The long-term sustainability and success of our business is achieved through the adoption of appropriate Economic, Environment, Social and Governance (“EESG”) practices and we are committed to formulating policies and embracing practices that manage these issues responsibly. Five Sustainability Reports have been published since 2013, each detailing our management approach, targets, executed initiatives, achievements and challenges. We are pleased to issue our inaugural Integrated Sustainability Report for FY17/18 that adopts elements under the International Integrated Reporting Council’s (IIRC) Integrated Reporting Framework. It builds upon our business model and six input capitals introduced in FY16/17. The report includes details on our governance and leadership, how we manage our risks and opportunities, and outcome of our business activities that is linked to the capitals. This report is prepared in accordance with SGX-ST Listing Manual Rule 711(B), and the Global Reporting Initiatives (“GRI”) Standards – “Core”, along with GRI’s Real Estate Sector Supplement (“CRESS”).
In framing this FY17/18 report, a new materiality survey was conducted to derive key EESG issues, with considerations given to the current business environment, business objectives and feedback from internal and external stakeholders. Nine material factors were identified in the process, including new topics on “Embracing Innovation and Technology” and “Adaptability to Market Changes in the Countries that Ascendas Reit Operates in”. (Please refer to page 8 for details on our materiality assessment).
In line with Ascendas Reit’s commitment towards sustainability, we have aligned our efforts with the 2030 Agenda for Sustainable Development, which has been adopted by the 193 member states of the United Nations in 2015. This year’s Integrated Sustainability Report will elaborate on the initiatives taken as well as how we support and contribute to the achievement of eight Sustainable Development Goals (SDGs) that are relevant to Ascendas Reit, out of the 17 goals under the 2030 Agenda.
In FY17/18, sustainability risk has been identified and included as one of the key risk that would have a significant impact on Ascendas Reit’s operational excellence and business continuity. The Manager will report to the Audit Committee and the Board on any material EESG findings and recommend mitigation measures on the management of such risks. (Please refer to pages 118 to 122 of our Annual Report FY17/18 for details on our Risk Management Process and key risks that were identified).
We are a firm believer in responsible consumption of energy and water resources through optimal efficiency in our operations. In Singapore, we have reduced our energy and water consumption at our operational properties, on a like-forlike basis, from 101 million kWh to 97 million kWh and 1,300 thousand m3 to 1,212 thousand m3 , respectively. Our energy and water resource conservation efforts are coupled with the adoption of green technologies, as we continue to explore and introduce higher efficiency systems and components for our buildings. 2.5% of the annual total building energy consumption at Nexus @one-north was replaced with energy generated by its solar photovoltaic system, while its chiller plant system operates at high efficiency. We are proud to share that the building was recognised as the top winner under the Green Building (Large) Category at the ASEAN Energy Awards 2017.
In order to stay relevant in today’s competitive environment, innovative product offerings have been launched. CoSpacePark and The Workshop were unveiled during the financial year, to meet the demands of a new generation of customers in today’s shared economy. Operations have been complemented with innovative solutions such as an autonomous booking and payment system, mobile booking application and mobile security monitoring.
Another initiative introduced during FY17/18 was the Ascendas-Singbridge Operations Centre, which remotely monitors real-time on-the-ground operating parameters at our multi-tenant properties, including security, car park systems, mechanical and electrical equipment. This innovative, resource-efficient solution involving the deployment of remote intelligent sensors will be rolled out in phases. It has reduced our response time to operational disruptions and facilitated improved service delivery to our customers.
The hard work and dedication of our employees are key contributors to the long-term success of our business, and we are committed to ensuring their well-being and engagement. We continue to leverage on employee engagement touch-points including corporate events, town halls and employee forums, to strengthen our shared corporate values and camaraderie. Flexible work arrangements were introduced in FY17/18 to support worklife integration and promote a pro-family environment. With these new initiatives, we aim to create and sustain a highly productive and performance-driven culture of excellence.
We are committed to identifying, managing and monitoring material EESG matters, to help build a long-term sustainable future for all our stakeholders.
In line with our sustainability efforts, we have printed limited hard copies of the annual and sustainability reports. Electronic versions of the reports are available on Ascendas Reit’s website here