Strengthening Our ESG Governance Structure

The ESG Steering Committee, which is chaired by the CEO, is responsible for overseeing the Group’s overall ESG strategies, reviewing and endorsing plans and monitoring the progress. The ESG Steering Committee is composed of the senior management and chairs of ESG Sub-Committees and Working Groups. To facilitate effective management and supervision of responsibility, a Terms of Reference was finalised to define the objectives, membership, meetings and reporting line of the ESG Steering Committee. During the Reporting Period, the ESG Steering Committee conducted four meetings to ensure timely communication on ESG issues.

The four ESG Sub-Committees, namely Prosperity, Planet, People and Community, are responsible for formulating strategies and action plans that align with the Group’s strategy and subsequent UNSDGs, and dedicating roles and responsibilities to individual departments to achieve the goals set. Comprising of representatives from different business units, each of the ESG Sub-Committee has their own Terms of Reference, which defines its formation and specifies the scope and authority of the ESG Sub-Committee. This facilitates effective management and supervision over specific roles and responsibilities on sustainability subject matters. Moreover, each of the ESG Sub-Committee have established annual commitments for its focus area. More details about the achievement status of these annual commitments established by the ESG Sub-Committees can be found in the ”Annual Commitments” section. To support these initiatives, we have also established an ESG Department in 2022, which provides training and support to the entire Group to formulate, execute and monitor the sustainability goals, KPIs and action plans, as well as providing support to ESG benchmarking, disclosure and sustainability engagement in all levels. Providing dedicated support for the Group’s sustainability journey, the ESG Department further strengthens and supports our ESG governance and practices.

During the Reporting Period, each ESG Sub-Committee conducted four meetings which covered areas such as responding to climate change, sustainable financing, technology, employee development and volunteerism, etc.

Task-specific working groups were also formed to further the Group’s ESG journey. In the previous Reporting Period, the 3050+ Working Group and Green Tenancy working group, which report to the ESG Steering Committee, were formed focusing on our decarbonisation target. Formed by subject matter experts of different business units and departments, the 3050+ Working Group is mainly responsible for tracking the Chinachem Group Carbon Reduction Roadmap - CCG 3050+ (“CCG 3050+”) target performance, whereas the Green Tenancy working group is responsible for the enhancement of tenant engagement and facilitating carbon reduction and sustainability lifestyle, covering our commercial, retail and residential tenants.