In line with the Board’s commitment to maintain high ethical standards which are integral to its corporate identity and business, the Company has the following three key corporate policies in place: (i) Anti-Corruption Policy & Guidelines which sets out the responsibilities of the Group companies and of each employee in observing and upholding CDL’s ‘zero-tolerance’ position against all forms of corruption, bribery and extortion and provides information and guidance to employees on how to recognise, address, resolve, avoid and prevent instances of corruption, bribery and extortion which may arise in the course of their work. (ii) Fraud Policy & Guidelines which provides guidance on actions which may constitute fraudulent conduct and highlights the importance of the implementation, 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 to 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 well-being into the design and operation of its buildings. To provide a safe, healthy and inclusive environment for its employees, customers and workers, it is crucial to proactively adopt smart and sustainable building technologies. The 3S Framework built on the three thrusts – Smart, Sustainable and Super Low Carbon will drive CDL’s commitment to reduce its carbon footprint and environmental impact in line with CDL’s net zero whole life carbon buildings commitment and the Singapore Green Plan 2030. CORPORATE GOVERNANCE REPORT 31
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