The Manager strives to uphold its core sustainability values in business activities and strategic initiatives. We regularly refine our approaches to integrate sustainability into ECW through our top-down governance structure and robust framework led by the Board. The Manager continues to plan and undertake Environmental, Social, and Governance (ESG) initiatives in day-to-day operations to generate favorable financial and non-financial impacts and create long-term, sustainable value. Additionally, the Manager seeks to enhance sustainability awareness among ECW’s stakeholders, including Unitholders, through targeted capability-building sessions. At ECW, the Executive Director and Chief Executive Officer, Mr. Goh Toh Sim, leads the assessment of ESG policies and practices. He is supported by the Management of the Manager and Property Manager, who facilitate evaluation and maintain accountability for sustainability practices. Through the adaptation of best corporate practices in the ESG framework and reporting in accordance with SGX-ST Listing Manual Rules 711(A) and 711(B), and referencing the Global Reporting Initiative (GRI) Universal Standards 2021 and GRI’s Construction and Real Estate Sector Supplement (CRESS). As part of our ongoing journey towards enhancing sustainability disclosures, the Manager disclosed climate-related disclosures in FY2024 based on the illustrative phased approach of the SGX guidelines for TCFD. The Manager has disclosed our key ESG performance in a balanced report to communicate ECW’s progress and continued maturity in its sustainability journey. A transition plan in its FY2024 sustainability report ahead of mandatory climate-related reporting under IFRS standards from FY2026, while continuing to comply with SGX’s current disclosure requirements. ECW encountered considerable headwinds in 2024, which weighed on its overall performance despite the implementation of its Business Continuity Plan and Enterprise Risk Management framework. With economic uncertainty expected to persist into the coming year, the REIT foresees continued operational challenges. Even so, ECW remains firmly committed to its sustainability priorities and will continue supporting its stakeholders through this period of uncertainty. Governance Robust risk management is an integral part of the business, both at strategic and operational levels for ECW and its subsidiaries (collectively, the “ECW Group”). The Manager undertakes to execute timely and proactive measures to identify, manage, monitor, and report material risks across the ECW Group. Enterprise Risk Management The Audit and Risk Committee (the “ARC”) assists the Board who maintains overall responsibility for the oversight and execution of risk management functions at ECW. The Board’s responsibilities include the determination of ECW Group’s overall risk appetite and oversight of its Enterprise Risk Management (“ERM”) framework. In addition, the Board regularly reviews ECW Group’s risk profile, material risks and mitigation strategies, and ensures the effectiveness of risk management policies and procedures. The ERM programme consolidates the ECW’s risk management practices in a structured framework, which is substantively aligned with best practices in Singapore. In the current reporting period, the Board has reviewed the augmentation of the Environmental Risk Management Guidelines to extend into the management of climate related risks in the ERM framework, to ensure all risks are managed holistically. Code of Business Conduct At ECW, the Manager assumes responsibility for maintaining integrity and reputation of our business. All employees are required to comply with applicable laws and regulations, ECW ‘s code of conduct, and internal ethical standards. ECW and the Manager maintain zero tolerance of any unethical behaviour and will not hesitate to take disciplinary actions if situations so warrant. A comprehensive set of policies on regulatory compliance has been adopted to ensure ethical behaviour in conduct of business. These include Insider Trading, Gifts and Entertainment Policy, Anti-Money Laundering and Countering the Financing of Terrorism, Prevention of Corruption Act (“PCA”), Use of Employee Personal Data, as well as policies on the Access and Correction Requests of the Employee. For cross-border transactions, the Manager requires employees to strictly abide by laws and regulations in the respective operating countries. With regards to conflicts of interest, the Manager has established policies to identify and manage any potential cases of conflict between the Manager, its directors, and/or employees. Procedures in place include internal mediation and disclosure with consent from the affected parties. The Manager requires all employees to complete an annual declaration pledging to uphold the Manager’s core values and refrain from any corrupt or unethical practices. ANNUAL REPORT 2024 39 SUSTAINABILITY
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