CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2022 CORPORATE GOVERNANCE 56 57 In 2022, the following documents were made available to shareholders solely by electronic means via publication on the (i) Company’s corporate website and (ii) SGXNET: • Notice of the Company’s 2022 AGM; • Proxy Form for 2022 AGM; • Annual Report 2021 (and updated shareholding statistics as at 3 March 2022); and • Letter to Shareholders dated 30 March 2022, in relation to the (a) proposed renewal of the share purchase mandate; (b) proposed renewal of the IPT mandate for interested person transactions; and (c) proposed distribution in specie of 144,300,000 stapled securities of CDL Hospitality Trusts to entitled shareholders. Shareholder Communication (Provision 12.1) Shareholders and investors can contact the Company or access information on the Company at its corporate website at www.cdl.com.sg which has a dedicated ‘Investor Relations’ link that provides, inter alia, information on the Board of Directors, Management team, the Company’s Corporate Governance Reports, Sustainability Reports, Annual Reports, Corporate Policies, Announcements, Press Releases and Financial Results as released by the Company on SGXNET, and other information which may be relevant to investors. In addition, the Company leverages on other communication platforms such as its online newsroom (www.cdl.com.sg/citynews) and social media channels (LinkedIn, Twitter and Instagram) to provide the latest updates on the Group’s business and performance milestones. Investors can subscribe to email alerts on the CDL corporate website or follow its social media channels to receive updates on its latest news. From time to time, the Board Chairman and the Company’s Management hold briefings with analysts and the media CORPORATE GOVERNANCE to coincide with the release of the Group’s half-year and full year financial results. Media presentation slides are also released on SGXNET and on the Company’s corporate website. A live video webcast was arranged for investors at the analysts/media briefing for the full year 2022 results in February 2023. In addition, the Management takes an active role in investor relations, meeting local and foreign fund managers regularly as well as participating in investor roadshows and conferences both locally and overseas. The Head, Investor Relations & Corporate Communications, is responsible for managing the Group’s investor relations programmes, including the communications with the financial community, research analysts and relevant stakeholders. Investor Relations Policy (Provisions 12.2 and 12.3) The Company is committed to building investor confidence and trust through effective open, two-way communication with shareholders and the investment community. The Company’s Investor Relations (IR) Policy, available on the CDL corporate website (www.cdl.com. sg), sets out the process and mechanism to engage its stakeholders, including the channel of communication through which shareholders and investors may pose queries and through which the Company may respond. The IR Policy outlines the principles and framework in which the Company communicates and engages with investors, analysts and other IR stakeholders to provide balanced, clear and pertinent information. To provide investors with a better understanding of the Group’s business and growth drivers, regular updates on the Group’s strategies, operations and financial performance are available across multiple platforms. Further information on the Company’s investor relations policy and activities can be found on pages 67 to 68 of the AR. Principle 13: Engagement with Stakeholders Sustainability Since 2014, the Company started conducting materiality assessments annually, which is facilitated by a third party, to determine the key economic, environmental, social and governance (“EESG”) issues that are important to the Company’s stakeholders. These issues are foundational to the Company’s annual sustainability reporting. Corresponding EESG targets, metrics, initiatives, and progress are reviewed by the Management team, reported to the BSC and the Board for approval, before they are published annually in the Company’s Integrated Sustainability Report (“ISR”). Learning from the unprecedented disruptions caused by the COVID-19 pandemic, the Company adopted a more dynamic approach to the assessment of key ESG issues from 2020 to 2022, addressing the fast-changing landscape and supply chain issues. The exercise determined the actual and potential impacts of these issues on CDL’s longterm value creation, and conversely, CDL’s impact on them. The process started with an extensive macro scanning exercise to determine the list of material risks and opportunities relevant to CDL’s stakeholders and business for sustained growth. Engagement with internal and external stakeholders, including the BSC, was then conducted through online surveys or interviews. Through interviews with selected management staff of headquarters and key subsidiaries, regulators, industry and sustainability experts, tenants and suppliers, the Company obtained additional insights into working towards its net zero carbon commitment and strategically addressing risks and opportunities for its businesses, while continuing to deliver long-term value for its stakeholders. The preliminary material issues were validated by the Company’s Senior Management and approved by the BSC thereafter. With the ever-evolving business landscape and externalities, the annual validation of CDL’s key material issues is critical to help the Company sharpen its sustainability strategy and focus resources on areas that are deemed most material to its business and future growth using a forward-looking lens. On a quarterly basis, CDL publishes an online Sustainability Report on its microsite at www.cdlsustainability.com. This voluntary initiative that started in July 2017 updates stakeholders of CDL’s progress towards key goals and targets set under its Future Value 2030 Sustainability Blueprint, and sets benchmarks for the transparency and timeliness of ESG disclosures to investors and stakeholders. The BSC assists the Board in the review and consideration of the Company’s sustainability issues and approach to sustainability reporting, complementing the Company’s corporate business strategy. The BSC comprises four Directors, with the Group CEO in the chair and three other IDs. The BSC’s terms of reference sets out, inter alia, the objectives, roles and responsibilities of the BSC. It also includes the BSC’s purview over matters relating to the Company’s ESG strategy, ESG targets, the sustainability reporting framework and also the Company’s policies, practices and performance on its material ESG factors which are significant and contribute to the Company’s performance, business activities, and/or reputation as a global corporate citizen. The annual ISR is dedicated to reporting on CDL’s sustainability efforts and performance that addresses the social and environmental impacts pertinent to the Company’s stakeholders and business. Over the years, CDL’s robust sustainability reporting has evolved into a unique blended model using the Global Reporting Initiative (“GRI”) Standards as its core since 2008. To address the diverse expectations of stakeholders, CDL embraced CDP since 2010, Global Real Estate Sustainability Benchmark since 2013, the Integrated Reporting Framework since 2015, Sustainable Development Goals (“SDG”) Reporting since 2016, Task Force on Climaterelated Financial Disclosures (“TCFD”) framework since 2017, Sustainability Accounting Standards Board (“SASB”) Standards for Real Estate Sector and the Climate Disclosure Standards Board ("CDSB") Framework since 2020. CDL’s ISRs are available on both its corporate website and the dedicated sustainability microsite. To enhance data credibility and instill confidence in readers, external assurance of its report started since 2009. ISR 2022 and ISR 2023’s external audit has been further elevated in its scope against the GRI Standards, SASB Standards, as well as the TCFD and CDSB frameworks. Further information on the Company’s approach to stakeholder engagement and its materiality assessment can be found on pages 69 to 83 of the AR. CORPORATE VALUES AND CONDUCT OF BUSINESS The Board and Management are committed to conducting business with integrity and consistent with high standards of business ethics, and in compliance with all applicable laws and regulatory requirements. The Company has in place an internal code of business and ethical conduct crystallising the Company’s business principles and practices with respect to matters which may have ethical implications. The code, which provides a communicable and understandable framework for employees to observe the Company’s principles such as honesty, integrity, responsibility and accountability at all levels of the organisation and in the conduct of the Company’s business in their relationships with customers, suppliers and amongst employees, is available on the Company’s intranet and is easily accessible by all employees. The code provides guidance on issues such as: • conflicts of interest and the appropriate disclosures to be made; • the Company’s zero tolerance stance against corruption and bribery; • compliance with applicable laws and regulations including those relating to the protection of the environment and the conservation of energy and natural resources; • compliance with the Company’s policies and procedures, including those on internal controls and accounting; • safeguarding and proper use of the Company’s assets, confidential information and intellectual property rights, including the respect of the intellectual property rights of third parties; and • competition and fair dealing in the conduct of the Company’s business, in its relationships with customers, suppliers, competitors and towards its employees.
RkJQdWJsaXNoZXIy ODIwNTc=