responsibilities for case prevention were fulfilled
to promote orderly operation of the case prevention
mechanism. During the reporting period, the Bank
held the annual meeting of the Head Office's leadinggroup for case prevention work in 2023, and held ameeting on the Bank-wide case prevention work inthe middle of the year.
The performance of duties for case prevention was
supervised across the Bank, with a focus on thefulfillment of the responsibilities for case prevention
and the effectiveness of "Concretization andNormalization" management system. The Head Officeestablished three case prevention supervision groups
to conduct onsite supervision over six branches.
The Guidelines for Deepening the Joint Prevention
and Control of Criminal Cases and Risk Incidents in
2023 was issued and implemented, with a focus on
namely key customers, key sectors, key positions,key institutions and key places. Key elements of caseprevention work were identified.

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Industrial and Commercial Bank of China Limited

The assessment and incentives mechanism forcriminal cases were continuously refined to boost
positive incentives for case detection throughself-examination, confiscation of illegal gains andrecovery of losses.
The "Bimonthly Theme" warning education was
carried out, with six editions of educational shortvideos released that received over 1.81million hits
and learnt.
The Bank furthered the screening of abnormal
employee behaviors and ongoing crackdown on
key abnormal behaviors, and implemented ongoing
management of employees running personal
business in violation of regulations, Adherence
to Dynamic Zeroing. The Bank carried out special
crackdown on four types of abnormal behaviors,
namely credit card cash advance, account lending,excessive guarantees and abnormal lending orinvestment.

The domestic version

The overseas version

The exported version

The domestic version continued
to optimize the business processes and standards, reengineered
the large-value and suspicioustransactions monitoring functions,strengthened the management ofsystem users, and enhanced thelinks between the customer's money
laundering risk classification systemand business departments to effectively unleash the compliance valueof the AML system in forestallingrisks and promoting development.

The overseas version was further
promoted and applied to key institutions, with a batch of pilot users
designated among overseas institutions to keep optimizing system
functions and meet the regulatory
requirements and management
needs of overseas institutions.

The exported version responded
actively to the regulatory call that"larger banks should export theirrisk control tools and technologies
to small and medium-sized banks"
to enhance the AML risk prevention
and control of the Bank and otherfinancial institutions.

Compliance management
During the reporting period, the Bank actively strengthened the compliance culture development, optimized the Group's compliancegovernance structure, and reinforced the first line of defense against compliance risk. According to the Group's compliancemanagement approach featuring overall management of domestic institutions, classified management of overseas institutions, seethrough management of integrated subsidiaries and professional management of Head Office departments, the Bank unleashedstrengths and shored up weaknesses, focusing on continuous improvements in the quality and efficiency of compliance in key
areas and key links. The Bank continued to improve the compliance policy framework rooted in the basic regulations, extended by
special measures and guaranteed by employee code of conduct. Efforts were made to ensure availability of compliance resources,
strengthen the eligibility management of compliance personnel in key positions, carry out regular, systematic and diversifiedcompliance training, continuously improve the IT-assisted level of the Group's compliance management and improve compliancemanagement tools. Compliance check was conducted in key fields and off-site monitoring was enhanced to actively prevent andcontrol compliance risks, thus ensuring the steady operation and development of the Bank.

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Environment

Governance of Human Resources
Talent system and core talent development of domestic
institutions

SocialGovernance

Education and training system
Training platform development
During the reporting period, the Bank continued to build the online learning platform in line with the digital transition of training andeducation.

Retaining leadership in recruitment size across the industry
The Bank kept improving the recruitment and talent attraction system, retaining a leading edge in recruitment size across theindustry. According to the national laws and regulations and the Bank's recruitment management measures, the Bank adhered to theprinciple of "overall planning, demand orientation, person-post matching, openness and fairness and compliance", so as to strictly
control the admission of financial practitioners. The Bank maintained fair and equitable treatment of all the job candidates underconsistent recruitment standards. All institutions were required not to set discretionary employment conditions based on nationality,
ethnicity, race, gender, marital status and religion and not to attach any conditions unrelated to job requirements, providing faircompetition opportunities for job applicants. The digital and sophisticated management was enhanced based on the Bank's
recruitment system and human resource management system, thus ensuring that the transparency and fairness of the recruitment
process and impartialness of results.

Further advancing campus-bank talent cooperation, promoting indepth integration of industry, training, university and research
The Bank further expanded the scope of cooperation with universities. It signed talent cooperation agreements with top universities,
including Renmin University of China and Central University of Finance and Economics, deepened cooperation in employment
support, talent co-cultivation, and research exchanges, thus deepening the integration of industry, training, university and research.
The Bank stepped up branches' talent cooperation with major local universities, making meaningful explorations in industryuniversity-research cooperation, employment and internship referral and sharing of training resources. The second "Tsinghua SEM ICBC Stars" summer internship program was held to create a three-pronged training model integrating "intensive teaching + onsite
practice + research project" to better attract high-caliber students.

Endeavoring to build a professional, high-caliber financial talent pool
The Bank strengthened the training of outstanding young talents,
improved the introduction andtraining mechanism for ICBC Stars
management trainees, held training
camps for capability enhancementof management trainees joining the
Bank for three years or more, organized rotation training for ICBC Stars
management trainees at the Head
Office level and strengthened thetalent pool for junior management.

The Bank improved the new employee training system, deepened
the progressive training of new
employees from entry to growth,
systematically enhanced the professional skills and versatilities of new
employees and further improved
the recruitment and training chainof new employees.

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The Bank stepped up IT talentdevelopment. The exchange training of IT and business personnel
and business personnel were
promoted to develop a talentpooling model of being "recruitedby human resources, trained by
IT function and used by business
functions", so as to accelerate
Bank-wide penetration of thedigital genes.

The Bank strengthened the corporate credit team, kicked off the coretalent training project for the corporate banking segment and enhanced
the team's credit service capacity
through personnel exchanges at alllevels of the relevant business lines,
playing the main role in supporting
the real economy.

The "Education and Training
Middle Office" was developed
and piloted at nine branches,with a focus on the pain pointsof grass-roots institutions' inholding training courses andtraining needs of positions at
all levels, integrating professional training support into the
day-to-day training organization work of the grass-roots
institutions, and strengthened
the effective supply of training
resources.

The Bank continued with theinnovation and experienceenhancement of the online
platform functions of ICBC
Research Center. Functional
iteration was successively implemented for one-click sharing of courses, WeChat-basedlearning through QR code andthe linkage between training
and internal office system. The
platform became increasingly
digitalized and intelligent toempower the enhancement of
employees' professional skills
and versatilities.

Development of training resources"Monthly Premier Courses" online learning program
To further enhance the humanistic care for grassroots employees, the Bank selected 25 humanities
courses highly recognized in the industry from nearlya thousand online courses, and pushed them to
employees on a monthly basis, so that employees
could learn their interested courses.

Furthering the "all-staff reading" campaign

The career development path ofordinary employees was improved,
remaining oriented to performance,
value and capability and giving aboost to the growth of grass-roots
employees with good versatilities,
professional skills and sound performance.

The new-generation examination system was launched, driving the efficiency enhancement,
optimizing system functions
and improving interaction experience through technologicalinnovation and reshaping theexamination and certification
management models. The examination-based certification
system was improved to provide"one-stop" services for matching in-house certifications withpublic qualification application.
A total of 12,952 in-house certificates held by 9,801 employees
were automatically mapped to
public certifications.

The "all-staff reading" campaign has been carried out
for ten consecutive years, providing all employees of
the Bank with multi-channel learning services including
book recommendation, purchasing and sharing, so
as to enrich the mental and cultural life of employees
and expand the forms of learning and training of
employees. During the reporting period, the "allstaff reading" campaign covered about 400 thousand
employees from 55 institutions.

Enriching the online training resources

Focusing on the strategic focus of the Bank, the"GBC Work" and "Three Gates, Seven-color Pools"
strategic cases were developed, and the second
Micro Class Co-creation program was carried out
across the Bank. A total of 10,979 online learning
courses, 277 textbooks and 3,237 cases wereaccumulatively developed through outsourcing,in-house development and co-creation by
employees with the main aim of building thecourse library, textbook library and case library.
These training resources effectively met all
employees' demands for mobile, fragmented andindividualized learning.

Corporate Social Responsibility (ESG) Report 2023

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Environment

Unique training programs

As of the end of the reporting period

the Bank sent

750 persons to 15

famous universities of the world for study
and research

During the reporting period, to meet the new needs
for international talent training in a new situation, theproject focused on the training of middle and senior
management with global management capabilities.
The training program consisting of "domestic training(three months), overseas study and research (fourmonths) and hands-on training (three months)"
was provided for 30 domestic officers involved ininternationalized operation and expatriated officers inreserve.

Cooperation with domestic universities and training agencies
The Bank maintains cooperation with well-known universities and training agencies through internal-external cooperation, with internal and external training sources integrated in depth.
During the reporting period, the Bank cooperated
with Tsinghua University, Peking University, Renmin
University of China, Shanghai Jiao Tong University,
Zhejiang University and China Europe International
Business School (CEIBS) in carrying out such training
programs as "ICBC Leadership", "Capacity Enhancement Training for Branch Heads in Charge of Credit(Accredited Credit Risk Officers)" and "Sharpening
the Edge of Branches in Principal Capital Cities", thus
providing differentiated and targeted training for different tiers and institutions of the Bank.

GovernanceRotation training program for heads of outlets

International talent training program
The Bank launched the international talent training
program in 2011. Selected outstanding employees
were dispatched overseas each year for study andwork.

SocialDuring the reporting period, the Bank stepped up
efforts to bring in high-quality external training resources. In addition to the 25 existing university partners, the external partnerships in training were further
expanded to cover another 10 domestic top universities oriented to finance and economics, technologies
and researches and renew cooperation with two firstclass foreign language colleges.

During the reporting period, the rotation training program for heads of outlets was launched. The training wasprovided, both online and offline, in a targeted manner for flagship outlets, non-flagship outlets and different yearsof service respectively. Offline training increased the proportion of exchange discussions and study visits, while online
training provided well-selected micro-class courses. The rotation training was planned to cover 24 thousand heads ofoutlets in two years.

"ICBC Stars Program" Orientation
In order to further strengthen the young leadership pipeline and facilitate the growth of new employees, the Bank
iteratively implemented the "ICBC Stars Program" orientation in four stages, namely "Contract Maintenance (after
signing of employment contract)", "Pre-job Training (before taking office)", "Adaptation (first year)" and "Growth (second
and third years)", with progressive training provided throughout the chain to enhance employees' overall competencies
and ability to fulfill duties.
The Bank sought to develop a high-quality new employee tutoring mechanism and extended the standard tutor
management system to all domestic branches, directly managed institutions and subsidiaries. A total of about 25
thousand tutors were appointed to provide companion-like guidance in both profession and growth. The basic support
system for the tutorial system was improved. The Guide to Development of Tutoring Manual and the Good Practicesof the Tutorial System were issued to help build the tutorial system for institutions at all levels. A regular tutor training
mechanism was established, with 10 themes and 22 tutor training courses developed.
The Training Materials for New Employees (Version 2023) was issued. The About ICBC, Starter Position Handbook
and Professional Position Handbook were compiled for the three stages of new employees, namely entry, on-thejob training in the front office and growth in professional business lines. The three documents provided a clarification
on ICBC and human resource policy, a handbook for new entrants' first position and a guide to professional careerdevelopment in the future respectively.
The middle office for new employee training courses was built to provide online and offline menu-like course services.
On the offline front, the Bank developed a list of teachers for 94 in-house face-to-face courses and a list of 31
external courses focused on such topics as workplace communication skills, career development, corporate culture,
document writing and office software. On the online front, the "New Employee Orientation Section" courses on the
ICBC Research's online platform were continuously expanded to provide over 230 online courses under 16 categories,
fully meeting the self-directed learning needs of new employees.

Leadership training
The Bank continued to improve the leadership pipeline for managers, for which the training, education and exercises
were arranged according to age groups and maturity, so as to improve the professional skills and leadership skills ofmanagers at all levels.
For senior managers, the Bank
provided "ICBC Leadership" training for heads of domestic institutions with the aim of fostering
their global strategic vision, scientific way of thinking, strong senseof innovation and competence inleading the team and pooling thebest people, and strengthened
the leading talent commensuratewith serving the Chinese modernization.

94

Industrial and Commercial Bank of China Limited

The Bank accelerated the development and pooling of outstanding young officers, and provided
two training sessions for excellent
young and middle-aged officers
covering 140 outstanding young
people from various tiers of the
Bank at home and abroad.

Internal and external high-quality
teaching resources were fully
consolidated to provide six training
sessions for the presidents of all
the Bank's second-tier branches
to improve operating capacity andone training session for sharpening
the edge of branches in principal
capital cities.

A huge poster of 2023 "ICBC Stars Program" jointly painted by new hires of Hubei Branch of the Bank in 2023.

Corporate Social Responsibility (ESG) Report 2023

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Environment

Building the "ICBC Research" brand and a first-class think tankOriented to people-centered research, the Bank formulated a plan to deepen the research system reform, further
integrated the Bank's research resources, expanded the research universe and put more research resources into basic
research, international finance research, ICBC history and financial history research to build a comprehensive andefficient research ecosystem. With a focus on financially serving the real economy, forestalling and defusing risks anddeepening financial reform, a number of high-quality research results were yielded. Research services have played aneffective role in serving decision-making, serving customers, serving grassroots institutions and serving employees.
The "ICBC Research" brand demonstrated a bigger value, and the drive for a first-class think tank advanced steadily.

Democratic management of domestic institutions
Protecting employees' legitimate rights and interests, carrying out
democratic management in accordance with the law

SocialGovernanceOccupational health and the remuneration and benefits
systemOccupational health
Developing a reasonable annual workforce
plan for the Group
Under the overall principle of "expanding recruitment andstabilizing employment with a reasonable structure andenhanced quality", the Bank developed an annual labor plan
highlighting the efficiency of human capital. Work was done
to manage staff turnover, cement the foundation of talents
and teams, accelerate the formation of a more reasonable
and synergistic talent mix through orderly renewal andreplacement of workforce along the ladder, providing humancapital support for high-quality development of the Bank.

Constantly enhancing the care for employees

Improving employee behaviors
management
The Bank attached great importance to the management of
employee conduct. The Employee Code of Conduct was revised
and issued. All professional lines were organized to formulate
the detailed rules of conduct for practitioners, improved,
improving the employee conduct management system withwell-defined do's, don'ts and punishments for violations. The
Employee Code of Conduct serves as a values-oriented guideto employee conduct. Special study programs were organizedacross the Bank and included in the policy training for new
employees and those transferred to new positions, so as tostrengthen all staff's awareness of compliance through allprocesses and in every respect, navigating employees throughtheir career.

The organizational building of the trade union advanced in a well-ordered manner. The Bank
elected representatives to the first general assembly of the trade union.

The employee representative assembly was held to protect employees' democratic rights. During
the reporting period, the Bank guided and approved tier-one branches, branches directly managed
by the Head Office, directly managed institutions and domestic subsidiaries to hold 43 employee
representative assemblies. These meetings provided forums to discuss business management,
financial work and remuneration and benefits of these institutions, thus protecting employees'
democratic rights to take part in business operation and major decision making, and to deliberate on
matters vital to employee interests and other major issues.

All employees were organized toreceive annual health checkup.
Taking into account employees' health needs and medical
service upgrades, the checkup
was made more comprehensive
and better targeted to ensure
stronger safeguards for employees' health.

Valuing the mental health of
employees, the Bank used scientific means and multiple measures to ease employee stress,
created a good environment of"happy work, healthy life" andestablished a mental health caresystem covering institutions at
all levels, at home and abroad.

Innovative and diverse employee
care were provided, including
sending blessing messages toevery employee through thehuman resource management
system, office mailbox, office
software and other channels
on the employee's birthday, theanniversary of joining the ICBC
family, the anniversary of expatriation, the Spring Festival, theDragon Boat Festival and otherimportant holidays.

Employee care activities
Employee satisfaction
The Bank highly values employee satisfaction. A multi-dimensional, closed-loop mechanism for regular employee satisfaction survey
and feedback covering all tiers was put in place. During the reporting period, more than 100 thousand employees were surveyed for
employee satisfaction on a sampling basis, with an overall satisfaction rate of higher than 90%. According to survey results, what the
Bank has done in digital transition and major strategy implementation was highly recognized by employees.

The Bank has long regarded the push for "civilized organizations" an important instrument to encourage hard working of institutions
at all levels as well as all officers and employees, so as to manifest the Bank's good image in serving the real economy, helping
inclusive finance, civilized quality services, fulfilling social responsibilities and implementing financial work on five priorities oftechnology finance, green finance, inclusive finance, pension finance and digital finance effectively, so as to integrate civilization andbusiness development.

The spirit of Lei Feng was carried forwardwith vigor. The "Learn from Lei Feng"publicity month campaign was carried out
for the ninth consecutive year, fostering
a good atmosphere that "everyone learns
from and Lei Feng, and everyone strives
to be Lei Feng".

96

Industrial and Commercial Bank of China Limited

1 sub-branch was awarded the"National Model for Learning fromLei Feng", the only winner of thehonor in the financial system.

3 organizations and 5 individuals

were named "Model for Learningfrom Lei Feng" and "Examples ofLearning from Lei Feng" in thenational financial system, ranking firstby tiers and number of awards.

Corporate Social Responsibility (ESG) Report 2023

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Environment

The Bank organized the first commendation event for the honorary title of "Advanced Units in Cultural Development of ICBC
Overseas Institutions" and the 30th anniversary of internationalization, granting honors to 10 organizations playing a leading role inshining the Bank's image as a responsible large bank, leading value creation and promoting culture dissemination.

SocialGovernance

Remuneration policy and optimization mechanism for domestic
institutions

The Bank upheld the innovation philosophy inspiring employees to work hard with creativity. The "Innovation Leads the Future"
innovation culture promotion video was released to further disseminate the innovation culture and encourage innovation andcreation across the Bank. An innovation culture education base was created to communicate the innovation philosophy throughgraphic display boards, electronic videos and interactive experience.

The model young workers were
publicized and showcased as
good examples, with

14 youth collectives of the

Bank given the "National YouthModel Organization Award".

Another

The Bank had

17 groups and 5 individuals who won

national honors and awards. For the firsttime, the ICBC team participated in the maincompetition of "Revitalization Cup" National
Youth Skills Competition and won the bronze
award.

130

230

groups andindividuals
won the bank-wide honors and awards,
further inspiring young employees todeliver outstanding performance in theirpositions.

The Bank implemented a remuneration policy consistent
with corporate governancerequirements, compatible
with high-quality development goals, aligned with therisk management system andcommensurate with the value
contribution of employees.

The performance pay for senior managers and employees
in positions having a significant effect on risk is subject
to the deferral and claw-backmechanism, thus striking abalance between risks and incentives.

Honor recognition system

The Bank kept improving the
remuneration resource allocation mechanism with value creation at its core to uphold theincome distribution philosophyof unifying fairness, incentives
and accountability, transmit
the Group's strategic goals of
operation and management,
allocate more remuneration resources to grassroots staff andspark or unleash the vitality of
all institutions.

The Bank established a "1+4" honor recognition system with its own characteristics and a good incentive effect.

14

Administrative Measures for Honor Recognitionof ICBC
Administrative Measures for Honor Recognitionin the Party and the State

Administrative Regulations on Honor
Recognition of ICBC

Administrative Measures for Honor Recognitionin the Group Organization"1+4" honor
recognition
systemAdministrative Measures for Honor Recognitionin the Media and Social Institutes

Protecting the legitimate rights and interests of domestic
employees
Improving the employee petition mechanism and procedures
In accordance with national laws and regulations, the Bank has formulated the Administrative Measures for Employment Contracts tofurther regulate and standardize the management of labor disputes.

Paid leave arrangements for employees

The Bank set up the highest bank-wide honor

The Bank guaranteed employees' rights to take leaves. Employees enjoyed paid annual leave according to national regulations. The
annual leave of employees was arranged in a centralized manner within the year or in stages. If it was really necessary to arrange
cross-year leave as required by work duties, it can be flexibly controlled based on the actual situation.

"ICBC ExcellenceAwards"and business line-specific award"ICBC Achievement
Award""Moving ICBC""ICBC Elite""Innovative ICBC""Global Honorary
Employee""ICBC Craftsman""Compliance
Pacesetter"honorary titles

98

Industrial and Commercial Bank of China Limited

Corporate Social Responsibility (ESG) Report 2023

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Environment

Digital Finance

Governance

The reform of systems and mechanisms made solid headway with deeply ingrained digital genes

D-ICBC development
The Bank stepped up D-ICBC development andaccelerated innovation in digital finance driven bydata and technology, empowering business operation and supporting risk prevention and control.

SocialAs of the end of the reporting period
the Bank posting a total of

3,569

The Bank promoted innovative and versatile talent development by pooling resources to effectively
addressing the technological architecture transition and operation management. The Bank created a FinTech
ethics mechanism and embedded the "Technology for Good" philosophy into the research, development
and lifecycle of financial products to enhance effectiveness, fairness and inclusiveness of technology
management in a new situation. The Bank continued to improve the Group's digital operation system acrossbusiness lines and institutions and deployed more than 70 thousand digital operation strategies, reachedmore than 400 million customers online and notably boosting the sales of key products such as funds,
wealth management, and insurance. Innovation incentives were enhanced for outstanding projects in digitaltransition, unleashing their model role while highlighting an orientation to results and performance.

patent grants
The digital technology support system was continuously fortified to lay asolid foundation for high-quality digital development

The business and service system was constantly improved,with the external service platform further empowering market expansion
The Bank strengthened the mobile banking and ICBC e Life platform, broke new ground in integrationand mutual promotion of financial and life services and complementarity of proprietary and open
platforms, launched a new wealth Tab and personal lending module, supported the intelligent
configuration of marketing push contents, and carried out themed marketing events such as "Enjoy
China" and "E-life Station". The mobile banking had 229 million monthly active users, and ICBC e Life
had 14.66 million monthly active users. Open banking went deeper to strengthen ecosystem-related
cooperation with the outside. The "ICBC Pooling" corporate digital service export brand was built,
providing corporate customers with full package of services including account, settlement, global cash
management, financing and supply chain finance. In serving cross-border financial service needs ofdomestic and overseas enterprises, a payment and clearing system connecting the world was created,
and the "ICBC Global Pay" global cash management services were developed.

The technological architecture transition was actively promoted. The high-availability and disasterrecovery system was improved to further boost the cybersecurity capabilities. Data security protection
was reinforced with a sound organizational structure and well-established processes and standards fordata security, with data protection management carried out from the perspectives of business policy andtechnical control. The cutting-edge technology research results such as AI large models and quantum
computing were converted to business value at a faster pace.

The cutting-edge technology system integrating research and application was upgraded

The Bank took the lead in building a proprietary full-stack hundred-billion level AI large model technology
system, the first of its kind, and applied the system innovatively in eight sectors ahead of peers.

The Bank accelerated the development of data-driven new models of business management
so that the internal service platform will better empower employees
The Bank accelerated the development of full-journey customer services through counter-based
operations. Online appointment was made available through various channels, with accurate visitor
identification and guiding service promoted across all outlets of the Bank. On the marketing front,
the personal banking platform put together retail windows and created innovative tailor-made desks
for account managers; the corporate banking platform launched a mobile edition to meet the needsof customer managers working from outside. The ICBC e Office Version 5.0 was launched, with all
specialized systems connected to a single processing center to keep an employee reach rate of over
90%. With person-to-technology substitution gaining pace, digital employees took over more than 30
thousand natural persons' workload.

The enterprise risk management capacity was continuously
improved for transition to intelligent risk management
By creating an enterprise-wide risk data platform, the Group strengthened data see-through across theGroup and created a "Five-pronged Risk Management Approach" to enterprise risk management fromthe Group's perspective. The joint risk prevention and control system was improved to provide better
precision in fraud risk identification by using the real-time data warehouse technology and iteratively
upgrading the risk control and monitoring model, so as to block high-risk transactions in a timely
manner. The risk prevention and control tools and services were exported to over 400 peer institutions
to boost the industry-wide capacity of risk prevention and control.

On December 9, 2023, Zhang Wenwu, then Senior Executive Vice President of the Bank, attended and addressed the final of the 2023 "ICBC Cup"
National College Students FinTech Innovation Competition.

100

Industrial and Commercial Bank of China Limited

Corporate Social Responsibility (ESG) Report 2023

101

Environment

Continuity of business systems

SocialGovernanceDigital finance services

Upholding the guiding principle of "putting working safety first", the Bank took active and effective actions to ensure stability of
its information systems. The continuity of information systems was further enhanced based on continuous improvements in thecontinuity planning for information systems.

In terms of supporting the digital economy development
During the reporting period, the Bank fully supported development of the digital economy. The Guidelines on
Strengthening Financial Support for High-quality Development of the Digital Economy was issued to provide stronger
comprehensive financial support for key areas of business, such as new digital infrastructures, digital technology innovations and weaknesses, healthy and sustainable development of the platform economy and digital transition of industries,
serving major projects and key business innovators.

In terms of digital operation

In terms of digital management

The corporate Marketing Express system andthe digital operation platform were integrated,
so as to bridge internal management and external marketing with customer management
and provide intelligent support for customer
managers in attracting and retaining customers.
A data-backed customer marketing model wasdeveloped, and the digital operation model of"online + offline" coordination was created, thedigital marketing operations management was
optimized and the intelligent support for account manager was strengthened.

The corporate Marketing Express system wasdeveloped and optimized in line with strategictasks and operating objectives. The comprehensive digital support platform for corporate
marketing management of the Head Officeand branches was built in an ongoing effort toenhance the digital service capacity. The IT systems were built under the "open and innovative"
philosophy in a bid to enhance user experience,create a comprehensive customer management
system and significantly improve data quality.

In terms of digital risk control
The risk management requirements of "active
prevention, smart control and comprehensive
management" were implemented. The big data,
artificial intelligence and the Bank's internal
control technology outputs were harnessed tocreate a "smart line of defense against risks" ona full-process basis.

On March 16, 2023, Zheng Guoyu, then Executive Director and Senior Executive Vice president of the Bank, delivered a speech for the final of theBank's Data Modeling and Outstanding Applications Exhibition through an online video presentation

In terms of digital services
The Bank adhered to the "customer-centric"
principle, kept an eye on enterprises' digitaltransition requirements and created a digital
service mechanism of large business groups
featuring efficient response, agile iterationand continuous follow-up. Products, services,scenarios and models were upgraded by digitalmeans, providing corporate customers with"ICBC Finance Pool" digital comprehensive
financial services. During the reporting period,
we provided digitalization services to more than
200 large centralized state-owned enterprises
and leading enterprises.

Case

Digital Inclusive Finance Center

During the reporting period, the Bank held the inauguration ceremony of its Digital Inclusion Center in Beijing.
The Bank stepped up digital transition and harnessed FinTech to pursue leapfrog development of digital
inclusive finance. To further enhance the quality and sustainability of inclusive finance, the Bank optimized the
management model of the former Online Financing Center and upgraded it to the Digital Inclusive Finance Center.
The Digital Inclusive Finance Center will focus on the design, R&D and operation of online financing products
for small and micro enterprises, deepen the application of digital technologies, improve the experience of credit
products, develop "accurate, smooth and smart" services, better serve small and micro business owners, selfemployed individuals and farmers, thus developing digital inclusive finance into a model component of D-ICBC.

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Industrial and Commercial Bank of China Limited

Corporate Social Responsibility (ESG) Report 2023

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Environment

SocialGovernanceInternal Governance
Boosting competitiveness of outlets

Digital transition of operations services

The Bank fulfilled the tasks of "deepening reform, transformation and upgrading, reducing burdens and fortifying foundation" during
the reporting period.

The "One Hundred Model Outlets, One Thousand Leading Outlets, Ten Thousand
Upgraded Outlets" program was launched, turning a new chapter of sharpening
the edge of outlets.

The outlet functions were enhanced with a focus on transformation and innovation. The "corporate and personalbanking, assets and liabilities, RMB and foreign currencies, online and offline operations" moved faster to lower tiers.
The personal AUM per
outlet increased by

12.0

%

the outlet-initiated marketing
rate for inclusive loans was

98.1

%

95.8

%
and
of personal loan transactions
were recommended by outlets

helping
unleash thevitality ofmarket players

The pilot program on deepening the outlet operations
reform was launched across the board

introducing new models and processes forcustomer services in an orderly manner. The
new process of outlet appointment service waspromoted Bank-wide to achieve multi-channel
access to appointment, real-time sharing of
appointment information sharing and proactive
service of outlets, thereby providing customers
with seamless online and offline experience. The
Bank took the lead in piloting new processes for
personal accounts, inheritance and other pain
points through "ICBC Counter Express", and developed and applied remote online services forforeign exchange, corporate account opening
and other typical scenarios.

The integrated online and offline operations
model was further applied
The "ICBC Outlets System" platform was further built to digitally transform outlets'
lifecycle management. The digital management capability of outlets was effectively
enhanced.

The Bank implemented the outlet management system reform, allocated more and more remuneration and staffing
resources to outlets and introduced exclusive incentives for well-performing front-line employees.
The positions and duties at outlets
were optimized across the board, with

56.7

and

38.9

%
of account managers
working at outlets% of employees

Significant
improvement in theeffectiveness ofhuman resources atthe outlets

The outlet personnel's overall competence and ability to fulfill duties wereenhanced through a series of premier training courses, including Top 100 Outlet
Heads, Operations Head Bedrock and Customer Service Manager Betterment.

104

Industrial and Commercial Bank of China Limited

covering five segments (in-kind, information,
cash, account and foreign exchange) and 35
categories of high-frequency personal and corporate business. During the reporting period,
the Bank provided customers with high-quality
and convenient services with "one-point access,network-wide response and full-process transparency", recording a year-on-year increase ofabout 36% and keeping the online substitution
rate above 90% for key scenarios.

The digital cash service model was successfully
piloted in five branches in Zhejiang, Hebei, etc.

achieving a counter cash substitution rate of 90%.
The intelligent vault development was promoted
across the board, with over 30 thousand transactions
processed per day in eight scenarios, including
banknote sorting and outlet collection. Smart andautomatic equipment was further applied, including
AGV vehicles and robot arms, to automate banknote
handling, sorting and storage, effectively reducemanual workload and increase the efficiency of vault
operations.

The "ICBC Account Link" corporate accountservice brand was further built

The "Yi Di Bao" comprehensive account opening service for group customers and the expedited accountopening service for non-corporate customers were
promoted Bank-wide, making ICBC the first bank toshape a new customer service pattern "covering all
types of customers, integrating online and offline
services and encompassing all basic products".

The "My Tax Service" and "Tax Return Cloud"service brands were developed

The Bank took the lead in launching the online onestop banking-taxation service, replacing 180 thousand counter-based transactions a month on average.

The intelligent technology empowered
business operations at a faster pace

The Group's intensive operations system was fully
consolidated

The Bank stepped up the use of the digital customer manager in password resetting, debit card
loss reporting, customer information modificationand other high-frequency scenarios to enhancethe efficiency of outlet operations.

While maintaining efficient and stable intensive
operations of 15 Asian-Pacific institutions, thestandard central operations for deposit, lending,foreign exchange and other key business segments
were smoothly implemented for ICBC (Europe) andits six subordinate institutions.

Corporate Social Responsibility (ESG) Report 2023

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Management andPerformance

Social Responsibility (ESG)Management and Performance
Social Evaluation

Comprehensive

1st

1st

place
Ranking theamong the Top 1000 World Banksfor 11 consecutive years

place
Ranking theamong the Global 2000 for 9
consecutive years (2013-2021)

The Banker

Forbes

st

1

place
Ranking theamong commercial banks in the Global
500 for 11 consecutive years
Fortune

st

1

place
Ranking thein the "Corporate Brand Value
List" for the eighth time

106

ESG

st

1

place
Ranking theamong the Top 500 Banking
Brands for 8 consecutive years
Brand Finance

st

1

place
Ranking thein the GYROSCOPE assessment
system among national commercial
banks for 3 consecutive years

China Council for Brand
Development

China Banking Association

Best Bank in China

Best Corporate Bank in China

Global Finance

Asiamoney

Industrial and Commercial Bank of China LimitedAA

Top 1 in the List of Banksby Comprehensive ESG
Performance 2023

Best ESG PracticeCases of Listed
Companies

MSCI ESG Ratings

China Banking and Insurance
Media Company Limited (CBIMC)

China Association For
Public Companies

Sustainability
Excellence Awards
2023

Outstanding
Responsible
Enterprise 2022

Responsible
Enterprise 2023

Ernest & Young
Hua Ming LLP

Southern Weekly

China Newsweek

ESG Special Case of
the Year 2023

Excellent Practical
Case of ESG of theYear

Xinhua News Agency/
China Enterprise Reform
And Development Society

CCTV Finance/China
Enterprise Reform And
Development Society

Best Bank for Sustainable
Finance, China

Best Bank Transformationin China

The Asset

Global Finance

China ESG Golden Awards 2023 Sustainable Development Awardof the year
China ESG Golden Awards 2023
- Best Bank for Responsible
Investment
Sina Finance

ESG Top 10 of Listed Companies
in China's Financial Sector in
2023
China Corporate GovernanceExperts 50 Forum

Corporate Social Responsibility (ESG) Report 2023

107

Management andPerformance

Social Responsibility Management
Organization

Award
Green Finance

The Asian Banker

Green and Sustainable Bank of the Year in China

Financial News (China)

Best Green Finance Service Bank of the Year

Southern Weekly

Top 1 Bank in China's New Finance Competitiveness List (Green Finance)

Sina Finance

China ESG Golden Awards 2023 -Environmental Responsibility Award

China Times

The 17th Golden Cicada Awards -Green Financial Services Institution of the Year 2023
Corporate GovernanceDirectors & Boards
China Association For PublicCompanies"Golden Roundtable" -Best Board of Directors
Best Corporate Governance Practice Cases
Best Practices for Boards of Directors of Listed Companies
China Business TOP 100

China's Top 100 listed companies
Forum

China Ethical Business Award
China Special Contribution Business TOP 100
FinTech and Data Security

The Asian Banker
Global FinanceBest Data Management Implementation
Innovation in Fintech
Best Bank for Corporate Digital in China

Asiamoney

Best Bank for Digital Solutions in China

The Asset

Best Data Analysis ProjectConsumer Protection

China Banking and Insurance News

Excellent Cases of Service Innovation in China's Banking and Insurance Industry in 2022
Human Capital Development

51Job.com
Zhaopin.com

Employer Excellence of China in 2023
Excellence in Employer Branding Attraction in 2023
TOP 100 Employers in China of the Year 2023
Availability of Financial Services

Financial News (China)

Best Inclusive Financial Service Bank of the Year

The Chinese Banker

Outstanding Case of Inclusive Finance Service Innovation of the Year

The Economic Observer

Excellent Bank in Inclusive Finance of the Year
Volunteer Service

China Financial Publishing House

Corporate Social Responsibility Case of the Year - Banking and Insurance Institutions

Southern Weekly

Annual Public Welfare Case

Connotation of social responsibility (ESG and sustainable finance) ofdomestic institutions
The Basic Rules for Corporate Social Responsibility (ESG and Sustainable Finance) of the Bank stipulates that social responsibility (ESGand sustainable finance) refers to the responsibility that the Group should claim for the promotion of high-quality development, theunflinching adherence to a civilized path of development that advocates developed production, prosperous life and healthy ecology,
the provision of effective financial support and services to the sustainable development of the Chinese nation, and the effective
implementation of benefits sharing with its shareholders, its customers, its employees, society and other stakeholders. It includes but
is not limited to the following aspects:
The Bank persistently focused on the total volume, incremental volume, quality and structure of investment and financing, gave full play to the Group-wide function of investment
and financing, concentrated on major businesses and main
responsibility, prioritized the development of finance for the
manufacturing industry, finance for scientific and technologicalinnovation, inclusive finance, and finance for rural revitalization,
vigorously supported the implementation of key national strategies and projects, and provided financial services of investment and financing to support the realization of the Chinese
path to modernization, the high-quality development of theeconomy and the comprehensive progress of society.
The Bank respects, adapts to, and protects nature. The Bank
improved its policies and standards for green investment andfinancing, vigorously developed financial businesses related
to green finance and the circular economy, increased the
proportion of green investment and financing, systematicallyand effectively promoted the adjustment of high-carbon
financial assets. It gave play to the role of the Bank as a major
financial channel in the promotion of carbon reduction, pollution
reduction, greener development and economic growth,promoted the protection of terrestrial and marine biodiversity,
assisted in the protection of the sky, water and land, supported
the construction projects related to water conservancy andclean drinking water, and exercised the financial function ofpromoting the harmonious coexistence.
The Bank continued to develop inclusive finance and to
improve the quality of financial services for "mass entrepreneurship and innovation", re-employment, rural revitalization,
as well as communities, and facilitated full employment anddecent work. It developed financial services for "agriculture,rural areas and farmers", rural revitalization, energy industry andlogistics, improved the measures for targeted support in rural
revitalization, provided high-quality financial services for the
security of food, energy, supply chains and industry chains, andcontributed its financial strengths to hunger elimination, theprovision of cheaper and cleaner energy sources, and sustainable development. The Bank improved the regional allocationof its financial resources to promote the coordinated development of key areas, underdeveloped areas and "old revolutionary
base areas, areas with concentrations of ethnic minorities, aswell as border areas". Moreover, the Bank provided high-quality financial services for urban infrastructure construction andurban management, and assisted in the function improvementof urban networks and the sustainable development of urban
communities.
Adhering to the people-centric principle, the Bank improved
the quality of financial services, drove innovations in financial
products, and provided high-quality financial services for

108

Industrial and Commercial Bank of China Limited

a variety of areas including quality education, sanitationand health-related well-being, judicial fairness and justice,responsible consumption, Healthy China, sports powerfulnation, retirement insurance, individual housing and consumer
demands. It pursued the aim of fulfilling the new expectations
and demands of individual customers for financial services,
and achieving the aspiration of the people for a better
life. Furthermore, the Bank insisted on operations in goodfaith, improved the quality of its corporate culture building,adhered to a pattern of financial ethics in compliance withcore socialist values, and effectively protected the privacyof financial consumers and the security of their data andinformation with the aim of safeguarding their legal rights andinterests. Moreover, the Bank improved its system of financial
wealth management to effectively safeguard financial assets,
contribute to the income growth of the customers, and topromote common prosperity.
The Bank enhanced the enterprise risk management,
held on to the bottom line of avoiding any systemic financial
risks, performed responsibilities in risk management as asystematically important bank and the maintenance of financial
stability, and paid close attention to climate risks and otherrelevant social risks.
The Bank continuously conducted the quality and momentum improvement of operations, and strove to create morevalues for its shareholders, customers, employees, society andother stakeholders.
The Bank thoroughly implemented the economizationoriented strategy, continued to conduct green and low-carbon
operations, and promoted the economical use of energy andresources. It also encouraged its suppliers to adopt a green,
low-carbon and sustainable pattern of development.
By highlighting people-orientated values, the Bank cares
about and for employees. It improved the employee incentive
mechanism and the employee training system, exerted the roleof the Employee Representative Assembly, valued and protected
the legal rights and interests of employees, and attachedimportance to equality for women in terms of employment andcareer development.
The Bank gave play to social donations to relieve and assist
the people in straitened circumstances, encouraged and guided employees to volunteering services, to expand channels ofcommunity service, and to support public welfare and charity.
The Bank continued to improve its management structure of
ESG and sustainable finance, to enhance its capability of ESG
management and its market image.

Corporate Social Responsibility (ESG) Report 2023

109

Management andPerformance

Economic Performance

Social responsibility communication
The Bank paid great attention to communication with stakeholders. By establishing the mechanism for combination of instantand regular communication and coordination of communication on specific topics and international exchanges, the Bank ensured
constant and good exchanges with key stakeholders and encouraged involvement of related parties by actively tapping into the roleof new media platforms.

The Board of Directors' leadership in ESG management

The Bank took the world's bestsocial responsibility practice as thebenchmark, continued to explore
the path of sustainable development, enhanced the Board of
Directors' leadership in ESG management, and further improved the
ESG governance structure.

Economic Index

2023

2022

2021

Total assets

RMB 100 million

446,970.79

396,101.46

351,713.83

Total loans and advances to customers

RMB 100 million

260,864.82

232,103.76

206,672.45

Due to customers

RMB 100 million

335,211.74

298,704.91

264,417.74

Operating income

RMB 100 million

8,064.58

8,423.52

8,608.80

Net profit

RMB 100 million

3,651.16

3,621.10

3,502.16

0.98

0.97

0.95

Basic earnings per share

The Board of Directors attachedgreat importance to the ESG related
work of the Bank, enhanced level of
ESG governance, regularly reviewed
ESG related proposals, and strengthened supervision and managementof ESG matters.

Unit

RMB

Cash dividends

RMB 100 million

1,092.03

1,081.69

1,045.34

Total tax payment

RMB 100 million

1,708.16

1,657.88

1,497.45

Return on average total assets

%

0.87

0.97

1.02

Return on weighted average equity

%

10.66

11.45

12.15

Non-performing loans (“NPLs”) ratio

%

1.36

1.38

1.42

RMB 100 million

3,535.02

3,211.70

2,934.29

Allowance to NPLs%

213.97209.47205.84

Capital adequacy ratio

%

19.10

19.26

18.02

Substantiality analysis

Common equity tier 1 capital adequacy ratio

%

13.72

14.04

13.31

To make the Report more targeted and responsive, the Bank devised questionnaires for the substantiality analysis in view of the
stakeholders' demands and the corporate development strategy, and interviewed customers, investors/shareholders, regulators,
the Group's employees, partners/suppliers, industry peers, the public, the press and CSR experts during the reporting period.
Then we identified the key topics of sustainable development based on the results.

Note: Since 2013, the capital adequacy ratio and common equity tier 1 capital adequacy ratio of the Bank have been calculated according to theRegulation Governing Capital of Commercial Banks (Provisional) released in June 2012 by the former CBIRC.

NPLs

High
Compliantoperation

Serving the real
economyPreventing
financial risks
Green finance

Degree of influence on internal stakeholders

Inclusive finance andrural revitalization
Employee benefits
Customer service andconsumer protection
Information disclosure andcorporate transparency building

Outlets

15,495

Privacy anddata security

Low-carbon
operations
Technology financePensionfinance

Digital financeSelf-service banks

21,023Return toshareholders
Public charity
Responsible
procurement

Low

110

Degree of influence on external stakeholders

Industrial and Commercial Bank of China Limited

ATMs

53,745

Number of individual customers

740

millionNumber of corporate customers

12,059thousandHigh

Corporate Social Responsibility (ESG) Report 2023

111

Management andPerformance

Environmental Performance
Key indexes of green financeTotal green loans of the Bank hit an all-time high.

As of the end of the reporting period
the balance of green loans under the
NFRA criteria amounted to nearly

5.4

RMB

trillion

Maintaining a leading
position among peers

Regarding domestic bond issuanceDuring the reporting period, the Bank successfully issued green finance bonds that totaled RMB60 billion in the
Chinese interbank bond market, making it the biggest issuer of the year in the interbank market. Particularly, thesecond issuance of RMB30 billion became the single largest tranche of the Bank. It was the first time in the market
that the third issuance of RMB20 billion was conducted in the form of quotation.

in terms of total amountand growthWith respect to overseas green bond issuanceGreen bond underwriting
The Bank proactively promoted the underwriting and issuance of ESG bonds such as sustainability bonds (SLB) to
contribute to the attainment of the goals of "carbon peak and carbon neutrality".
The Bank closely followed the financing demands of customers in various industries and regions for green
transformation and energy supply assurance, and made proactive efforts to accelerate the launching of all kinds of
ESG bond projects. During the reporting period, the Bank underwrote 95 ESG bonds (such as green, sustainability
bonds and social bonds), that raised RMB450,090 million in total, with the leading underwriting amounting to
RMB112,875 million, substantially fulfilling its social responsibilities.
The Bank actively carried out green bond underwriting to support the development of green economy.
During the reporting period, the Bank underwrote 41 (RMB50,908 million) types of green bonds, that raised
RMB225,730 million for issuers respectively, all of which were invested in the fields such as clean energy and green
development, effectively supporting green economic development.

The Bank established a green bond framework in 2017. All funds raised through the issuance of green bonds under
this framework were used to finance or refinance eligible green assets that contribute to low-carbon environmental
protection, sustainable economic development and response to climate change. As of the end of the reporting
period, the Bank issued 9 overseas green bonds that totaled USD19.9 billion, which has cumulatively received 17
international awards from The Asset, The Banker, Global Capital, Climate Bonds Initiative and other organizations,further reinforcing the leading advantages of Chinese peers.
During the reporting period, the Bank issued multi-currency overseas green bonds with the theme of "carbon
neutrality" that totaled an equivalent to USD2.2 billion through four of its overseas branches (Hong Kong Branch,
Dubai Branch, Singapore Branch and Sydney Branch), which were denominated in USD, CNH and AUD and
concurrently listed on the exchanges of Hong Kong, Singapore and Dubai. The Bank issued multi-currency green
bonds with the theme of "Belt and Road Initiative" that totaled an equivalent to USD2.03 billion through fourof its overseas branches (Hong Kong Branch, Singapore Branch, Luxembourg Branch and Dubai Branch), whichwere denominated in USD, EUR and CNH and concurrently listed on the exchanges of Hong Kong, Singapore,
Luxembourg and Dubai. The above two green bonds are both in line with the green bond principles of theInternational Capital Market Association (ICMA) and the green bond principles of China. Their proceeds were mainly
used for low-carbon areas and specially used for the green projects (such as green transportation and renewableenergy) with significant carbon emission reduction effect.

Green bond investment

The Bank actively engaged in RMB-denominated green bond investment to provide green financial support for key
areas, such as ecological civilization.
During the reporting period, investment in RMB green bonds increased by RMB90.4 billion. As of the end of thereporting period, the balance of green bonds was close to RMB273.2 billion, a rise of 33.5% year on year, vigorously
propelling the high-quality development of China's economy.

The Bank prudently made investment in foreign currency green bonds, and steadily improved its market influence.
During the reporting period, investment in foreign currency green bonds rose by USD429 million or 3.13% year
on year. As of the end of the reporting period, the balance stood at USD1.27 billion, representing a year-on-yearincrease of 36.27%. Among new investment, the green finance bonds issued by Chinese issuers totaled USD222
million, whose balance was USD677 million as of the end of the reporting period.

112

Industrial and Commercial Bank of China Limited

Emission reduction of projects supported by green credit
Item

Unit

2023

2022

2021

Standard coal equivalence of reductions

10,000t

7,268.65

7,048.31

4,738.13

CO2 equivalence of reductions

10,000t

14,413.28

13,726.53

9,884.69

COD emission reduction

10,000t

54.30

35.09

28.38

Ammonia nitrogen emission reduction

10,000t

13.47

9.29

7.26

SO2 equivalence of reductions

10,000t

2,147.54

2,925.84

1,817.13

Nitrogen oxides emission reduction

10,000t

1,060.70

2,071.03

1,539.46

Water saved

10,000t

9,262.06

10,842.27

7,521.52

Corporate Social Responsibility (ESG) Report 2023

113

Management andPerformance

Social Performance

Carbon emissions from the Bank's operation
Carbon emissions

Unit

Total carbon emissions

10,000 tons of CO2
2

2023

2022

2021

202.98202.13216.26

Building emissions intensity

kgCO2/m

87.54

85.08

91.91

Per capita emissions intensity

Tons of CO2/person

4.81

4.47

4.88

Direct emissions (Scope 1)

10,000 tons of CO2

10.06

9.74

12.96

Indirect emissions (Scope 2)

10,000 tons of CO2

192.92

192.39203.30Notes: 1.The Bank engaged with professional agencies to audit the consumption of resources and calculate the total carbon emissions for the domestic
institutions of the Bank, including the Head Office, tier-one branches, tier-two branches, sub-branches, outlets, directly managed institutions, anddomestic subsidiaries.
2. Carbon emissions are mainly generated by the use of energy and the effusion of greenhouse gases, including Scope 1 and Scope 2 defined by ISO
14064. Specifically, Scope 1 includes direct emissions from the combustion of fossil fuel, including bunker coal, natural gas, liquefied petroleum gas,
gasoline and diesel, and Scope 2 refers to indirect emissions caused by electricity and the outsourced energy for heating and cooling.
3. The building emissions intensity was calculated according to the area of buildings of the Bank, while the per capita emissions intensity wascalculated according to the number of persons who had used energy in the Bank, including employees of the Bank and the staff of third-party
partners of the Bank who worked on the premises Bank.
4. The total carbon emissions were calculated according to the scope specified in ISO 14064-1:2018 Greenhouse Gases - Part 1: Specification with
Guidance at the Organization Level for Quantification and Reporting of Greenhouse Gas Emissions and Removals and the energy-related emissions
factors specified in Quantification Methods and Reporting Guidelines for Greenhouse Gas Emissions by Public Building Operating Enterprises(Provisional) and Average CO2 Emissions Factors of Regional Power Grids in China issued by the National Development and Reform Commission.

Energy consumption (Domestic)

Unit

2023

2022

2021

Water

10,000t

2,461.69

2,553.82

3,156.56

Electricity

MWh2,446,767.18

2,394,577.27

2,490,745.64

AnthraciteTon

174.35154.54

1,178.00

Natural gas

10,000 Nm3

2,884.97

2,840.83

3,457.72

GasolineTon

11,041.18

10,050.70

15,169.83

DieselTon

312.04326.65459.56

Office paper

Ton7,729.32

7,426.70

12,845.49

Notes: 1. The main source of energy consumption of the Bank was outsourced electricity, natural gas, gasoline and diesel. Institution includes domestic
institutions, including the Head Office, tier-one branches, tier-two branches, sub-branches, outlets, directly managed institutions, and domestic
subsidiaries.
2. The calculation scope of gasoline consumption is limited to gasoline consumption due to the use of automobiles, while that of diesel
consumption incorporates diesel consumption due to the use of automobiles and diesel consumption from fixed sources.
3. The calculation of water resource consumption was based on the municipal water supply.

Waste statistics: Electronic information products
Unit

2023

Microcomputer (mainframe)

Set

677

DisplaySet

LaptopPrinter
ServerUnit

2023

Others

Set

446

581

Carbon powder

Kg

770.8

Set

462

Toner cartridge

Kg

2,462.7

Set

144

Color bar

Kg

0.5

Set

Item

9

Note: During the reporting period, the Bank standardized the scrapping process for electronic products, so as to ensure harmless disposal of theelectronic waste and minimize impact on the environment.

114

Key social index

Unit

2023

2022

2021

22,277.52

15,503.16

10,990.12

Balance of inclusive loans tosmall and micro enterprises

RMB100 million

Social contribution per share

RMB

3.64

3.15

2.79

Total headcount

Person419,252

427,587

434,089

Proportion of female employees

%

50.73

49.73

49.29

Average training days per person

Day/person

10.80

12.03

9.61

RMB10 thousand

13,535

12,863

11,481

Donations by the Bank

Notes: 1. Social contribution per share = basic earnings per share + (tax payment + staff costs + interest expenses + donations by the Bank)/total equity
at the end of the reporting period.
2. The total headcount and the proportion of female employees were calculated based on the Group-wide data.

Overview of employees

Energy consumption

Item

Key social index

Industrial and Commercial Bank of China Limited

2023
All
employees

2022
2021

Male

Female49.27%

50.73%

50.27%

49.73%

50.71%

49.29%

Male

Female90.91%

9.09%

90.91%

9.09%

91.67%

8.33%

Male

Female68.71%

31.29%

69.21%

30.79%

72.13%

27.87%

Male

Female43.20%

56.80%

43.89%

56.11%

44.39%

55.61%

2023
SeniorManagement
member

2022
2021

Employees
by gender
proportion
Management
personnel
above themiddle level

2023
2022
2021

2023
New
employees

2022
2021

Corporate Social Responsibility (ESG) Report 2023

115

Management andPerformance2023
Employeestructure byworking year

2022
2021

0 to 5 years

6 to 10 years

22.80%

10.09%

11 to 20 years

21 to 30 years

Over 31 years

23.17%

16.78%

27.16%

20.32%

11.29%

20.82%

18.19%

29.38%

19.18%

12.73%

18.59%

19.29%

30.21%

Under 31 years old

31 to 40 years old

25.12%

27.30%

41 to 50 years old

Over 50 years old

20.41%

27.17%

21.36%

29.01%The statistics for training participants by gender

Training coverage(%)

Training duration(days) per employee

99.3

Female

11.3

98.9

Male

10.3

The statistics for training participants by role

Training coverage(%)

Training duration(days) per employee

2023
Employeestructure by age
group

2022
22.45%

27.17%

2021
20.64%

Numberof new
employees

26.86%

23.00%

29.50%

2023

25,0042022

22,9642021

22,048

Education and training
During the reporting period
Average employee satisfaction
rate with training was

97.92
45

%

thousand
online and offline training
sessions were held and there
were

5,319

thousandperson-times of training
participants

99.10

%
of the employees of the Bank attended training

12
4,017.3

thousand sessions

Management

15.1

99.2

Specialized

8.7

99.4

Sales

9.6

99.1

Customer service

12.7

96.2

Operations

4.9

Training coverage
(%)

10.8

days

96.7

Head Office

5.3

98.0

Tier-one branch

10.4

99.1

Tier-two branch

9.2

98.4

Tier-one sub-branch

9.3

99.6

Outlet12.1

Consumer protection and complaint handlingand offline training took up

Quantitative indexes of consumer protection

33
1,301.3

Category

thousand sessions

with

with

thousandperson-times of participants

thousandperson-times of participants

Training duration(days) per employee

The statistics for training participants by institution levelwith an average duration ofSpecifically
online training took up

99.5

Unit

2023

2022

2021

Themed activities for public education

Activities

7

6

6

Total activities for public education within a year

Activities

218,417

257,029

186,712

Participants for the public education activities(themed activities and participants)

10,000 person-times

216,134

190,685

44,750

Unit

2023

2022

2021

10,000 cases

20.49

23.84

36.37

Complaints from individual customers per 100
outlets

Cases

1,323

1,524

2,307

Complaints from individual customers per 10
million individual customers

Cases

2,758

3,293

5,168

Quantitative indexes of customer complaints
Training coverage(%)

The statistics for training participants by age group

Training duration(days) per employee

Complaints from individual customers 1

98.1

Under 25 years old(inclusive)

19.5

99.1

26 to 35 years old(inclusive)

12.9

99.6

36 to 45 years old(inclusive)

11.1

99.2

46 to 54 years old(inclusive)

8.7

98.8

Over 55 years old(inclusive)

5.9

116

Industrial and Commercial Bank of China Limited

Category

Note: 1.The data refer to the number of individual customer complaints recorded in the "Voice of Customers" system of the Bank. In order to moreaccurately reflect the actual situation of customer complaints, the number of complaints excluded the complaints about the "card breaking action" carriedout to crack down on new crimes in the telecommunications network and repeated complaints.

Corporate Social Responsibility (ESG) Report 2023

117

Appendix

AppendixCommunity service and inclusive finance
As of the end of the reporting period
the Bank's balance of inclusive loans tosmall and micro enterprises stood at

2.23

RMB

trillion

Number of banking
outlets

15,495up

677.4

billion or
RMB
over the beginnin g of the year

thousandself-service devices (ATMs and intelligent equipment)

ICBC outlets in total in counties

unserved counties
in Ningxia and Yunnan

12

thousandof which

129.9
extending to

Number of outlets
equipped with barrierfree and elderly-friendly
facilities: more than%

Number of self-service devices:
The Bank had a total of

There are

6,245

43.7

with coverage of

15

Proportion of outlets
equipped with barrierfree and elderlyfriendly facilities

80%

Such increase accounted
for nearly a quarter of
the total new loans of
the Bank

86.9

%

50.8

Editorial Team of the Report
Team Leader

Duan Hongtao

Team Members

Corporate Strategy and Investor
Relations Department
Wang Liancheng
Hai Yuanyuan
Xiao Jing
Yang Kexin

thousandwere in counties

Guan Xueqing

Song Lijian
Bai Jing
Zhou Yuqian
Zou Zheng

Coordinating online and offline operation, for services such aschanging debit cards (without changing card numbers) andpersonal credit certification, substitution rate of online services
to the same services at banking outlets was more than

90

Overview of volunteering activities
Statistics on youth volunteering across the Bank during the reporting period:

Hours of volunteering activities

340

thousand hours

thousand

Person-times ofvolunteering activities

125

Organizational scope of the Report: This Report is primarily
about Industrial and Commercial Bank of China Limited, covering the whole group.

The Board of Directors of Industrial and Commercial Bank of
China Limited and all directors undertake that the informationin this report contains no false record, misleading statement ormaterial omission, and assume individual and joint and several
liabilities to the authenticity, accuracy and completeness of
the information in this report. Meantime, Deloitte Touche
Tohmatsu Certified Public Accountants LLP has carried out theindependent third-party assurance of this report. Please see
the Appendices for assurance basis, scope and method of workand assurance result.

This Report is prepared with reference to the Global Reporting
Initiative ("GRI")'s Sustainability Reporting Standards (GRI
Standards), the Ten United Nations Global Compact (UNGC)
Principle and the ISO26000"Social Responsibility Guideline(2010)" and meets the requirements set out in the "Guidelines
for Corporate Social Responsibility of Chinese Banking and
Financial Institutions" released by China Banking Association,the "Guidelines on Selfdiscipline Supervision of Listed
Companies" promulgated by the Shanghai Stock Exchange,theEnvironmental, Social and Governance Reporting Guide of The
Stock Exchange of Hong Kong Limited and relevant opinions.

thousandNumber of recipients of volunteering activities

1,912

Zhao Youli
Shen Haifeng
Liu YiAssurance Approach of the Report

Preparation Principle of the Report

13

Yang He
Kang Li
Yao Hongyu

Zheng Chong
Deng Kaixin
Du Jinjin

Scope of the Report

Reporting cycle: Annual.

2,329

Li Duo
He ShanZhu Yunwei

Instructions

Reporting period: 1 January 2023 – 31 December 2023. Some
content exceeded this scope.

Number ofvolunteering activities

Modern Finance Research Institute(Office for Deepening Reform)

Their service
scope wascontinuously
widened%Number of routine
volunteering activities

Credit and Investment
Management Department

thousand persons

Explanations for Report Data
Financial data of the report are from the 2023 financial statements prepared pursuant to International Financial ReportingStandards, which have been independently audited by Deloitte
Touche Tohmatsu Certified Public Accountants LLP. Other data
are mainly of the year 2023 and sourced from internal systems
and statistics of branches of the Bank. The units in this report,
unless otherwise specified, are denominated in RMB.

Release and Interpretation of the Report
The Report is released both in hardcopies and online. The
online version is available at the Bank's website at www.icbc.
com.cn, www.icbc-ltd.com. This Report is published both inChinese and English. Should there be any discrepancy between
the Chinese and the English versions, the Chinese version shallprevail.
Contact
Corporate Strategy and Investor Relations Department
Industrial and Commercial Bank of China Limited
Address: No. 55 Fuxingmennei Avenue, Xicheng District,
Beijing, 100140, PRC
Tel: 86-10-66106910
Fax: 86-10-66108522
E-mail: csr@icbc.com.cn

Note: Hours of volunteering activities are calculated based on the sum of the hours of each volunteer’s single participation in volunteer activities.

118

Industrial and Commercial Bank of China Limited

Corporate Social Responsibility (ESG) Report 2023

001

Appendix

Independent Assurance Report
To the Board of Directors of Industrial and Commercial Bank of
China Limited (hereinafter referred to as "Board of Directors"):
We were engaged to perform a limited assurance on the key
ESG performance indicators selected in the "Industrial andCommercial Bank of China Limited 2023 Corporate Social
Responsibility (ESG) Report" (hereinafter referred to as "CSR
Report") prepared by Industrial and Commercial Bank of China
Limited ("ICBC") for the period from 1 January 2023 to 31
December 2023.
1.Scope
Assurance is performed on the following key ESG performanceindicators in the annual 2023 selected from the CSR Report:
ICBC:• Balance of green loans (RMB 100 million)• Emission reduction of domestic green credit: Standard coalequivalence of reductions (10,000 tons)• Emission reduction of domestic green credit: CO2 equivalenceof reductions (10,000 tons)• Emission reduction of domestic green credit: COD emission
reduction (10,000 tons)• Emission reduction of domestic green credit: Ammonia
nitrogen emission reduction (10,000 tons)• Emission reduction of domestic green credit: SO2 equivalenceof reductions (10,000 tons)• Emission reduction of domestic green credit: Nitrogen oxides
emission reduction (10,000 tons)• Emission reduction of domestic green credit: Water saved(10,000 tons)• Domestic issuance of green bonds (RMB 100 million)• Overseas issuance of green bonds (USD 100 million)• Number of overseas green bonds issued (No.)• Number of ESG bonds underwritten by ICBC as a leadunderwriter (No.)• The scale of ESG bonds underwritten by ICBC as a leadunderwriter (RMB 100 million)• Total amount of proceeds from ESG bonds underwritten by
ICBC as a lead underwriter (RMB 100 million)• Number of green bonds underwritten by ICBC as a leadunderwriter (No.)• The scale of green bonds underwritten by ICBC as a leadunderwriter (RMB 100 million)• Total amount of proceeds from green bonds underwritten by
ICBC as a lead underwriter (RMB 100 million)• Balance of inclusive loans to small and micro enterprises (RMB
100 million)• Increase of inclusive loans to small and micro enterprises
from 2022 (RMB 100 million)• Growth rate of inclusive loans to small and micro enterprises
compared to 2022 (%)• Number of personal customers using mobile banking (100million)• Customer satisfaction rate (%)• Total public donations by ICBC (RMB 10,000)• Number of training sessions of green finance/environmental
governance-related courses (sessions)• Total trainees of training sessions of green finance/
environmental governance-related courses (trainees)• Number of training sessions of inclusive finance-related
courses (sessions)• Total trainees of training sessions of inclusive finance-related
courses (trainees)• Number of training sessions of rural revitalization/countyarea governance-related (including rural credit systemdevelopment) courses (sessions)• Total trainees of training sessions of rural revitalization/
county-area governance-related (including rural credit

002

Industrial and Commercial Bank of China Limited

system development) courses (trainees)• Number of training sessions of corporate governance-related

courses (sessions)• Total trainees of training sessions of corporate governance-

related courses (trainees)• Number of training sessions related to human resources(sessions)• Total trainees of training sessions related to human resources(trainees)• Number of training sessions related to continuing education(sessions)• Total trainees of training sessions related to continuing
education (trainees)• Total number of online and offline training sessions (10,000
sessions)• Total participants of online and offline training (10,000
person-times)• Total number of online training sessions (10,000 sessions)• Total participants of online training (10,000 person-times)• Total number of offline training sessions (10,000 sessions)• Total participants of offline training (10,000 person-times)• The training coverage ratio (%)• Average training duration per employee (days)• Average employee satisfaction rate with training (%)• Total headcount (person)• Employees by gender proportion (%)• Employee structure by working year (%)• Employee structure by age group (%)• Number of new employees (person)• Training coverage ratio by age group (%)• Average training duration per employee by age group (days)• Training coverage ratio by role (%)• Average training duration per employee by role (days)• Training coverage ratio by gender (%)• Average training duration per employee by gender (days)• Training coverage ratio by institution level (%)• Average training duration per employee by institution level (days)

ICBC Credit Suisse Asset Management:• Number of ESG-themed publicly offered equity funds
dedicated in investing in ecological environment, new energy
and carbon neutrality (No.)• Total issuance amount of ESG-themed publicly offered equity
funds dedicated in investing in ecological environment, newenergy and carbon neutrality (RMB 100 million)
ICBC Wealth Management:• Number of ESG-themed wealth management products (No.)
Sichuan Branch:• Amount of credit support granted for a "water-photovoltaic
complementary" power plant project (RMB 100 million)• Amount of credit loan granted for a "water-photovoltaic
complementary " power plant project (RMB 100 million)• Average annual power generation of a project supported fora "water-photovoltaic complementary" power plant project
supported by credit (100 million kWh)• Annual emission reduction of standard coal for a "waterphotovoltaic complementary" power plant project supported
by credit (10,000 tons)• Annual emission reduction of carbon dioxide for a "waterphotovoltaic complementary" power plant project supported
by credit (10,000 tons)
Anhui Branch:• On-grid photovoltaic power generation since the operationof the photovoltaic power generation system of Hefei
Technology Sub-branch (kWh)• Accumulated carbon dioxide emission reduction since theoperation of the photovoltaic power generation system ofHefei Technology Sub-branch (tons)

Auckland Branch:• Expected emission reduction effect of a NZD400 million
syndicated financing project for a sludge treatment facility
project of the Wellington Government in New Zealand (%)

requiring that we plan and perform our work to obtain limited
assurance as to whether the key ESG performance indicators inannual 2023 selected from the CSR Report are prepared, in allmaterial respects, in accordance with the basis of preparation.

Dubai Branch:• Amount of international syndicated loan organized for a
Uzbekistan wind power plant project (USD 100 million)• Expected annual carbon emission reduction of the Uzbekistan
wind power plant project after its completion (10,000 tons)

6.Assurance procedures

Our assurance work is limited to the key ESG performanceindicators for annual 2023 selected in the CSR Report, excluding
information disclosed in the CSR Report but not listed in "1.
Scope ", and all information of 2022 and previous years.
2.Basis of preparation
The annual 2023 key ESG performance indicators selected in
the CSR Report are prepared in accordance with the key ESG
performance indicators in the appendix of " Basis of Preparation
for the Key ESG Performance Indicators for Industrial andCommercial Bank of China Limited 2023 Corporate Social
Responsibility (ESG) Report" ("basis of preparation").
3.Responsibilities of those charged with governance andmanagement
It is the responsibility of the ICBC management to determine
the appropriate basis of preparation and prepare the key
ESG performance indicators selected in the CSR Report forannual 2023 accordingly. Responsibilities include designing,
implementing and maintaining internal controls related to thekey ESG performance indicators that are free from material
misstatements due to fraud or error.
Those charged with governance are responsible for monitoring
the CSR Report process of ICBC.
4.Our independence and quality control
We conducted our engagement in accordance with theindependence and other ethical requirements in the "Code of
Ethics for Professional Accountants" (including International
Standard on Independence) issued by the International
Ethics Standards Board for Accountants, which is founded on
fundamental principles of integrity, objectivity, professional
competence and due care, confidentiality and professional
behaviour.
We applied "International Standard on Quality Control 1 —Quality Control for Firms that Perform Audits and Reviewsof Financial Statements, and Other Assurance and Related
Services Engagements" issued by the International Auditing
and Assurance Standards Board, requiring accounting firms
to design, implement and operate system of quality control
including related policies and procedures regarding compliancewith ethical requirements, professional standards and applicablelegal and regulatory requirements.
5.Our responsibilities
Our responsibilities are to express a limited assurance conclusion
as to whether the key ESG performance indicators in annual
2023 selected from the CSR Report have been prepared, in allmaterial respects, in accordance with the basis of preparation
based on our work performed. We conducted our workin accordance with " International Standard on Assurance
Engagements 3000 (Revised) — Assurance Engagements Other
Than Audits or Reviews of Historical Financial Information",

Limited assurance engagements involve procedures of natureand timing is different from those of reasonable assurance
engagements and are less extensive than reasonable assurance
engagements. As a result, limited assurance engagements
obtain a much lower level of assurance than reasonableassurance engagements. We do not express a reasonableassurance opinion as to whether the key ESG performanceindicators in annual 2023 selected from the CSR Report havebeen prepared, in all material respects, in accordance with thebasis of preparation. Our assurance work consists of identifying
areas of the key ESG performance indicators in annual 2023
selected from the CSR Report in which a material misstatement
may exist, designing and implementing assurance procedures
to respond to those identified areas and obtaining evidence
accordingly, and the assurance procedures we performed are
dependent on our professional judgement and assessment of
the risks of the assurance engagement.
Our assurance procedures performed include:• Interview ICBC's Management and employees responsible

for the collection, collation and disclosure of information
to understand the preparation process related to key ESG
performance indicators;• Sample test relevant supporting documents;• Perform analytical procedures for selected key ESG
performance indicators;• Recalculate selected key ESG performance indicators.
7.Inherent limitations on the basis of preparation

We draw your attention to the fact that there is no recognizedsystem of assessment and measurement standards to serve as
the uniform criteria for preparation of the key ESG performanceindicators selected from the CSR Report, which will affect thecomparability of the relevant data among companies.
8.Conclusion
Based on the procedures performed and evidence obtained,
nothing has come to our attention that would lead us tobelieve that the key ESG performance indicators in annual 2023
selected from the CSR Report have not been prepared, in allmaterial respects, in accordance with the basis of preparation.
9.Scope of use of this report
This report is only for the purpose of preparing the CSR Reportand is not suitable and cannot be used for other purposes. We
will not assume any responsibility to any third party other thanthe Board of Directors of ICBC.

Deloitte Touche Tohmatsu Certified Public Accountants LLP
Shanghai, China
27 March 2024

Corporate Social Responsibility (ESG) Report 2023

003

Appendix

Basis of Preparation for the Key ESG Performance Indicators for
Industrial and Commercial Bank of China Limited 2023 Corporate Social
Responsibility (ESG) Report
The key ESG performance indicators in Industrial and Commercial Bank of China Limited 2023 Corporate Social Responsibility (ESG) Report
prepared by Industrial and Commercial Bank of China Limited ("ICBC") have been prepared in accordance with the following basis of preparation:
1.Balance of green loans (RMB 100 million): The on-balance sheet
green loans of the Head Office and domestic branches of ICBC
as at 31 December 2023. Green loans balance is the loan balancecalculated by ICBC based on the green loans criteria of the National
Administration of Financial Regulation (formerly known as the China
Banking and Insurance Regulatory Commission). The statistical scopeof green loans includes energy-saving & environmental industry, clean
production industry, clean energy industry, ecological environment
industry, infrastructure greening industry, green service industry,overseas items adopting international practices or international
standards, green trade financing and green consumption financing.
2.Emission reduction of domestic green credit: Standard coalequivalence of reductions (10,000 tons): The emission reduction ofdomestic green loans: Equivalent to reduction in standard coals is the
reduction of the Head Office and domestic branches of ICBC as at 31
December 2023. The statistics are collected by ICBC in accordancewith the requirements of the Notice by the General Office of the China
Banking and Insurance Regulatory Commission Concerning Work
Related to Green Financing Statistical System (Letter No. 739 [2020]of the General Office of the China Banking and Insurance Regulatory
Commission).
3.Emission reduction of domestic green credit: CO2 equivalence of
reductions (10,000 tons): The emission reduction of domestic green
loans: Equivalent to reduction in CO2 emissions is the reduction of
the Head Office and domestic branches of ICBC as at 31 December
2023. The statistics are collected by ICBC in accordance with therequirements of the Notice by the General Office of the China
Banking and Insurance Regulatory Commission Concerning Work
Related to Green Financing Statistical System (Letter No. 739 [2020]of the General Office of the China Banking and Insurance Regulatory
Commission).
4.Emission reduction of domestic green credit: COD emission
reduction (10,000 tons): The emission reduction of domestic green
loans: Equivalent to reduction in COD emissions is the reduction of
the Head Office and domestic branches of ICBC as at 31 December
2023. The statistics are collected by ICBC in accordance with therequirements of the Notice by the General Office of the China
Banking and Insurance Regulatory Commission Concerning Work
Related to Green Financing Statistical System (Letter No. 739 [2020]of the General Office of the China Banking and Insurance Regulatory
Commission).
5.Emission reduction of domestic green credit: Ammonia nitrogen
emission reduction (10,000 tons): The emission reduction of domestic
green loans: Equivalent to reduction in ammonia nitrogen emissions is
the reduction of the Head Office and domestic branches of ICBC as at
31 December 2023. The statistics are collected by ICBC in accordancewith the requirements of the Notice by the General Office of the China
Banking and Insurance Regulatory Commission Concerning Work
Related to Green Financing Statistical System (Letter No. 739 [2020]of the General Office of the China Banking and Insurance Regulatory
Commission).
6.Emission reduction of domestic green credit: SO2 equivalence of
reductions (10,000 tons): The emission reduction of domestic green
loans: Equivalent to reduction in SO2 emissions is the reduction of the
Head Office and domestic branches of ICBC as at 31 December 2023.
The statistics collected by ICBC in accordance with the requirementsof the Notice by the General Office of the China Banking andInsurance Regulatory Commission Concerning Work Related to Green
Financing Statistical System (Letter No. 739 [2020] of the General
Office of the China Banking and Insurance Regulatory Commission).

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Industrial and Commercial Bank of China Limited

7.Emission reduction of domestic green credit: Nitrogen oxides
emission reduction (10,000 tons): The emission reduction of domestic
green loans: Equivalent to reduction in nitrogen oxide emissions is the
reduction of the Head Office and domestic branches of ICBC as at 31
December 2023. The statistics are collected by ICBC in accordancewith the requirements of the Notice by the General Office of the China
Banking and Insurance Regulatory Commission Concerning Work
Related to Green Financing Statistical System (Letter No. 739 [2020]of the General Office of the China Banking and Insurance Regulatory
Commission).
8.Emission reduction of domestic green credit: Water saved (10,000
tons): The emission reduction of domestic green loans: Equivalent to
reduction in water use is the saving of the Head Office and domestic
branches of ICBC as at 31 December 2023. The statistics are collectedby ICBC in accordance with the requirements of the Notice by theGeneral Office of the China Banking and Insurance Regulatory
Commission Concerning Work Related to Green Financing Statistical
System (Letter No. 739 [2020] of the General Office of the China
Banking and Insurance Regulatory Commission).
9.Domestic issuance of green bonds (RMB 100 million): The total
amount of domestic green bonds issued by the Head Office of ICBC
in China's national inter-bank bond market during the period from 1
January 2023 to 31 December 2023. The amount of domestic green
bonds is calculated by ICBC based on the scope indicated in the
Announcement of the People's Bank of China (No.39, 2015).
10.Overseas issuance of green bonds (USD 100 million): The total
amount of overseas green bonds issued by ICBC overseas institutions
during the period from 1 January 2023 to 31 December 2023. The
amount of overseas green bonds is calculated by ICBC based on
Green Bond Principals issued by the International Capital Market
Association and the China Green Bond Principles issued by the China
Green Bond Standard Committee.
11.Number of overseas green bonds issued (No.): The number ofoffshore green bonds issued by overseas institutions of ICBC during
the period from 1 January 2023 to 31 December 2023. Offshore
green bonds are counted by ICBC based on the scope specified in
the Green Bond Principles issued by the International Capital Market
Association and the China Green Bond Principles issued by the Green
Bond Standard Committee.
12.Number of ESG bonds underwritten by ICBC as a lead underwriter(No.): The total number of green bonds, sustainability-related bonds
and social responsibility bonds underwritten by the Head Office of
ICBC as the lead underwriter from 1 January 2023 to 31 December
2023.
13.The scale of ESG bonds underwritten by ICBC as a leadunderwriter (RMB 100 million): The total amount of green bonds,
sustainability-related bonds and social responsibility bonds
underwritten by the Head Office of ICBC as the lead underwriter from
1 January 2023 to 31 December 2023.
14.Total amount of proceeds from ESG bonds underwritten by ICBC
as a lead underwriter (RMB 100 million): The total amount of funds
raised from green bonds, sustainability-related bonds and social
responsibility bonds underwritten by the Head Office of ICBC as thelead underwriter from 1 January 2023 to 31 December 2023.
15.Number of green bonds underwritten by ICBC as a leadunderwriter (No.): The total number of green bonds underwrittenby the Head Office of ICBC as the lead underwriter from 1 January2023 to 31 December 2023. The number of green bonds is calculated

by ICBC based on the scope indicated in the Announcement of thePeople's Bank of China (No.39, 2015).
16.The scale of green bonds underwritten by ICBC as a leadunderwriter (RMB 100 million): The total amount of green bonds
underwritten by the Head Office of ICBC as the lead underwriterfrom 1 January 2023 to 31 December 2023. The amount of green
bonds is calculated by ICBC based on the scope indicated in the
Announcement of the People's Bank of China (No.39, 2015).
17.Total amount of proceeds from green bonds underwritten by
ICBC as a lead underwriter (RMB 100 million): The total amount ofproceeds from underwriting of green bonds by the Head Office of
ICBC as the lead underwriter from 1 January 2023 to 31 December
2023. The amount of green bonds is calculated by ICBC based on thescope indicated in the Announcement of the People's Bank of China(No.39, 2015).
18.Balance of inclusive loans to small and micro enterprises (RMB
100 million): Balance of inclusive loans to small and micro enterprises
issued by the Head Office and domestic branches of ICBC as at 31
December 2023. Inclusive loans to small and micro enterprises arecounted by ICBC based on the statistical scope of inclusive small
and micro enterprises of the National Administration of Financial
Regulation (formerly known as the China Banking and Insurance
Regulatory Commission).
19.Increase of inclusive loans to small and micro enterprises from2022 (RMB 100 million): The increase of inclusive loans to small andmicro enterprises issued by the Head Office and domestic branches
of ICBC as at 31 December 2023 from 2022.
20.Growth rate of inclusive loans to small and micro enterprises
compared to 2022 (%): The growth rate of inclusive loans to small andmicro enterprises issued by the Head Office and domestic branches
of ICBC as at 31 December 2023 from 2022.
21.Number of personal customers using mobile banking (100million): The number of personal customers using mobile banking as
at 31 December 2023 according to the statistics collected by ICBC.
22.Customer satisfaction rate (%): The overall customer satisfaction
for the period from 1 January 2023 to 31 December 2023, withstatistics collected by ICBC through the “Evaluation Questionnaire for
Personal Customers” in ICBC mobile App.
23.Total public donations by ICBC (RMB 10,000): The total public
donations raised by the Head Office, domestic branches, overseas
branches as well as domestic and overseas subsidiaries of ICBC
during the period from 1 January 2023 to 31 December 2023.
24.Number of training sessions of green finance/environmental
governance-related courses (sessions): The total number of training
sessions of green finance/environmental governance-related courses
participated by employees of the Head Office, domestic branches,overseas branches and domestic and overseas subsidiaries of ICBC
through online and offline channels during the period from 1 January2023 to 31 December 2023 according to the statistics collected by
ICBC through the "ICBC Training Centre" system.
25.Total trainees of training sessions of green finance/environmental
governance-related courses (trainees): The total number of traineesof the Head Office, domestic branches, overseas branches anddomestic and overseas subsidiaries of ICBC who participated in the
training sessions of green finance/environmental governance-related
courses through online and offline channels during the period from
1 January 2023 to 31 December 2023 according to the statistics
collected by ICBC through the "ICBC Training Centre" system.
26.Number of training sessions of inclusive finance-related courses(sessions): The total number of training sessions of inclusive financerelated courses participated by employees of the Head Office,domestic branches, overseas branches and domestic and overseas
subsidiaries of ICBC through online and offline channels during theperiod from 1 January 2023 to 31 December 2023 according to thestatistics collected by ICBC through the "ICBC Training Centre" system.

27.Total trainees of training sessions of inclusive finance-related
courses (trainees): The total number of trainees of the Head Office,domestic branches, overseas branches and domestic and overseas
subsidiaries of ICBC who participated in the training sessionsof inclusive finance-related courses through online and offline
channels during the period from 1 January 2023 to 31 December
2023 according to the statistics collected by ICBC through the "ICBC
Training Centre" system.
28.Number of training sessions of rural revitalization/county-areagovernance-related (including rural credit system development)
courses (sessions): The total number of training sessions of rural
revitalization/county-area governance-related (including rural credit
system development) courses participated by employees of the
Head Office, domestic branches, overseas branches and domestic
and overseas subsidiaries of ICBC through online and offline
channels during the period from 1 January 2023 to 31 December
2023 according to the statistics collected by ICBC through the "ICBC
Training Centre" system.
29.Total trainees of training sessions of rural revitalization/countyarea governance-related (including rural credit system development)
courses (trainees): The total number of trainees of the Head Office,domestic branches, overseas branches and domestic and overseas
subsidiaries of ICBC who participated in the training session ofrural revitalization/county-area governance-related (including rural
credit system development) courses through online and offline
channels during the period from 1 January 2023 to 31 December
2023 according to the statistics collected by ICBC through the "ICBC
Training Centre" system.
30.Number of training sessions of corporate governance-related
courses (sessions): The total number of training sessions of corporate
governance-related courses participated by employees of the Head
Office, domestic branches, overseas branches and domestic andoverseas subsidiaries of ICBC through online and offline channels
during the period from 1 January 2023 to 31 December 2023
according to the statistics collected by ICBC through the "ICBC
Training Centre" system.
31.Total trainees of training sessions of corporate governancerelated courses (trainees): The total number of trainees of the Head
Office, domestic branches, overseas branches and domestic andoverseas subsidiaries of ICBC who participated in the training sessionsof corporate governance-related courses through online and offline
channels during the period from 1 January 2023 to 31 December
2023 according to the statistics collected by ICBC through the "ICBC
Training Centre" system.
32.Number of training sessions related to human resources (sessions):
The total number of training sessions of human resources-related
courses participated by employees of the Head Office, domestic
branches, overseas branches and domestic and overseas subsidiaries
of ICBC through online and offline channels during the period from
1 January 2023 to 31 December 2023 according to the statistics
collected by ICBC through the "ICBC Training Centre" system.
33.Total trainees of training sessions related to human resources(trainees): The total number of trainees of the Head Office, domestic
branches, overseas branches and domestic and overseas subsidiaries
of ICBC who participated in the training sessions of human resourcesrelated courses through online and offline channels during the period
from 1 January 2023 to 31 December 2023 according to the statistics
collected by ICBC through the "ICBC Training Centre" system.
34.Number of training sessions related to continuing education(sessions): The total number of training sessions of continuing
education-related courses participated by employees of the Head
Office, domestic branches, overseas branches and domestic andoverseas subsidiaries of ICBC through online and offline channels
during the period from 1 January 2023 to 31 December 2023
according to the statistics collected by ICBC through the "ICBC
Training Centre" system.
35.Total trainees of training sessions related to continuing education(trainees): The total number of trainees of the Head Office, domestic

Corporate Social Responsibility (ESG) Report 2023

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Appendix

branches, overseas branches and domestic and overseas subsidiaries
of ICBC who participated in the training sessions of continuing
education-related courses through online and offline channels during
the period from 1 January 2023 to 31 December 2023 according to
the statistics collected by ICBC through the "ICBC Training Centre"
system.
36.Total number of online and offline training sessions (10,000
sessions): The total number of training sessions participated by
employees of the Head Office, domestic branches, overseas branches
and domestic and overseas subsidiaries of ICBC through online
and offline channels during the period from 1 January 2023 to 31
December 2023 according to the statistics collected by ICBC throughthe "ICBC Training Centre" system.
37.Total participants of online and offline training (10,000 persontimes): The total number of participants of the Head Office, domestic
branches, overseas branches and domestic and overseas subsidiaries
of ICBC who participated in the training through online and offline
channels during the period from 1 January 2023 to 31 December
2023 according to the statistics collected by ICBC through the "ICBC
Training Centre" system.
38.Total number of online training sessions (10,000 sessions): The
total number of training sessions participated by employees of the
Head Office, domestic branches, overseas branches and domestic
and overseas subsidiaries of ICBC through online channels during theperiod from 1 January 2023 to 31 December 2023 according to thestatistics collected by ICBC through the "ICBC Training Centre" system.
39.Total participants of online training (10,000 person-times): The
total number of participants of the Head Office, domestic branches,overseas branches and domestic and overseas subsidiaries of ICBC
who participated in the training through online channels during theperiod from 1 January 2023 to 31 December 2023 according to thestatistics collected by ICBC through the "ICBC Training Centre" system.
40.Total number of offline training sessions (10,000 sessions): The
total number of training sessions participated by employees of the
Head Office, domestic branches, overseas branches and domestic
and overseas subsidiaries of ICBC through offline channels during theperiod from 1 January 2023 to 31 December 2023 according to thestatistics collected by ICBC through the "ICBC Training Centre" system.
41.Total participants of offline training (10,000 person-times): The
total number of participants of the Head Office, domestic branches,overseas branches and domestic and overseas subsidiaries of ICBC
who participated in the training through offline channels during theperiod from 1 January 2023 to 31 December 2023 according to thestatistics collected by ICBC through the "ICBC Training Centre" system.
42.The training coverage ratio (%): The proportion of the number of
employees of the Head Office and domestic branches of ICBC who
received training through online and offline channels during theperiod from 1 January 2023 to 31 December 2023 according to thestatistics collected by ICBC through the "ICBC Training Centre" system
to the total number of employees of the Head Office and domestic
branches of ICBC as at 31 December 2023.
43.Average training duration per employee (days): The average
duration of training received by employees of the Head Office anddomestic branches of ICBC through online and offline channels during
the period from 1 January 2023 to 31 December 2023 according to
the statistics collected by ICBC through the "ICBC Training Centre"
system. Average training duration per employee = total training
duration of online and offline training sessions attended by employees
in the Head Office and domestic branches of ICBC ÷ total numberof employees of the Head Office and domestic branches of ICBC as
at 31 December 2023 ÷ training duration of one day. Of which, thetraining duration of one day is calculated as 6 hours.
44.Average employee satisfaction rate with training (%): The average
employee satisfaction rate with training of the Head Office anddomestic branches of ICBC which the employees independently
evaluated the courses after participating in various trainings throughonline and offline channels during the period from 1 January 2023
to 31 December 2023 according to the statistics collected by ICBC
through the "ICBC Training Centre" system.

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Industrial and Commercial Bank of China Limited

45.Total headcount (person): The total headcount of employees
directly signing a labour contract with the Head Office, domestic
branches, overseas branches as well as domestic and overseas
subsidiaries of ICBC as at 31 December 2023.
46.Employees by gender proportion (%): The proportion of female
and male employees directly signing a labour contract with the Head
Office, domestic branches, overseas branches as well as domestic
and overseas subsidiaries of ICBC as at 31 December 2023. The
roles include all staff, senior management members, management
personnel above the middle level and new employees. Senior
management members include Chairman, President, Vice President,
Senior Director, Board Secretary and Head of the Discipline Inspectionand Supervision Group at ICBC. Management personnel above themiddle level include deputy director level and above; new employees
include those who have signed a labour contract during the period
from 1 January 2023 to 31 December 2023.
47.Employee structure by working year (%): The proportion of
employees by working year that directly signed a labour contract with
the Head Office, domestic branches, overseas branches as well as
domestic and overseas subsidiaries of ICBC as at 31 December 2023.
Year ranges are 0 to 5 years, 6 to 10 years, 11 to 20 years, 21 to 30
years and over 31 years.
48.Employee structure by age group (%): The proportion of
employees with various age groups directly signing a labour contract
with the Head Office, domestic branches, overseas branches as wellas domestic and overseas subsidiaries of ICBC as at 31 December
2023. Age ranges include under 31 years old, 31 to 40 years old, 41 to
50 years old and over 50 years old.
49.Number of new employees (person): The total headcountemployees initially signing a labour contract with the Head Office,domestic branches, overseas branches as well as domestic andoverseas subsidiaries of ICBC during the period from 1 January 2023
to 31 December 2023.
50.Training coverage ratio by age group (%): The proportion of thenumber of employees of each age group who attended training
through online and offline channels in the Head Office and domestic
branches of ICBC during the period from 1 January 2023 to 31
December 2023 according to the statistics collected by ICBC throughthe "ICBC Training Centre" system to the total number of employeesof the corresponding age group in the Head Office and domestic
branches of ICBC as at 31 December 2023. The age groups include
under 25 years old (inclusive), 26 to 35 years old (inclusive), 36 to 45
years old (inclusive), 46 to 54 years old (inclusive), and over 55 years
old (inclusive).
51.Average training duration per employee by age group (days):
The duration of training received by employees of the Head Officeand domestic branches of ICBC of each age group through online
and offline channels during the period from 1 January 2023 to 31
December 2023 according to the statistics collected by ICBC throughthe "ICBC Training Centre" system. The age groups include under
25 years old (inclusive), 26 to 35 years old (inclusive), 36 to 45 years
old (inclusive), 46 to 54 years old (inclusive), and over 55 years old(inclusive). Average training duration per employee by age group =total training duration of online and offline training sessions attended
by employees of this age group in the Head Office and domestic
branches of ICBC ÷ total number of employees of this age group in
the Head Office and domestic branches of ICBC as at 31 December
2023 ÷ training duration of one day. Of which, the training duration of
one day is calculated as 6 hours.
52.Training coverage ratio by role (%): The proportion of the numberof employees of each role who attended training through online
and offline channels in the Head Office and domestic branches of
ICBC during the period from 1 January 2023 to 31 December 2023
according to the statistics collected by ICBC through the "ICBC
Training Centre" system to the total number of employees of thecorresponding role in the Head Office and domestic branches of ICBC
as at 31 December 2023. The employee roles include management,
specialized, sales, customer service and operations.

53.Average training duration per employee by role (days): The
duration of training received by employees of the Head Office anddomestic branches of ICBC of each role through online and offline
channels during the period from 1 January 2023 to 31 December
2023 according to the statistics collected by ICBC through the "ICBC
Training Centre" system. The employee roles include management,
specialized, sales, customer service and operations. Average training
duration per employee by role = total training duration of online andoffline training sessions attended by employees of this employee rolein the Head Office and domestic branches of ICBC ÷ total numberof employees of this employee role in the Head Office and domestic
branches of ICBC as at 31 December 2023 ÷ training duration of
one day. Of which, the training duration of one day is calculated as 6hours.
54.Training coverage ratio by gender (%): The proportion of thenumber of employees of each gender who attended training throughonline and offline channels in the Head Office and domestic branches
of ICBC during the period from 1 January 2023 to 31 December
2023 according to the statistics collected by ICBC through the "ICBC
Training Centre" system to the total number of employees of thecorresponding gender in the Head Office and domestic branches of
ICBC as at 31 December 2023.
55.Average training duration per employee by gender (days): The
duration of training received by employees of the Head Office anddomestic branches of ICBC by gender through online and offline
channels during the period from 1 January 2023 to 31 December
2023 according to the statistics collected by ICBC through the "ICBC
Training Centre" system. Average training duration per employee
by gender = total training duration of online and offline training
sessions attended by employees of one gender in the Head Officeand domestic branches of ICBC ÷ total number of employees of thecorresponding gender in the Head Office and domestic branches
of ICBC as at 31 December 2023 ÷ training duration of one day. Of
which, the training duration of one day is calculated as 6 hours.
56.Training coverage ratio by institution level (%): The proportionof the number of employees of each institution level who attended
training through online and offline channels in the Head Office anddomestic branches of ICBC during the period from 1 January 2023
to 31 December 2023 according to the statistics collected by ICBC
through the "ICBC Training Centre" system to the total numberof employees of the corresponding institution levels in the Head
Office and domestic branches of ICBC as at 31 December 2023. The
institution levels include the Head Office, tier-one branch, tier-two
branch, tier-one sub-branch and outlet.
57.Average training duration per employee by institution level (days):
The duration of training received by employees of the Head Officeand domestic branches of ICBC at different institution levels throughonline and offline channels during the period from 1 January 2023
to 31 December 2023 according to the statistics collected by ICBC
through the "ICBC Training Centre" system. The institution levels
include the Head Office, tier-one branch, tier-two branch, tier-one
sub-branch and outlet. Average training duration per employee by
institution level = total training duration of online and offline training
sessions attended by employees at different institution levels in
the Head Office and domestic branches of ICBC ÷ total number of
employees at this level in the Head Office and domestic branches
of ICBC as at 31 December 2023 ÷ training duration of one day. Of
which, the training duration of one day is calculated as 6 hours.
58.Number of ESG-themed publicly offered equity funds dedicatedin investing in ecological environment, new energy and carbon
neutrality (No.): As at 31 December 2023, the total number ofpublic equity ESG-themed funds issued by ICBC Credit Suisse AssetManagement Co., Limited that invested in ecology, new energy andcarbon neutrality.
59.Total issuance amount of ESG-themed publicly offered equity
funds dedicated in investing in ecological environment, new energy
and carbon neutrality (RMB 100 million): As at 31 December 2023,
the total amount of public equity ESG-themed funds issued by ICBC
Credit Suisse Asset Management Co., Limited that invested in ecology,
new energy and carbon neutrality.

60.Number of ESG-themed wealth management products (No.):As at 31 December 2023, the total number of existing ESG-themed
wealth management products that managed independently by ICBC
Wealth Management Co., Ltd..
61.Amount of credit support granted for a "water-photovoltaic
complementary" power plant project (RMB 100 million): As at 31
December 2023, the total amount of credit loan contracts signed
between ICBC Sichuan Branch and the entity of the construction ofthe " water-photovoltaic complementary" power plant project.
62.Amount of credit loan granted for a "water-photovoltaic
complementary" power plant project (RMB 100 million): The amountof credit loan actually granted by ICBC Sichuan Branch for theconstruction of the "water-photovoltaic complementary" power plant
project during the period from 1 January 2023 to 31 December 2023.
63.Average annual power generation of a project supported for a"water-photovoltaic complementary" power plant project supported
by credit (100 million kWh): The average annual power generation
capacity expected to be achieved after the completion of the "waterphotovoltaic complementary" power plant project supported by credit
loan from ICBC Sichuan Branch in 2023.
64.Annual emission reduction of standard coal for a "waterphotovoltaic complementary" power plant project supported
by credit (10,000 tons): Estimated reduction in standard coalemissions per year after the completion of the "water-photovoltaic
complementary" power plant project supported by a credit loan fromICBC Sichuan Branch in 2023.
65.Annual emission reduction of carbon dioxide for a "waterphotovoltaic complementary" power plant project supported
by credit (10,000 tons): Estimated reduction of carbon dioxide
emissions per year after the completion of the "water-photovoltaic
complementary" power plant project supported by a credit loan fromICBC Sichuan Branch in 2023.
66.On-grid photovoltaic power generation since the operation of
the photovoltaic power generation system of Hefei Technology Subbranch (kWh): Since the operation of the intelligent system of Hefei
Technology Sub-branch to 31 December 2023, the cumulative kWhof on-grid photovoltaic power generation of the photovoltaic power
generation system of Hefei Technology Sub-branch of ICBC Anhui
Branch.
67.Accumulated carbon dioxide emission reduction since theoperation of the photovoltaic power generation system of Hefei
Technology Sub-branch (tons): Since the operation of the intelligent
system of Hefei Technology Sub-branch Branch to 31 December 2023,
the cumulative carbon dioxide emission reduction of the photovoltaic
power generation system of Hefei Technology Sub-branch of ICBC
Anhui Branch.
68.Expected emission reduction effect of a NZD400 million
syndicated financing project for a sludge treatment facility project of
the Wellington Government in New Zealand (%): Expected emission
reductions upon completion of the NZD400 million syndicatedfinancing project for the sludge treatment facility project of the
Wellington Government in New Zealand, organized and participatedby ICBC Auckland Branch in 2023.
69.Amount of international syndicated loan organized for a
Uzbekistan wind power plant project (USD 100 million): During theperiod from 1 January 2023 to 31 December 2023, the total amountof the international syndicated loan jointly organized by ICBC Dubai
Branch in the role of lead arranger with international multilateral
institutions for the Uzbekistan wind power plant project.
70.Expected annual carbon emission reduction of the Uzbekistan
wind power plant project after its completion (10,000 tons):
Expected carbon emission reductions per year after the completion of
the Uzbekistan wind power plant project, which ICBC Dubai Branch is
co-financing with international multilateral institutions in its role as alead arranger in 2023.

Corporate Social Responsibility (ESG) Report 2023

007

Appendix

GRI Standards Index and Contrast with
ESG Reporting Guide
GRI Standards Index
NumberContents

ESG

Page

GRI 2: General Disclosures

NumberContents

GRI 302-1

Energy consumption within the organization

A2.1

ESG
114

GRI 302-4

Reduction of energy consumption

A2.3

13, 25, 26, 114

GRI 302-5

Reductions in energy requirements of products and services

A2.3

13, 25, 26, 114

A2.2

13, 114

GRI 303: Water and EffluentsGRI 2-1

Organizational details

4

GRI 2-2

Entities included in the organization's sustainability reporting001

GRI 2-3

Reporting period, frequency and contact point001

GRI 2-4

Restatements of information

001

GRI 2-5External assurance

002, 003

GRI 2-6

Activities, value chain and other business relationships

4, 29-56

GRI 2-7

Employees

GRI 2-9

Governance structure and composition

77-80, 85-87

GRI 2-10

Nomination and selection of the highest governance body

77-80, 85-87

GRI 2-11

Chair of the highest governance body2

GRI 2-12

Role of the highest governance body in overseeing the management of
impacts

64, 77-82, 85-88

GRI 306-2

GRI 2-13

Delegation of responsibility for managing impacts

77-81, 85-87

GRI 306-3

GRI 2-14

Role of the highest governance body in sustainability reporting

77-81, 85-87, 110

GRI 308: Supplier Environmental Assessment

GRI 2-15

Conflicts of interest

64, 65

GRI 308-1

GRI 2-16

Communication of critical concerns

64, 65, 81, 82, 110

GRI 401: Employment

GRI 2-17

Collective knowledge of the highest governance body

77-81, 85-87

GRI 401-1

New employee hires and employee turnoverGRI 2-18

Evaluation of the performance of the highest governance body

77-81

GRI 2-19

Remuneration policies

97-99

GRI 401-2

Benefits provided to full-time employees that are not provided to temporary
or parttime employees

GRI 2-20

Process to determine remuneration

97-99

GRI 2-21

Annual total compensation ratio

97-99

GRI 2-22

Statement on sustainable development strategy

85

GRI 2-27

Compliance with laws and regulations

90-91

GRI 2-28

Membership associations

23-24

GRI 2-29

Approach to stakeholder engagement64, 65, 77, 87, 110

GRI 2-30

Collective bargaining agreements

96

B1.1

92-96, 115-117

GRI 3: Material Topics

Page

GRI 303-5

Water consumption

GRI 304: Biodiversity
GRI 304-2

Significant impacts of activities, products and services on biodiversity

12, 20-22

GRI 305: Emissions
GRI 305-1

Direct (Scope 1) GHG emissions

A1.2

114

GRI 305-2

Energy indirect (Scope 2) GHG emissions

A1.2

114

GRI 305-4

GHG emissions intensity

A1.2

114

GRI 305-5

Reduction of GHG emissions

A1.5

13, 114

GRI 305-7

Nitrogen oxides (NOx), sulfur oxides (SOx), and other significant air emissions

A1.1

114

Management of significant wasterelated impacts

A1.6

13, 114

Waste generated

A1.3, A1.4

13, 114B5.3

26, 27B1.2

115, 116

GRI 306: Waste

New suppliers that were screened using environmental criteria

97-99, 115-117

GRI 403: Occupational Health and Safety
GRI 403-1

Occupational health and safety management system

B2.3

97-99

GRI 403-3

Occupational health services

B2.3

97-99

GRI 403-4

Worker participation, consultation, and communication on occupational
health and safety

B2.3

97-99

GRI 403-5

Worker training on occupational health and safety

B2.3

97-99

GRI 403-6

Promotion of worker health

B2.3

97-99

GRI 403-7

Prevention and mitigation of occupational health and safety impacts directly
linked by business relationships

B2.3

97-99

B3.2

115-117

GRI 3-1

Process to determine material topics

109, 110

GRI 404: Training and Education

GRI 3-2

List of material topics

109, 110

GRI 404-1

Average hours of training per year per employee

109, 110

GRI 404-2

Programs for upgrading employee skills and transition assistance programs

88, 93-96, 116, 117

GRI 404-3

Percentage of employees receiving regular performance and careerdevelopment reviews

97-99

GRI 3-3Management of material topics

GRI 201: Economic PerformanceGRI 201-1

Direct economic value generated and distributed

64, 65, 111

GRI 201-2

Financial implications and other risks and opportunities due to climatechange8-10Proportion of senior management hired from the local community

57

GRI 406-1

GRI 413-1

GRI 203: Indirect Economic Impacts
GRI 203-1

Infrastructure investments and services supported

29-56

GRI 203-2

Significant indirect economic impacts

29-56, 66-71

GRI 205: Anti-corruption
GRI 205-2

Communication and training about anti-corruption policies and procedures

B7.2, B7.3

74-76, 90-91

GRI 205-3

Confirmed incidents of corruption and actions taken

B7.1

74-76, 90-91

GRI 302: Energy

008

Industrial and Commercial Bank of China Limited

GRI 405-1

Diversity of governance bodies and employees

57, 78, 92, 115-117

GRI 406: Non-discrimination

GRI 202: Market PresenceGRI 202-2

GRI 405: Diversity and Equal Opportunity

Incidents of discrimination and corrective actions taken

92

GRI 413: Local Communities
Operations with local community engagement, impact assessments, anddevelopment programs

55-63, 66-71, 111

GRI 414: Supplier Social Assessment
GRI 414-1

New suppliers that were screened using social criteria

B5.3

26, 27

GRI 417: Marketing and Labeling
GRI 417-1

Requirements for product and service information and labeling45-49

Corporate Social Responsibility (ESG) Report 2023009

Appendix

ESG Guidelines of The Stock Exchange of Hong Kong Limited

Environmental
A1 Emissions

A3 The Environment and Natural Resources P11-26, 70, 71
P13, 25, 26, 114

General Disclosure: Information on the policies and compliance with relevant laws and regulations that have asignificant impact on the issuer relating to air and greenhouse gas emissions, discharges into water and land, andgeneration of hazardous and non-hazardous waste
A1.1 The types of emissions and respective emissions
data
A1.2 Direct (Scope 1) and energy indirect (Scope 2)
greenhouse gas emissions (in tons) and, where appropriate, intensity (e.g. per unit of production volume, perfacility)
A1.3 Total hazardous waste produced (in tons) and, whereappropriate, intensity (e.g. per unit of production volume,
per facility)
A1.4 Total non-hazardous waste produced (in tons) and,
where appropriate, intensity (e.g. per unit of production
volume, per facility)
A1.5 Description of emission target(s) set and steps taken
to achieve themA1.6 Description of how hazardous and non-hazardous
wastes are handled, and a description of reduction target(s) set and steps taken to achieve themA2 Energy Use

P13, 25, 26, 114

General Disclosure: Policies on the efficient use of resources, including energy, water and other raw materials
A2.1 Direct and/or indirect energy consumption by type(e.g. electricity, gas or oil) in total (kWh in '000s) andintensity (e.g. per unit of production volume, per facility)
A2.2 Water consumption in total and intensity (e.g. perunit of production volume, per facility)
A2.3 Description of energy use efficiency target(s) set andsteps taken to achieve themA2.4 Description of whether there is any issue in sourcing
water that is fit for purpose, water efficiency target(s) set
and steps taken to achieve themA2.5 Total packaging material used for finished products(in tons) and, if applicable, with reference to per unit
produced

010

Industrial and Commercial Bank of China Limited

B3 Employee Development and Training

P88, 92-96, 116, 117

General Disclosure: Policies on minimizing the issuer's significant impact on the environment and natural resources
A3.1 Description of the significant impacts of activities on
the environment and natural resources and the actions
taken to manage them
A4 Climate Change

P8-10, 24

General Disclosure: Policies on identification and mitigation of significant climate-related issues which have impacted, and those which may impact, the issuer
A4.1 Description of the significant climate-related issues
which have impacted, and those which may impact, theissuer, and the actions taken to manage themSocialB1 Employment

P92-99, 115, 116

General Disclosure: Information on (a) the policies; and (b)compliance with relevant laws and regulations that have asignificant impact on the issuer relating to compensationand dismissal, recruitment and promotion, working hours,
rest periods, equal opportunity, diversity, anti-discrimination, and other benefits and welfare
B1.1 Total workforce by gender, employment type (forexample, full- or part-time), age group and geographicalregionB1.2 Employee turnover rate by gender, age group andgeographical region
B2 Health and Safety

P97-99General Disclosure: Information on: (a) the policies; and (b)compliance with relevant laws and regulations that havea significant impact on the issuer relating to providing asafe working environment and protecting employees fromoccupational hazards
B2.1 Number and rate of work-related fatalities occurredin each of the past three years including the reportingyear
B2.2 Lost days due to work injury
B2.3 Description of occupational health and safety measures adopted, how they are implemented and monitoredsafety, advertising, labeling and privacy matters relating
to products and services provided and methods of redress

General Disclosure: Policies on improving employees'
knowledge and skills for performing duties at work Description of training activities Training refers to vocational
training. It may include internal and external courses paidby the employer.

B6.1 Percentage of total products sold or shipped subject
to recalls for safety and health reasons

B3.1 The percentage of employees trained by genderand employee category (e.g. senior management, middle
management)

B6.3 Description of practices relating to observing andprotecting intellectual property rights

B3.2 The average training hours completed per employee
by gender and employee category
B4 Labor Standards

P92

General Disclosure: Information on: (a) the policies; and (b)compliance with relevant laws and regulations that havea significant impact on the issuer relating to preventing
child and forced labor
B4.1 Description of measures to review employment practices to avoid child and forced labor
B4.2 Description of steps taken to eliminate such practices when discovered
B5 Supply Chain Management

P27

General Disclosure: Policies on managing environmental
and social risks of the supply chain
B5.1 Number of suppliers by geographical region
B5.2 Description of practices relating to engaging suppliers, number of suppliers where the practices are being
implemented, how they are implemented and monitored
B5.3 Description of practices used to identify environmental and social risks along the supply chain, and how
they are implemented and monitored
B5.4 Description of practices used to promote environmentally preferable products and services when selecting
suppliers, and how they are implemented and monitored
B6 Product Responsibility

P45-49, 117

B6.2 Number of product and service related complaints
received and how they are dealt with

B6.4 Description of quality assurance process and recall
procedures
B6.5 Description of consumer data protection and privacy
policies, how they are implemented and monitored
B7 Anti-corruption

P74-76, 90-91

General Disclosure: Information on: (a) the policies; and (b)compliance with relevant laws and regulations that have asignificant impact on the issuer relating to bribery, extortion, fraud and money laundering
B7.1 Number of concluded legal cases regarding corrupt
practices brought against the issuer or its employees during the reporting period and the outcomes of the cases
B7.2 Description of preventive measures and whistle-blowing procedures, how they are implemented andmonitored
B7.3 Description of anti-corruption training provided directors and staff
B8 Community Investment

P66-71, 115, 118

General Disclosure: Policies on community engagement
to understand the needs of the communities where theissuer operates and to ensure its activities take into consideration the communities' interests
B8.1 Focus areas of contribution (e.g. education, environmental concerns, labor needs, health, culture, sport)
B8.2 Resources (e.g. money or time) contributed to thefocus areas (e.g. education, environment concerns, laborneeds, health, culture, sport)

General Disclosure: Information on (a) the policies; and (b)compliance with relevant laws and regulations that havea significant impact on the issuer relating to health andCorporate Social Responsibility (ESG) Report 2023

011

Appendix

Table of Social Responsibility Performance Contrast
with the Ten UNGC Principles
Ten UNGC Principles

CSR Performance in 2023

1

Businesses should supportand respect the protectionof internationally proclaimed
human rights

The Bank valued people, strictly observed laws, regulations and ordinances of China and other countries
where it operated, entered into employment contracts with all of its employees, fully paid employer's social
security and housing provident fund contributions for its employees, improved the system of employee
involvement in corporate management and effectively protected the rights and interests of employees.

2

Make sure that they are notcomplicit in human rights
abusesThe Bank abided by international conventions or practices signed or recognized by China, including the
Universal Declaration of Human Rights.

3

Businesses should uphold thefreedom of association andthe effective recognition of theright to collective bargaining

The Bank improved the system of employee representatives' meeting to listen to all employees' voices andprotect their right to know, participate and supervise. All branches and subsidiaries of the Bank have tradeunions established as many as possible.

The elimination of all forms offorced and compulsory labor

The Bank signed employment contracts with its employees in compliance with the Law of the People's
Republic of China on Employment Contracts and other relevant laws and regulations. It also fully protected
employees' rights to rest and take leaves and eliminated all forms of forced and compulsory labor throughan efficient and orderly working mechanism and optimized labor composition.

4

5

The effective abolition of childlabor

The Bank strictly prohibited child labor.

6

The elimination of
discrimination in respect of
employment and occupation

The Bank respected employees' religious freedom and individuality and eliminated any discrimination on
the basis of race, gender, national origin, culture, age and others. The Bank also treated all employees fairly
and impartially throughout recruitment, job transfer, compensation, career development and separation
management.

7

Businesses should support
a precautionary approach toenvironmental challenge

The Bank actively responded to climate changes by willingly assuming responsibility for international
environment, establishing a sound mechanism for comprehensive management of environmental protection
and using the financial lever to help get rid of dependence on traditional development mode and promoting
economic restructuring.

8

Taking on more responsibilities
for environmental protection

Throughout its operational development, the Bank has consistently upheld the unity of economic
and social responsibilities, adhered to innovation-driven development to comprehensively shape newdevelopment advantages. In the Group's development plan, the Bank set a strategic emphasis onprioritizing the development of green finance and supporting the construction of ecological civilization,
aiming to significantly enhance the adaptability, competitiveness, and inclusiveness of ICBC's services forgreen development. The Bank clearly proposed to establish itself as a "leading bank in practicing green
development", with concrete measures outlined to "strengthen the construction of green finance and ESG
systems".
In the Bank's strategic plan for the 14th Five-Year Period, the mission was set to "adapt to the era, lead incompetition, and serve the masses comprehensively". The Bank attached great importance to the needto embrace the new trends of energy revolution, clean production, and recycling economy, accelerated
the innovative development of green finance, and enhanced the level of service in ecological civilization
construction

Encouraging the development
and promotion of environmentfriendly technologies

During the reporting period, the Bank increased its support for innovative green products, establishing acomprehensive carbon financial service system. It flexibly utilized collateralized loans based on franchiserights, emission rights, fee rights, and subsidies for new energy, innovating guarantee methods, and actively
expanding credit support to enterprises while effectively managing risks. The total amount of domestic
green loans of the Bank reached a historic high. As of the end of the reporting period, the Bank's balance ofgreen loans under the NFRA's standard amounted to nearly RMB5.4 trillion, maintaining a leading position
among peers in terms of total amount and growth. The Bank vigorously promoted paperless, low-consumed
and efficient online business leveraging on its leading technological strengths, with digital businessaccounting for 99.0%.

10Businesses should work
against corruption in all forms,
including extortion and bribery

The Bank upheld the principle of no forbidden zones, full coverage, and zero tolerance, promoting an
integrated approach to ensure all personnel do not dare to, are unable to and have no desire to commit
corruption. The Bank focused on key areas, reported typical cases, and established a long-term mechanism
for improving work style. It adhered to the principle of educating before disciplining, avoiding resorting topunishment without prior education.

012

Industrial and Commercial Bank of China Limited

9

Report on the Progress of the Principles for Responsible
Banking (PRB)
The Principles for Responsible Banking (PRB) are a global
framework for ensuring that signatory banks' strategy andpractice are in line with future social needs. This framework
enables the sector to align with the sustainable development
goals and the global goals and indicators set out in the Paris
Climate Agreement.
As one of the founding signatories of the PRB, the Bankhas been committed to maximizing the comprehensive
value of economy, environment and society, based on thegeneral demands of all stakeholders in economic and social
development.
Principle 1: Alignment
We will align our business strategy to be consistent withand contribute to individuals' needs and society's goals,
as expressed in the Sustainable Development Goals, theParis Climate Agreement and relevant national and regionalframeworks.
In the process of business development, the Bank has always
adhered to integrating economic responsibility with social
responsibility, pursuing innovation-driven development, andfostering new development advantages on all fronts. The
Bank attached greater importance to the development ofgreen finance and support for ecological civilization in theGroup's development plan, in a bid to enhance the adaptation,competitiveness and inclusiveness of its services for green
development. The plan made clear that "the Bank will leadthe way in practicing green development", and promoted
the "building of green finance and ESG system" as a specificmeasure.
In its strategic development plan for the "14th Five-Year Plan"
period, the Bank put forward the mission of "adapting to thetimes, staying ahead of competitors and benefiting the public",
and emphasized the need to comply with the new trend ofenergy revolution, clean production and circular economy,
accelerate the innovative development of green finance, andimprove the services for ecological civilization.
Principle 2: Impact & Target Setting
We will continuously increase our positive impacts while
reducing the negative impacts on, and managing the risks to,people and environment resulting from our activities, products
and services. To this end, we will set and publish targets where
we can have the most significant impacts.
During the reporting period, the Bank issued the Notice on
Relevant Issues of Implementation of the Guidelines for Green
Finance of the Banking and Insurance Industries. In alignment
with the Guidelines for Green Finance of the Banking andInsurance Industries issued by the former CBIRC, the Bank
formulated measures to promote its green finance work at thenext stage, and make overall arrangements for deploying thetasks of all departments and branches. The Notice on Relevant
Issues of Implementation of the Guidelines for Green Financeof the Banking and Insurance Industries puts forward sevenkey tasks to improve green finance in the next step, including:strengthening the capability of environmental, social andgovernance (ESG) risk management, building ESG requirements
into the enterprise risk management system, and carrying
out whole-process risk management; continuing to promote
the green and low-carbon adjustment of the investment andfinancing structure, reducing the carbon emissions of theBank's operations in an orderly manner, and steadily pushing
forward the work of carbon peak and carbon neutrality; actively
exploring and refining the Bank's green financial system andmechanism; actively using technical means to improve green
financial services; strengthening the green finance constructionof overseas investment and financing business; clarifying the
responsibilities of entities at all levels to ensure that the Bank's
green finance construction meets regulatory requirement;
maintaining close communication with the governments andregulators.
During the reporting period, the Bank formulated andissued the 2023 Industry Investment and Financing Policy.
The Policy covers nearly 50 industries of 16 segments,
which comprehensively highlights the "green" orientation,
and adopts differentiated management measures such as
economic capital occupation, authorization, pricing and scale
to continuously strengthen the differentiated policy support
and control. Indicators about an enterprise's technology,
environmental friendliness, energy consumption, etc. wereembedded into the process of selecting customers andprojects in priority industries. The Bank made great efforts to
support the development of green, low-carbon and circular
economy, and positioned key areas such as clean energy,
green transportation, energy conservation and environmental
protection as industries of aggressive entry or moderate entry.
During the reporting period, the Bank issued the Green Guide
to Investment and Financing of Industrial and Commercial Bankof China (Trial). It is a basic document of the Bank's green
investment and financing policy system. Focusing on green
development, the Green Guide to Investment and Financingof Industrial and Commercial Bank of China (Trial) took ESG
risk prevention and control as the basic starting point, andprovided rich operation guidance for ESG risk prevention
and control of investment and financing. The Bank effectively
strengthened effective and targeted ESG risk prevention
and control through key points of ESG risk identification,
minimum access standards, excellent standards, and green
investment areas. The ESG that the Bank focused on includes
environmental pollution prevention, energy conservation,
response to climate change and carbon emission control,
water resource conservation and flood prevention and control,
biodiversity and ecological protection, safe production andoccupational health, cultural relics protection, corporate
governance and business owner behavior.
During the reporting period, the Bank iteratively upgraded
the enterprise risk management system. Efforts were stepped
up to prevent and control financial risks, serving high-quality
development. The Bank implemented in depth the "Fivepronged Risk Management Approach", namely the overallrisk management of domestic and overseas institutions, on-

Corporate Social Responsibility (ESG) Report 2023

013

Appendix

and off-balance sheet businesses, commercial banking andinvestment banking and other services, online and offline
business, and Head Office and subordinate institutions. The
Bank strengthened the key measures to manage "people,
money, defense line and bottom line" to ensure the risk
management responsibilities were fulfilled. The risk officer
management mechanism was enhanced, with the enterpriserisk management extending downwards to lower tiers tofurther disseminate the enterprise risk management philosophy
and requirements. The enterprise risk management system
and mechanism were improved to enhance the managementof digital transition risk and other emerging risks, in a bid toachieve a higher standard of enterprise risk management.
The Bank has incorporated climate risk management into theenterprise risk management system, to continuously improveclimate risk management system. The Regulation on Enterprisewide Risk Management defines the governance structure ofand responsibility for climate risk management, establishes
and constantly improves the "three lines of defense" for climate
risk, and puts forward the composition and requirements of theclimate risk management system.
Principle 3: Clients & Customers
We will work responsibly with our clients and our customers toencourage sustainable practices and enable economic activities
that create shared prosperity for current and future generations.
During the reporting period, the Bank increased high-quality
credit grants, provided precise and strong financing support
for key fields, and continued to make the service for the real
economy more adaptable and competitive. As of the end of
the reporting period, the balance of local currency corporateloans of the Bank's domestic branches exceeded RMB14 trillion
to hit RMB14.6 trillion, representing an increase of more than
RMB2.3 trillion from the beginning of the year, reaching a new
high. It fully played a key role in serving the real economy.
The Bank utilized the GIS (Geographic Information System)
technology to embed ecological protection red line database
information in its credit management system - Global Credit
and Investment Management System (GCMS), which adds
the ecological protection red line judgment function forloan project siting, and is incorporated into the full-process
management of credit business. In March 2023, recommended
by the PBC, ICBC released this achievement during the G20
and promoted it worldwide as China's solutions and experience,
providing innovative solutions to address the global challengeof biodiversity risk management for financial institutions.
During the reporting period, the Bank maintained highpriority to the energetic development of technology finance,and established and continuously iterated and updated thetechnology finance service support system that focuses on
top-level design, regimes & mechanisms, policies supportand resource allocation and features "specialized institutions,professional cooperation, exclusive products, special policies
and special risk control". As of the end of the reporting period,
the balance of the Bank's domestic loans to the companies inemerging industries was RMB2.7 trillion, up nearly RMB950
billion from the beginning of the year.

014

Industrial and Commercial Bank of China Limited

During the reporting period, the Bank increased the grant of
inclusive loans to provide stronger financing support. As of theend of the reporting period, the balance of the Bank's inclusive
loans to small and micro enterprises stood at RMB2.23 trillion, an
increase of RMB677.4 billion or 43.7% from the beginning of theyear. Such increase was close to a quarter of the total new loansof the Bank. The Bank won nearly 20 important awards such as
the Best Inclusive Financial Service Bank of the Year by Financial
News (China), the Excellent Inclusive Finance Bank of the Year by
The Economic Observer and Excellent Cases of Inclusive Financial
and Outstanding Case of Inclusive Finance Service Innovation of
the Year by The Chinese Banker.

During the reporting period, the Bank stepped up support
for green product innovation, built a comprehensive carbon
finance service system, flexibly utilized franchise rights,
pollution discharge rights, charging rights, new energy subsidy
confirmation and other collateral loans, innovated guarantee
methods, and actively expanded credit support for enterprises
under the premise of effective risk control. The Bank's total
domestic green loans hit a record high. As at the end of thereporting period, the balance of green loans under the NFRA
criteria amounted to nearly RMB5.4 trillion, maintaining aleading position among peers in terms of total amount andgrowth.

effective. Extraordinary announcements manifested the Bank's
latest outcomes and progress of its ongoing efforts to pursue
high-quality development, support the real economy andforestall and mitigate financial risks. The Bank made voluntaryannouncements including the Announcement on the 2023
Interim ESG Report to further boost corporate transparency
and protect investors' right to know.

During the reporting period, the Bank further ramped up
agriculture-related loan grants, and prioritized support for
high-standard farmland, rural infrastructure construction andother key areas. The Bank strengthened the financial support
for agricultural and rural modernization. The Bank preparedschemes to support scenario-based service for protected
agriculture, carried out a number of financially supported
protected agriculture projects with regional characteristics in
Jiangsu, Shandong, Sichuan and other places. Among them,
Jiangsu Binhai Modern Marine Pasture Project and Shandong
Shouguang Danhe Protected Vegetable Industry Chain Project
are highly innovative, of great replication and promotion value,and beneficial to connecting and leading farmers. Focusing
on key areas such as high-standard farmland, modern
protected agriculture, advanced agricultural machinery
research & development, and seed industry revitalization,
the Bank continued to increase financing support. The Bank
launched the exclusive innovative product-- "Grain Planting
Loan", developed a special service plan to support protected
agriculture, actively supported the development of modern
agricultural industry chain including planting and breeding,and helped build a diverse food supply system. As of the endof the reporting period, the balance of the Bank's domestic
agriculture-related loans reached nearly RMB4.24 trillion, arise of RMB960 billion or more than 29% compared with the
beginning of the period. During the reporting period, more than
RMB2 trillion loans were granted to agriculture-related areas,a year-on-year increase of more than 30%. It kept increasing
agriculture-related loan grants. It was rated "excellent" for two
consecutive years in the assessment of financial institutions inserving rural revitalization by the People's Bank of China andNational Financial Regulatory Administration.

During the reporting period, the digital risk control of online
platforms of the Bank was continuously tightened to effectively
protect the security of customer funds. The Bank strengthened
the risk prevention and control of online fraudulent
transactions, established a hierarchical management system of
e-banking customer's payment limit, and made the limit control
over personal customers better targeted. It implemented the
dynamic management of payment via enterprise internet
banking, used big data, artificial intelligence and othertechnologies to improve the intelligent risk identification
mechanism of online transactions, deepened the application of
new equipment fingerprint technology, and promoted the facerecognition function of enterprise internet banking, effectively
guarding against the risk of online fraudulent transactions andsafeguarding customer funds.

The Bank thoroughly implemented the economizationoriented strategy, continued to conduct green and low-carbon
operations, and promoted the economical use of energy andresources. It also encouraged its suppliers to adopt a green,
low-carbon and sustainable pattern of development.

The Bank continued to popularize financial social security
cards. With the focus on social security and people's livelihood
services, the Bank pushed forward the issuance and activationof financial social security cards, setup of "ICBC e Social
Security" sector on mobile banking, card application, widerrange application and other relevant work.

The Bank paid great attention to communication with stakeholders. By establishing the mechanism for combination of
instant and regular communication and coordination of communication on specific topics and international exchanges,
the Bank ensured constant and good exchanges with key
stakeholders and encouraged involvement of related parties byactively tapping into the role of new media platforms.

The Bank was the first in the industry to launch "social securitybanking integrated outlets". Social security service windows areset, so that the insured units and individuals can handle social
security businesses such as insurance registration, informationinquiry, premium payment, certificate printing, qualification
certification, transfer and continuation of social security
relations. This move kept improving the capability for supplying
public services.

Principle 4: Stakeholders
We will proactively and responsibly consult, engage andpartner with relevant stakeholders to achieve society's goals.
The Basic Rules for Corporate Social Responsibility (ESG and
Sustainable Finance) of the Bank stipulates that social responsibility (ESG and sustainable finance) refers to the responsibility
that the Group should claim for the promotion of high-quality
development, the unflinching adherence to a civilized path ofdevelopment that advocates developed production, prosperous life and healthy ecology, the provision of effective financial
support and services to the sustainable development of theChinese nation, and the effective implementation of benefits
sharing with its shareholders, its customers, its employees, society and other stakeholders.

In order to protect the rights and interests of investors andother stakeholders, especially minority shareholders, the Bank
performs the obligation of information disclosure in strict
accordance with domestic and foreign regulatory rules for
information disclosure. During the reporting period, the Bank
continuously improved the proactive information disclosuresystem in the course of periodic reporting and responded
actively to investor concerns through the voluntary disclosurecolumn, making its information disclosure more proactive and

The Bank continuously conducted the quality and momentum
improvement of operations and created more values for its
shareholders, its customers, its employees, society and otherstakeholders.

By highlighting people-orientated values, the Bank cares
about and for employees. It improved the employee incentive
mechanism and the employee training system, exerted therole of the Employee Representative Assembly, valued andprotected the legal rights and interests of employees, andattached importance to equality for women in terms of
employment and career development.
The Bank gave play to social donations to relieve and assist thepeople in straitened circumstances, encouraged and guided
employees to volunteering services, to expand channels ofcommunity service, and to support public welfare and charity.
During the reporting period, the Bank actively assumed thesocial responsibility in centralized procurement practices. The
Bank firmly established the orientation of "probity and openness" and "open procurement and transparent procurement",
comprehensively promoted the "recruitment as appropriate",
continuously strengthened the source governance of probity risk, and continued to formulate rules and regulations,strengthen the guidance for management and control, andimprove procurement transparency. Open bidding has become
the preferred procurement method for centralized procurementin the Bank. Adhering to the philosophy of "good quality andreasonable price", the Bank did a good job in quality assessment and testing, formulated reasonable procurement plans,
and improved the cost-effectiveness of procurement. The Bank
implemented a number of procurement projects that support
technological innovation and digital transformation, enhancerisk prevention and control capabilities, support small andmicro enterprises and inclusive finance, and promote green
and low-carbon operation, in a bid to empower the Bank's
high-quality development.
The Bank actively engaged in RMB-denominated green bondinvestment to provide green financial support for key areas,such as ecological civilization. During the reporting period,
newly increased investment in RMB-denominated green bonds
amounted to RMB90.4 billion, and the balance of green bonds
at the end of the reporting period reached RMB273.2 billion, a
year-on-year increase of 33.5%, energetically driving the highquality development of Chinese economy. The Bank prudently
made investment in foreign currency green bonds, and steadily

Corporate Social Responsibility (ESG) Report 2023

015

Appendix

improved its market influence. During the reporting period,
newly increased investment in foreign currency green bonds
amounted to USD429 million, a year-on-year increase of 3.13%.
The balance of such investment stood at USD1.27 billion, up
36.27%. Among the newly increased investment, green financial
bonds of Chinese issuers amounted to USD222 million, with abalance of USD677 million at the time of the reporting period.
Keeping up with the pace of digital government construction,
the Bank provided comprehensive financial service solutions
for segmented scenarios, covering 35 provinces (cities) andareas such as "all-purpose code across a city", "one-stop
handling", "smart city", "smart politics and laws" and "smart
culture and tourism", and helped to make government service
more digitalized and intelligent.
The Bank accelerated the digital and Intelligent transformationof banking-securities business, and continued to promote
new media, carriers and channels. More than 50% of theBank's third-party depository customers were acquired via thechannel of "Ma Shang Ying". More than one million third-party
depository customers were obtained thanks to "Intelligent
Brain". During the reporting period, in addition to the output
of intelligent anti-money laundering system, credit risk
management system, market risk management system andother product types, the Bank successfully developed data
analysis, data security, digital transformation consultation, data
platform and other digital related projects.
Oriented at intelligence, simplicity and humanization, theinnovative version of Mobile Banking 9.0 was launched,significantly improving the digital service capability. As of theend of the reporting period, the number of personal customers
using mobile banking reached 552 million.
Consumer protection education and publicity were made moreinnovative and excellent. The Bank concentrated on a seriesof activities such as "March 15th Consumer Rights Protection
Education and Publicity Week", "Publicizing Financial
Knowledge to Walk Ten Thousand Miles" and "Financial
Consumer Protection Education and Publicity Month" andcreated popular posts with more than 100 thousand clicks
such as "24h ICBC Consumer Protection" to make financial
knowledge accessible to more customers, which were widely
applauded. During the reporting period, more than 218.4
thousand education and publicity activities were conducted
in China to benefit more than 2,161 million person-times ofpeoples, a year-on-year increase of 13.38%.
The Bank actively took part in the global financial governanceof Task Force on Climate-Related Financial Disclosures(TCFD). It was the first financial institution in China to sign therecommendations for upholding TCFD. As an expert memberof TCFD, the Bank actively participated in TCFD global financial
governance. During the reporting period, the Bank participatedin four plenary meetings of TCFD, and provided suggestions forthe 2023 Status Report of TCFD.
During the reporting period, leveraging its network of 15.5
thousand "ICBC Sharing Stations," the Bank systematically016

Industrial and Commercial Bank of China Limited

expanded its convenient services and organized over 95
thousand care-themed activities such as "Walking Together,Warming the Spring," "Triple Caring in the Summer," and"Autumn Care at ICBC Sharing Stations," benefiting over 12
million visits from new urban residents, outdoor workers,
students taking entrance exams, the elderly, and othercommunity members. Additionally, the Bank capitalized on the"ICBC Sharing Station" service platform to provide volunteer
services and charitable assistance to society through enhanced
collaboration with volunteer service organizations, creating a"Warm Home" of volunteerism, care, and assistance.
Principle 5: Governance & Culture
We will implement our commitment to these Principles througheffective governance and a culture of responsible banking.
In an ongoing effort to modernize its governance systemand capacity for higher-quality development, the Bank
has effectively improved its modern corporate governanceframework, mechanism and culture, valuing corporate
governance as the foundational work for high-quality
development in a new area. The top-level design of corporate
governance has been enhanced. The new version of the
Articles of Association took effect upon approval by the
National Financial Regulatory Administration (NFRA) during
the reporting period.
During the reporting period, the Bank held one annual general
meeting, one extraordinary general meeting, reviewed 14
proposals, including the Proposal on the Final Accounts for
2022, the Proposal on the Profit Distribution Plan for 2022 andthe Proposal on Applying for Temporary Authorization Limit forExternal Donations and heard three reports, including the Work
Report of Independent Directors of Industrial and Commercial
Bank of China Limited for 2022.
During the reporting period, the Board of Directors of the Bank
held 11 meetings and discussed 82 proposals, including the
Proposal on the 2022 Work Report of the Board of Directors ofIndustrial and Commercial Bank of China Limited, the Proposalon the Corporate Social Responsibility (ESG) Report 2022 ofIndustrial and Commercial Bank of China Limited, Proposal on the2023 Inclusive Finance Business Operation Plan and the Proposalon the 2022 Risk Report and Risk Appetite Assessment.
During the reporting period, the Board of Supervisors heldnine meetings, considered 17 proposals including the report on
the work of the Board of Supervisors for 2022, the report on
performance evaluation and the corporate social responsibility(ESG) report for 2022, heard 34 reports on business operationof the Bank, risk management and consumer protection andreviewed 35 special reports on quarterly supervision, special
surveys of the Board of Supervisors and implementation ofsupervisory suggestions of the Board of Supervisors.
Corporate culture of the Bank
Mission:Excellence for You. Excellent services for clients, Maximum
returns to shareholders, Real success for employees, Great
contribution to society

Vision:To build a world-class modern financial institution with Chinesecharacteristics in all aspects, and become a long-lasting andever-prosperous bank
Value:
Integrity Leads to Prosperity - Integrity, Humanity, Prudence,
Innovation, Excellence
Principle 6: Transparency & Accountability
We will periodically review our individual and collective
implementation of these Principles and be transparent about
and accountable for our positive and negative impacts and ourcontribution to society's goals.
The Board of Directors highly values and continuously deepens
ESG governance. By reviewing proposals, hearing reports,
holding seminars and conducting surveys, the Board of Directors
promoted the Bank to improve the ESG governance frameworkwith refined governance policies and mechanisms and tointegrate ESG requirements into business development.
During the reporting period, the Board of Directors reviewed
and approved the Corporate Social Responsibility (ESG) Report
2022, the Proposal on the 2022 Risk Report and Risk Appetite
Assessment and the Proposal on 2022 Work Review and 2023
Work Plan for Consumer Protection.
The Board of Directors reviewed and adopted the Proposal
on Regulations on Enterprise-wide Risk Management (Version2023) to refine requirements for the management of climate
and other risks, improve the objectives and requirementsof enterprise risk management and clarify five priorities oftechnology finance, green finance, inclusive finance, pension
finance and digital finance.
The Board of Directors regularly reviewed the Proposal on theInternal Audit Plan for the Year, incorporating green credit risk
into the scope of internal audit projects, climate risk into theenterprise risk management system, and making systematicand forward-looking responses. Due attention was paid to theimplementation of green credit policies, financing eligibility
management and risk mitigation under the goal of "carbon
peak and carbon neutrality".

The Bank actively responded to the complex and changing
external circumstances, and implemented laws, regulations
and the regulatory requirements of the stock exchanges
where it is listed. Moreover, it continuously strengthened
communication with the capital market, made continued
efforts to make information disclosure more transparent
and better informed investors and other stakeholders of theBank's strategy implementation, corporate governance andbusiness management. In the annual evaluation of information
disclosure by companies listed on Shanghai Stock Exchange,
the Bank was rated A ("Excellent") for ten consecutive years.
During the reporting period, the Bank further improved themeasures for internal reporting regarding major disclosures,assigned responsibilities to specific persons and organizations
and ensured the timely, accurate and complete reporting for
major disclosures.
The Bank discloses information mainly through designatedmedia, including websites of the Shanghai Stock Exchange
and The Stock Exchange of Hong Kong, in the form of regular
reports and extraordinary announcements. The Bank continued
to enhance communication with global investors suchchannels as the Bank's official website, domestic and overseas
newspapers, SSE E-interactive, investor hotline and mailbox,
in such forms as shareholders' general meeting, roadshow andreverse roadshow, meetings with investors and analysts andpress conferences, so as to enhance investors' sense of gain.
During the reporting period, the Bank disclosed four batchesof periodical reports, and issued over 260 extraordinary
announcements and related documents in Chinese and English
languages.
To ensure investors' equal access to information, the Bank
made synchronous information disclosures on stock exchanges
where it is listed and prepared regular and extraordinary
reports in simplified Chinese, traditional Chinese and English
languages to meet information needs of various investors athome and abroad. The Bank continued to improve the investor
interaction platforms, including the investor relations website
and the investor mailbox, and continued to build a userfriendly, unobstructed and efficient channel for communication
with investors.

During the reporting period, the Board of Directors of the Bank
held a strategic seminar themed by "ESG and Green Finance
Development" to enhance scientific and effective decisionmaking. Members of the Board of Directors conducted fieldsurveys at the Head Office departments, branches andintegrated subsidiaries, delivered high-level research resultsin ESG and green finance development, improvement ofcommercial banks' asset mix and income structure and gave
constructive opinions and suggestions on the Group's businessdevelopment. Directors also actively participated in special
training and seminars organized by regulators and the Bank
under the themes of "ESG", "Green Finance Development","Climate Risk Prevention and Control" and so on.

Corporate Social Responsibility (ESG) Report 2023

017

Feedback FormThank you for reading the 2023 Corporate Social Responsibility Report (ESG Report) of Industrial andCommercial Bank of China Limited. ICBC has published Corporate Social Responsibility Reports forconsecutive seventeen years. In order to better satisfy your need, provide more valuable information for you
and all relevant stakeholders, improve our performance of corporate social responsibility and enhance ourability to fulfill our social responsibility, we sincerely hope that you would provide your valuable opinions andfeedback regarding this report to us via the following means:
Fax: (8610)66108522
E-mail: csr@icbc.com.cn
Address: No. 55 Fuxingmennei Avenue, Xicheng District, Beijing, PRC
Corporate Strategy and Investor Relations Department
Post code: 100140

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Industrial and Commercial Bank of China Limited