60 | CITY DEVELOPMENTS LIMITED maintenance and compliance with the internal controls framework of the Group and its policies and procedures. (iii) Competition Policy & Guidelines which states the Company’s policy to compete fairly and ethically in the conduct of business in all its markets and provides direction and guidance to employees in their relationships and communications with competitors and customers. These policies are available on the Company’s corporate website, intranet and have also been disseminated to officers and employees of the Group’s key subsidiaries. Selected policies have also been translated into Mandarin and Thai for dissemination to employees of the Group in the People’s Republic of China and in Thailand. The Company’s policy on how it manages and protects personal data in accordance with the applicable regulatory requirements are set out in the CDL Personal Data Policy. The Company has also set out the following sustainability policies which are available on the Company’s corporate website: • Environmental, Health & Safety (“EHS”) Policy – Established in 2003 and further updated in May 2023, the EHS Policy sets the strategic direction for all departments and employees towards creating a “Safe & Green” corporate culture by adhering to regulatory compliance, reducing environmental impact, and ensuring a safe, fair and inclusive workplace. • Human Rights Policy – Sets out the Company’s commitment in upholding fundamental principles of human and workplace rights in places where the Company operates. Beyond compliance with the local government’s policies and regulations in protecting human rights, CDL is committed to respecting human rights in all aspects of its stakeholder engagement such as equitable employment practices, non-discrimination, welfare and fair compensation, as well as workplace safety and health within its developments. • Climate Change Policy – In line with CDL’s sustainability strategy and commitment to its ethos of “Conserving as We Construct” since 1995, the Company is dedicated to climate action and achieving low carbon operations. CDL became the first real estate conglomerate in Southeast Asia to sign the World Green Building Council’s (“WorldGBC”) Net Zero Carbon Buildings Commitment in February 2021. This is a global pledge to achieve net zero operational carbon by 2030, covering new and existing wholly-owned assets under CDL’s direct management and operational control. In November 2021, during COP26, CDL extended its pledge towards a net zero whole life carbon emissions approach. Through this expanded commitment, the Company pledged to achieve maximum reduction of embodied carbon in new developments, compensating for any remaining residual operational and upfront embodied emissions via offsetting for new developments by 2030 and advocating for all buildings to be net zero carbon by 2050. In 2018, CDL was the first real estate company in Singapore to set Science Based Targets initiative (“SBTi”)-validated carbon reduction targets based on a 2°C warmer scenario with 2007 baseline year. CDL renewed its SBTi-validated targets in December 2021 by aligning with a more stringent 1.5°C warmer scenario and 2016 baseline year. • Green Building Policy – CDL is committed to incorporating decarbonisation, innovation, inclusivity, health and wellbeing into the design and operation of its buildings, and reducing its carbon footprint and environmental impact in line with its net zero whole life carbon buildings commitment and the Singapore Green Plan 2030. • Biodiversity Policy – CDL supports Singapore’s “City in Nature” vision towards higher living standards while co-existing with flora and fauna. The Company aims to minimise and mitigate the impacts of its developments on natural habitats and to protect wildlife biodiversity. The policy complements Singapore’s “City in Nature” vision and takes reference from national frameworks, such as the new Biodiversity Impact Assessment guidelines set by URA and NParks. • Supplier Code of Conduct – CDL is committed to promoting a mutually beneficial business relationship with our vendors that can flourish and bring sustainable and optimum economic value to the relationship. The policy provides comprehensive guiding principles for our vendors and suppliers to comply with CDL’s expectations of ethical standards. It covers Business Integrity, Fair Competition, Conflict of Interest, Gifts & Entertainment, Health & Safety, Legal Compliance, Reciprocity, Open Communication, Environmental Sustainability and Human Rights. • Sustainable Investment Principles (“SIP”) – As a responsible developer with a longstanding ESG commitment, the Company is focused on taking proactive action in assessing potential portfolio risks and opportunities for sustainable investment decisions via globally aligned principles set out in the policy. The SIP is formulated in line with the Glasgow Climate Pact and aligned with the global-best practices laid out in the UN SDGs, UN Principles for Responsible Investment, TCFD and UN Environment Programme Finance Initiative. It also complements CDL’s existing ESG policies and guidelines, including the Climate Change Policy, EHS Policy, Green CORPORATE GOVERNANCE
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