100 PERENNIAL HOLDINGS PRIVATE LIMITED Sustainability Report APPROACH TO SUSTAINABILITY Sustainability Governance Structure GRI [2-9] [2-12] [2-13] [2-14] The Board of Directors at Perennial Holdings is responsible for overseeing the Company’s sustainability practices and their implementation. They play a crucial role in identifying, managing and monitoring the material Environmental, Social and Governance (“ESG”) factors that impact the Company, including potential and actual effects on the environment, society and the economy. The Board is kept informed of the Company's sustainability progress and kept abreast of relevant sustainability developments, when appropriate. This enables them to manage risks effectively and meet stakeholder expectations and allows them to review and validate the Sustainability Report submitted annually by the Sustainability Executive Committee (“Executive Committee”). The Executive Committee, comprising members from the senior management team, supports the Board by setting the strategic direction for Perennial Holdings’ sustainability roadmap and establishing associated goals and targets. This Committee is also responsible for developing and approving action plans that align with the sustainability roadmap. To further bolster these efforts, a Sustainability Steering Committee (“Steering Committee”), comprising executives from the Singapore and China asset teams, works alongside the Executive Committee. The Steering Committee proposes action plans that align with the sustainability roadmap and provides guidance to a Sustainability Working Committee (“Working Committee”), which is tasked with implementing various sustainability initiatives. The Steering Committee oversees the implementation process, monitors progress and assesses the impact of action plans and goals, raising any critical concerns during quarterly meetings with the Executive Committee and the Board. The Working Committee comprising general managers of development projects, centre management teams and the sustainability working team. Their primary responsibility is to execute the action plans approved by the Executive Committee and ensure that Perennial Holdings’ sustainability efforts are integrated into all development projects and operational assets. The Working Committee meets regularly to identify collaboration opportunities and address any potential or actual issues arising from ongoing sustainability initiatives. When necessary, the Working Committee will report the issues to the Steering Committee and provide timely updates to enhance oversight of Perennial Holdings’ sustainability initiatives. Materiality Assessment Process GRI [3-1] [3-2] [3-3] Perennial Holdings undertook its inaugural materiality assessment in FY2017, identifying eight key ESG factors for its first Sustainability Report. This assessment was conducted in four stages: identification, prioritisation, validation and review, as depicted in Figure 3. This process enabled Perennial Holdings to recognise the significant impacts of its business activities on local communities and provided a framework for the Company to address stakeholders’ concerns effectively and accurately. The eight ESG factors (refer to Figure 4) remain relevant to Perennial Holdings' operations. The associated policies, initiatives, targets and performance measurement indicators for each material factor are detailed in this report. Figure 2: Sustainability Governance Structure of Perennial Holdings General Managers of Development Projects Centre Managers of Operating Assets Sustainability Working Team BOARD OF DIRECTORS (Meets yearly) Sustainability Executive Committee (Meets quarterly or as required) Sustainability Steering Committee (Meets monthly or as required) Sustainability Working Committee (Meets regularly per target objective) Figure 3: Perennial Holdings’ Materiality Assessment Process 01 IDENTIFICATION A comprehensive list of material topics were identified through a series of desktop research, peer benchmarking and internal interviews. 02 PRIORITISATION Through an unbiased voting exercise, steered by the Management and taking external stakeholders’ inputs into consideration, a total of eight ESG factors (five material and three industryrelevant) were prioritised for reporting. 03 VALIDATION These material topics were subsequently validated by the Board. With each reporting cycle, Management reviews the existing eight material factors for its relevance to the reporting scope. The material factors remained the same for SR2024. 04 REVIEW
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