CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2022 SUSTAINABILITY 82 83 Employee Retention CDL’s successful employee engagement is evident from its employees’ length of service. The average tenure of the CDL Corporate Office’s employees is about 8.8 years and more than 50% of its employees have been with the Company for over five years. The CDL Corporate Office’s employee resignation rate of 16.8% continued to remain significantly lower than the national average of 20.8% in 2022. CDL experienced an involuntary turnover rate of about 1.5%, of which 0.5% is due to retirement. Training and Development In 2022, CDL invested over $450,000 in training and development for its Corporate Office employees. More than 17,000 training hours or an average of more than five training days per staff were achieved across the workforce. To support workfrom-home arrangements, CDL expanded its suite of online learning offerings for its workforce. Throughout the year, CDL conducted 34 online workshops covering project management, big data and data analytics, sustainability, occupational health and safety, mindfulness, and the cultivation of healthy lifestyles. Diversity and Inclusion CDL is committed to providing equal opportunities throughout employment. Its recruitment process adheres to strict guidelines on non-discrimination and fair treatment, regardless of gender, ethnicity, religion, or age. Women made up a significant 69% of CDL Corporate Office’s workforce and 50% of HODs. The internal Diversity and Inclusion Task Force was formed in 2017 to promote diversity and inclusion within the workplace and the wider community. Gender Diversity at CDL’s Corporate Office Full-time Employees 279 (69%) 127 (31%) Part-time Employees 0 (0%) HODs 15 (50%) 15 (50%) Female Male Total: 406 Total: 0 Total: 30 Gender Pay Gap across Employee Categories Mean Salary of Female Employees to Male Employees (%)18 Executive 82% Non-management 97% Management 91% 0 (0%) Community Investments and Active Stakeholder Engagement CDL’s community outreach initiatives are aligned with SDG 11 (Sustainable Cities and Communities) and SDG 17 (Partnerships for the Goals). The Company has been actively initiating and providing support to programmes that deliver lasting and positive impact, focusing on these key areas: • Thought Leadership on Climate Action and Sustainable Development • Women Empowerment Note: 18 Calculated as the mean salary of female staff over the mean salary of male staff. Executive: executives to Assistant Vice Presidents, and secretaries; Nonmanagement: officer grades and below; Management: Vice Presidents and above. Notes: 19 World economy set to lose up to 18% GDP from climate change if no action taken, reveals Swiss Re Institute's stress-test analysis | Swiss Re, 22 April 2021. 20 UN climate report: It’s "now or never" to limit global warming to 1.5 degrees, UN News, 4 April 2022. 21 2022 Global Status Report for Buildings and Construction, UNEP, 9 November 2022. • Youth Engagement and Development • Community Outreach • Charity Initiatives Being an early adopter of sustainability integration and reporting, CDL has built up over two decades of know-how and experience to support Singapore and the building industry’s transition to sustainability practices. In partnership with Global Green Connect in January 2022, CDL’s SSA launched Sustainability Connect (SC), a platform to connect and empower sustainability professionals amidst growing demand for ESG training. In August 2022, SC and Sustainable Finance Research Hub announced the launch of a new partnership to bring the Certified ESG Analyst® (CESGA) exam to Singapore, a pioneering initiative to help analysts acquire and build up essential ESG knowledge. CDL also held its fifth Youth4Climate Festival, in partnership with the Singapore Botanic Gardens and in support of the President’s Challenge and Singapore’s Climate Action Week organised by the Ministry of Sustainability and the Environment. The festival comprised a sharing by Robert Swan OBE, renowned explorer and the first person in history to walk to both the North and South poles, a family movie screening and a youth concert. This is one of CDL’s flagship programmes in support of youth empowerment, social good and the UN SDGs. Singapore Sustainability Academy – A Hub for Advocacy on Climate Action, Sustainable Development and Capacity Building Building a sustainable future requires the collaboration of a larger ecosystem. Engaging, educating and empowering communities are pivotal for a more climate-resilient future. Designed and built by CDL with industry partners, the SSA is the first ground-up initiative and zero-energy facility in Singapore dedicated to capacity building and thought leadership for climate action. Since its opening in 2017 to the end of 2022, the SSA has reached out to over 100 partners, including government agencies, industries, businesses and NGOs, and hosted more than 780 sustainabilityrelated training programmes and advocacy events involving close to 27,800 attendees. In 2022, with the easing of COVID-19 restrictions in Singapore, both physical and hybrid programmes reached out to thousands of local and international participants. CDL Green Gallery – A Net Zero Exhibition Space for Climate Action Launched by CDL and opened alongside the Singapore Botanic Gardens Heritage Museum by Prime Minister Lee Hsien Loong in 2013, the CDL Green Gallery is the first zero-energy gallery in Singapore. In support of SDG 14 (Life Below Water) and SDG 17 (Partnerships for the Goals) and as part of its long-standing partnership with National Parks Board, CDL launched the second edition of its Climate Action Exhibition series at the CDL Green Gallery in Singapore Botanic Gardens in April 2022. Themed “Change the Present, Save the Ocean.", the exhibit illustrated the interconnectedness of climate change and the health of the oceans, people, and the planet. The exhibition reached and educated 33,318 visitors through in-person visits and its virtual platform in 2022. More details can be found in CDL's ISR 2023, page 110. Employee Volunteerism Since 1999, CDL’s dedicated employeeled volunteering body, City Sunshine Club (CSC), has been actively reaching out to the less fortunate and underprivileged, providing an avenue for CDL employees to serve the community. CSC organises monthly food distribution drives where CDL employees distribute household necessities to the low-income elderly living in rental flats. During festive seasons, CSC collaborates with the North-West Community Development Council by distributing festive packs to families staying in one-room rental flats and organises festive celebrations for terminally ill patients and beneficiaries at Assisi Hospice and Arc Children's Centre. Notwithstanding the restrictions and strict adherence to social distancing and safety measures, CDL’s employees managed to achieve a participation rate of 46.6% and clocked 682 volunteer hours in 2022. LOOKING AHEAD The world economy could shrink by 18% in the next 30 years if no action is taken to mitigate the impacts of climate change, the Swiss Re Institute warns.19 This figure can lessen to approximately 11% to 14% and could even be as low as 4% if the 2015 Paris Agreement targets are met. This simply reflects the strong business case of embracing sustainability into businesses. For the past two decades, sustainability has been integral to CDL’s business strategy and has sharpened its competitive advantage. With the support of multiple stakeholders, CDL will continue to step up its climate action and advance the transition to a low-carbon future. Adding Greater Purpose to CDL’s Triple Bottom Line Humanity has less than three years to halt the rise of planet-warming carbon SUSTAINABILITY BOARD STATEMENT 2018 2018 2019 2019 2020 2020 2021 2021 2022 2022 Total Number of Employees at CDL’s Corporate Office 400 403 415 408 406 Employee Turnover Rate (%) at CDL’s Corporate Office 17.3 16.1 7 14 16.8 22 21.6 18.6 19.2 20.8+ * Computation of annual employee turnover is based on cumulative monthly attrition rate derived from the number of resignations for the month divided by the headcount for the month. + Extrapolated from MOM’s website as Q4 2022 national resignation rate was not available at the time of publication. CDL* National Average emissions and less than a decade to slash them almost in half.20 Global emissions are estimated to go beyond the 1.5°C warming limit envisioned in the 2015 Paris Agreement and reach 3.2°C by the end of the century. Released at COP27, the 2022 Global Status Report for Buildings and Construction found that the sector accounted for over 34% of energy demand and around 37% of energy and process-related carbon dioxide emissions in 2021.21 According to the Global Alliance for Buildings and Construction report, the gap between the sector’s climate performance and the 2050 decarbonisation pathway is widening. CDL will remain steadfast in its longstanding commitment to accelerate change along its value chain and create positive impact through its business. With CDL’s Future Value 2030 Sustainability Blueprint guiding the Company’s ESG goals and strategies, CDL is confident that its robust and multi-pronged sustainability strategy will help to future-proof its business. As CDL celebrates its 60th anniversary in 2023, sustainability continues to be a priority, enhancing long-term value creation for its business and the environment in the years to come. CDL will remain unwavering in its net zero commitment and strategy, turning risks to opportunities for positive impact and sustained growth. PLANET PEOPLE PROFIT Integrating UN SDGs has added purpose for a more balanced triple bottom line for CDL Please refer to CDL Integrated Sustainability Report 2023 and www.cdlsustainability.com for the complete set of information.
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