ANNUAL REPORT 2023 | 59 |
SUSTAINABILITY
REPORT
ABOUT THIS REPORT
BOARD STATEMENT
The Board of Directors ("Board") recognises and values the importance of the sustainable performance of Ying Li International Real Estate Limited ("Ying Li" or the "Company" and together with its subsidiaries, the "Group") and oversight of all environmental, social and governance ("ESG") matters, including without limitation to this Ying Li Sustainability Report 2023 ("SR" or the "Report"), various policies against ESG, stakeholder engagement and climate change. In order to ensure the material impacts of Ying Li are covered, the Board has the responsibility to regularly review, monitor and evaluate material ESG issues.
REPORTING SCOPE
Ying Li publishes sustainability reports on an annual basis and they are included in Ying Li's Annual Reports ("AR").
The Report summarizes Ying Li's sustainability performance from 1 January 2023 and 31 December 2023 (the "Reporting Period"). To ensure the completeness and comparability of the Report, it also includes events that occurred prior to the Reporting Period. The Report encompasses the operations and activities in Singapore headquarters and Chongqing offices, as well as investment properties and sales properties1 that are under the Group's direct operational control.
REPORTING STANDARDS AND PRINCIPLES
This Report has been prepared in accordance with the Global Reporting Initiative ("GRI") Standards, the Listing Manual of Singapore Exchange Securities Trading Limited ("SGX-ST") (Rules 711A, 711B and Practice Note 7.6 Sustainability Reporting Guide), and Rule 13.91 and Appendix 27 Environmental, Social and Governance Reporting Guide of the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited ("SEHK")2.
GRI is widely accepted as a global standard for sustainability reporting. During the preparation for this SR, we applied GRl's principles for defining report content and report quality by considering the Group's activities, impacts and substantive expectations and interests of its stakeholders.
The seven principles listed below have been observed in this Report:
Stakeholder | We consider the interests of a wide range of stakeholders, mainly shareholders, investors, |
Inclusiveness | employees, customers, builders and suppliers, and regulatory authorities. |
Materiality | We identify the environmental, social, and governance-related topics that are most material to us |
and our stakeholders, through a materiality assessment and is reliably reflected in this SR. | |
Sustainability | Apart from material environmental, social, and governance-related factors, we also consider |
Context | potential contribution to fight climate change. |
Completeness | We incorporated material topics, topic boundaries, significant impacts and stakeholder feedbacks |
into this SR while adhering to the six other reporting principles to enhance its completeness. | |
Quantitative | We commit to quantifying the data accurately with clarification as far as practicable. |
Balance | We present the positive and negative aspects of our business in a transparent manner. |
Consistency | We adhere to the same reporting approach as the previous year to ensure clarity and comparability |
for our readers. |
- Including portions of Ying Li International Financial Centre (IFC)/Ying Li IMIX Park Jiefangbei (IMIX Park JFB), Ying Li International Plaza/Ying Li IMIX Park Daping (IMIX Park Daping), Ying Li International Hardware and Electrical Centre (IEC), San Ya Wan Phase 2 (Lion City Garden). For the avoidance of doubt, all ESG data related to the activities of tenants and sold properties' occupants are not included in the Report.
- As Ying Li is a subsidiary company of China Everbright Limited (CEL, 0165.HK). this Report also follows SEHK's rules in providing supplementary ESG information to help fulfil CEL's ESG disclosure obligations.
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SUSTAINABILITY
REPORT
RESTATEMENT
The scope 3 greenhouse gas ("GHG") emissions for 2022 have been restated due to the updated calculation methodology in 2023. To ensure consistency and comparability, the calculation methodology of scope 3 GHG emissions for 2022 has been updated to align with the approach used in 2023. Meanwhile, the natural gas consumption in 2022 has also been restated to align with the reporting boundary. As a result, the total GHG emissions and intensity are lower than previously reported.
ACCESSIBILITY AND FEEDBACK
We warmly welcome your feedback on the Report and our sustainability-related approaches. Please share them with us through email to ir@yingligj.com.
Our AR and SR are accessible through our corporate website: https://www.yingligj.com/ar.
OUR APPROACH TO SUSTAINABILITY
SUSTAINABILITY GOVERNANCE STRUCTURE
An effective and robust corporate governance structure is crucial to our business success. It promotes and safeguards the interests of shareholders and attracts new stakeholders. Ying Li is committed to continuously strengthening and optimizing the sustainability framework of the Group, ensuring it maintains the Group's credibility and reputation.
Based on our Organisation Structure and Employee Responsibilities Policy (组织架构及岗位职责汇编), the Group has established the sustainability governance structure with the Board being the core of leadership, which is supported by the Management Decision Committee (管理决策委员会) and the ESG Working Group to promote Ying Li's sustainability initiatives and commitments from a top-down approach. As the highest governance body of the Group, the Board is responsible for leading and supervising the Group's sustainability strategies to ensure they act in the best interests of the Company and its stakeholders, as well as reviewing and monitoring corporate policies and strategies. In facilitating an effective sustainable management and governance, relevant sustainability-related criteria and key performance indicators have been included in the performance appraisal of the Senior Management and Executives, which is directly relating to the remuneration assessment.
BOARD OF DIRECTORS
Overseeing | Reporting | |
MANAGEMENT DECISION
COMMITTEE
Supervising | Reporting | |
ESG WORKING GROUP | ||
Monitoring | Reporting | |
FUNCTIONAL
DEPARTMENTS
- Formulate and develop the Group's ESG strategies and policies
- Oversee the materiality assessment process and approve the result
- Oversee and approve the Sustainability Report
- Incorporate ESG factors in the decision-making process
- Review the sustainability initiatives and identify the areas for improvement
- Report to the Board on significant sustainable issues and decisions when necessary
- Corporate Social Responsibility ("CSR") Coordinator is responsible for organizing the CSR efforts across departments and subsidiaries
- Monitor the implementation of various sustainable development measures
- Responsible for the preparation of the Sustainability Report
- Execute and implement the sustainability initiatives set by the Group
- Report material ESG issues identified during daily operations
- Cooperate in promoting the Group's ESG commitment to stakeholders
ANNUAL REPORT 2023 | 61 |
SUSTAINABILITY
REPORT
STAKEHOLDER ENGAGEMENT
Ying Li truly understands that feedback from stakeholders is valuable to our business development as well as sustainability performance. Therefore, we have set up various engagement channels to allow regular communication with stakeholders to have a better understanding of their expectations regarding the impacts on the economy, environment and society, as well as to evaluate the efficacy of our sustainability priorities and measures.
The table below shows how our approach and rationale is set out against different stakeholders and the feedbacks we have received from them.
STAKEHOLDERS | HOW WE LISTEN | WHY WE DO IT | WHAT YOU'VE TOLD US | |||
Builders and suppliers | • | Daily project meetings | • | Ensure construction/ | • Ability to meet the Group's | |
• | Periodic evaluations on | maintenance/ renovation | quality standards | |||
supplier performance | projects are completed on | • Ability to meet the Group's | ||||
time, with quality, and at a | delivery timelines | |||||
reasonable cost | ||||||
Customers | • | Road shows | • | Safeguard investment | • | Optimising customer service |
• | Feedbacks | • | value of customers | • Increase in investment value | ||
• | Company website | Ensure customer | • | of properties | ||
• | satisfaction is upheld | Emergency preparedness | ||||
Ensure service standards |
Employees | • | Internal updates and |
• | communication | |
Events and functions |
• Improve employee | • | Health and safety |
capabilities through internal | • | Career progression |
and external trainings | • | Benefits and rewards |
• Improve employee well- | • External and internal courses | |
being through managing | ||
their health and safety |
Regulatory authorities | • | Regular updates and |
(Governments, | • | communication |
SGX, MOM, IRAS) | Reports and compliance | |
• | Periodical meetings with | |
government bodies |
• Adhere to environmental | • Compliance with relevant |
regulations for building | laws and regulations |
construction |
- Good relationship between continuous sponsors and the Group
- Dialogue with SGX
- Active participation in SGX events to increase visibility and transparency
Shareholders and | • | SGX announcements | • Committed to delivering | • | Long-term profitability |
investors | • | Shareholder meetings | economic value to | • | Sustainability matters |
• | Annual reports | our capital providers | • | Group performance against | |
• | Company's website | through a strong financial | targets | ||
• | Regular updates and | performance and our | • Compliance with all relevant | ||
communication | diverse methods of | requirements | |||
engagement |
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SUSTAINABILITY
REPORT
MATERIALITY ASSESSMENT
The Group acknowledges and values stakeholders' concerns and expectations over the Group's ESG issues. In the Reporting Period, the Group engaged a professional independent third-party consultant to perform a comprehensive materiality assessment, aiming to prioritize and identify key material issues of the Group. The materiality assessment is overseen by the Group to serve as a solid foundation for the development of the Report. We are committed to aligning our responses and disclosures with the critical concerns raised by our stakeholders. Additionally, the assessment serves as an invaluable reference point for the Group to review and formulate a robust sustainability strategy that meets and exceeds stakeholders' expectations.
The aspect boundaries "within" the organisation refer to business units and varying levels of seniority of Ying Li and its subsidiaries, whereas the aspect boundaries "outside" the organisation include builders and suppliers, customers, regulatory authorities, industry associations, Non-governmental Organisations ("NGOs"), shareholders and investors.
The procedure taken to perform the materiality assessment is outlined below:
IDENTIFYRATE
PRIORITISE VALIDATE
Identifying material ESG Issues
Rating the significance
Prioritizing material issues | Validating the result |
In line with the GRI Standards, the international trends and information from peer benchmarking, we identified a total of 21 ESG issues from different aspects related to the Group's operations and
relevant information was collected for the assessment of importance.
The actual and potential impacts from the identified ESG issues are determined
through an online
questionnaire, covering internal and external stakeholders to gather their insights into the significance of ESG issues and their associated impacts. The feedback collected is used to perform an assessment to prioritize material ESG issues.
By considering the specific interests and priorities of each stakeholder, an assessment is performed to determinetheimportanceof ESG issues based on two key dimensions: "importance to stakeholders" and "relevance to the Group". A materiality matrix is developed to provide a comprehensive overview of the prioritization of material issues.
The result of the materiality
assessment is then reviewed and approved by the Board, which serve as a crucial reference for the disclosures in the Report and long-term sustainability strategy development.
In the Reporting Period, the Group has identified 21 material issues related to our business operations and developed the materiality matrix.
ANNUAL REPORT 2023 | 63 |
SUSTAINABILITY
REPORT
2023 YING LI ESG FACTORS MATERIALITY MATRIX
LOW
MEDIUM
HIGH
Importance to Stakeholders
7 | 20 | ||||
21 | 9 | ||||
1 | 17 | 15 | 13 | ||
4 | 11 | ||||
5 | 3 | 18 | 10 | ||
6 | |||||
8 | 14,16 | ||||
2 | 12 | ||||
19 | |||||
Relevance to Ying Li
Environmental | Corporate Governance | Employee | Sustainable Supply Chain | Operational |
MATERIALITY | NO. | ESG FACTORS | TOPICS |
High | 9 | Compliance Employment * | Employee |
20 | Business Ethics and Anti-Corruption * | Corporate Governance | |
21 | Corporate Governance and Risk Management * | Corporate Governance | |
3 | Energy-saving Design | Environmental | |
5 | Energy Efficiency | Environmental | |
6 | Water Conservation | Environmental | |
7 | Waste Management * | Environmental | |
8 | Employee Remuneration and Benefits * | Employee | |
Medium | 10 | Occupational Safety and Health * | Employee |
11 | Skills Competency and Employee Training | Employee | |
13 | Responsible Supply Chain | Sustainable Supply Chain | |
14 | Managing Building Contractors | Sustainable Supply Chain | |
15 | Green Leasing * | Operational | |
16 | Product and Service Quality * | Operational | |
17 | Marketing and Promotion * | Operational | |
18 | Customer Privacy Protection * | Operational | |
1 | Climate-related Risk and Opportunities * | Environmental | |
Low | 2 | Green Construction | Environmental |
4 | Managing Our Carbon Footprint | Environmental | |
12 | Employee Diversity and Inclusion | Employee | |
19 | Community Engagement and Social Welfare * | Operational |
- Newly added material issues in 2023
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SUSTAINABILITY
REPORT
SUSTAINABILITY STRATEGY
Sustainability has been the core of Ying Li's business and will continue to be integrated into the Group's decision making. Our sustainability strategy aims to manage our business in an ethically, socially and environmentally responsible manner, while creating shared value for our stakeholders. By prioritizing ESG matters, the Group seeks to mitigate risks, seize opportunities, and promote long-term value creation.
We have committed to the following focused areas to fulfil our sustainability vison and improve our sustainable performance for the future.
GREEN | OPERATIONAL | ENVIRONMENTAL | EMPLOYEE |
DEVELOPMENT | SAFETY | SUSTAINABILITY | MOTIVATION |
We strive to promote low- carbon and green business operation, focusing on
energy transformation and the implementation of energy-efficient designs to reduce our carbon footprint.
We place strong emphasize on the health and safety of our employees and contractors, implementing stringent safety measures and protocols, ensuring regular monitoring and compliance to minimize the risk of work-related injuries.
We ensure that our business operations and development have minimal adverse impact on the environment. We prioritize sustainability by adopting measures related to energy use, water use, waste management, and climate change.
We value the well-being, growth, and development of our employees. We are committed to creating a safe, inclusive, and harmonious
workplace environment. Furthermore, we emphasize talent cultivation and development to provide opportunities for skill enhancement.
The sustainability strategy is underpinned by our comprehensive internal policies on the following:
- Safety Management Policy (安全技术管理政策), which covers aspects on safety culture, safety training and development, rewards and penalties, safety inspections, incidence reporting, and emergency response procedures in the event of safety incidents.
- Subcontractor Management Policy (分包单位管理政策), which covers aspects on subcontractor listing, subcontractor jobs and responsibilities, quality of goods and services delivered, and subcontractor evaluations.
- Human Resources Management Policy (人事管理政策), which covers aspects on Staff Handbook, department- specific performance evaluations, rewards and penalties.
ANNUAL REPORT 2023 | 65 |
SUSTAINABILITY
REPORT
SUSTAINABILITY TARGETS
We have set up sustainability goals for Ying Li below, according to the identified ESG factors with "High" or "Medium" materiality. Relevant ESG performance data are available in Appendix A: Sustainability Scorecard.
MATERIAL FACTORS | SHORT-TERM TARGET | LONG-TERM TARGET | VALUE CREATED |
Energy-saving Design | To introduce energy- | To prioritise energy- | • Maximised energy-saving |
saving intelligent | saving designs in our | starting from the design stage | |
transformation project. | projects. | by seeking Leadership in Energy | |
and Environment Design ("LEED") | |||
certification for our portfolio as far | |||
as practicable. | |||
Energy Efficiency | To introduce energy- | To adopt energy-saving | • Installed intelligent energy-saving |
saving intelligent | installations and enforce | control system to reduce energy | |
transformation project. | energy-saving policies | consumption. | |
within the offices, | |||
malls and development | |||
projects. | |||
Water Conservation | To reduce the water | To adopt water saving | • Installed water efficient fittings and |
consumption within | installations and enforce | water meters and raised awareness | |
office areas and | water saving policies | among stakeholders to conserve | |
managed properties. | within the offices, | water. | |
malls and development | |||
projects. |
Waste Management To reduce waste generation and improve waste diversion.
- Adhere to the local regulations on waste segregation, collection, and disposal.
- Promote reduce, reuse and recycle in offices and managed properties.
Compliance | To avoid violations of employment-related laws and | • No confirmed case of non- | |
Employment | regulations. | compliance in relation to labour | |
standards in the Reporting Period. | |||
Employee | To ensure 100% | To improve employee | • Established robust mechanisms to |
Remuneration and | employees have | retention rate and | review employee benefits. |
Benefits | conducted performance | conduct performance | • 100% of employees were subjected |
review. | appraisals annually. | to performance appraisal in the | |
Reporting Period. | |||
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SUSTAINABILITY
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MATERIAL FACTORS | SHORT-TERM TARGET LONG-TERM TARGET | VALUE CREATED |
Occupational Safety To avoid work-related employee injuries and | • Established a comprehensive | |
and Health | fatalities. | safety production mechanism to |
ensure the highest safety standard | ||
is applied. | ||
• Zero work-related employee | ||
injuries and fatalities in the | ||
Reporting Period. |
Skills Competency and To ensure all employees
Employee Training received training courses in raising their skills competency.
To provide a wide range | • Procedures in place for setting |
of training types to | up internal trainings, subsidies |
enhance employee | available for external trainings. |
competency. |
Green Leasing | To promote | To establish formal | • Raise awareness of tenants by |
sustainability practices | tenant engagement to | promoting sustainability and the | |
in tenants | collaboratively enhance | Group's environmental initiatives. | |
ESG performance. |
Product and Service | To ensure zero violations of construction-related |
Quality | laws and regulations. |
- Employed project management system from pre-construction to post-construction to ensure the construction is high-standard.
- Zero violations of construction- related laws and regulations in the
Reporting Period.
Marketing and | To ensure zero violations of marketing laws and |
Promotion | regulations. |
- Established the Compendium of Asset Sales Management Systems
(资产销售管理制度汇编) for responsible marketing. -
Zero violations of marketing laws and regulations in the Reporting
Period.
Customer Privacy | To maintain zero information security incidents. |
Protection |
- Implemented stringent guidelines to standardize the management of confidentiality for the Group's materials and information.
- Zero information security incidents in the Reporting Period.
Responsible Supply | To promote and monitor | To prioritise | • Established strict guidelines as part |
Chain | sustainable practices of | environmentally and | of our supplier management to |
suppliers. | socially responsible | ensure the quality of their products | |
suppliers. | and services. |
ANNUAL REPORT 2023 | 67 |
SUSTAINABILITY
REPORT
MATERIAL FACTORS | SHORT-TERM TARGET | LONG-TERM TARGET | VALUE CREATED |
Managing Building | To ensure | To ensure | • Established strict guidelines as part |
Contractors | subcontractors strictly | environmentally and | of our subcontractor management |
follow the Construction | socially responsible | to ensure the quality of their | |
Management Policy | actions are taken by | products and services. | |
and related laws and | building contractors. | ||
regulations. | |||
Business Ethics and | To maintain zero corruption cases and no violations | • Implemented clear guidelines for a | |
Anti-Corruption | of business compliance. | robust internal control system and | |
for the employees to understand | |||
the importance of business | |||
integrity. | |||
Corporate Governance | To ensure strong adherence to corporate | • Set up and regularly review the | |
and Risk Management | governance and risk management practices. | "three lines of defense" mechanism | |
for risk management. |
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SUSTAINABILITY
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ALIGNMENT WITH SUSTAINABLE DEVELOPMENT GOALS
Ying Li is committed to supporting Sustainable Development Goals ("SDGs") initiated by the United Nations. We strive to create value in four areas, including our environment, people, community and supply chain, aligning our contributions to SDGs in demonstrating our efforts towards creating a more sustainable future.
CORRSPONDING SDGS | OUR ESG CONTRIBUTIONS |
• Promote green and low-carbon transformation | |
that strive to enhance energy efficiency | |
• Implement high energy-efficient designs into | |
our building design plans in contributing to more | |
Our Environment | sustainable buildings |
• Raise the environmental awareness among our | |
employees and tenants |
Our People
Our Community
- Behave ethically and endeavour to improve the quality of life of the employees, their families as well as the society
- Respect human rights and provide a fair, healthy and safe working environment
- Encourage employees to participate in volunteer services to create a positive impact to our society
- Facilitate rural revitalization such as industry support, investment attraction, talent training, and consumer assistance to promote the economic growth and living standards in rural areas
• Promote sustainable practices to our suppliers and contractors to facilitate their participation in creating a sustainable city
• Ensure our suppliers and contractors are strictly
Our Supply Chainabide by regulations including labour rights, environmental protection and business ethics
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Ying Li International Real Estate Ltd. published this content on 15 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 April 2024 16:03:07 UTC.