Nature shapes the surroundings of The Clement Canopy, a 505-unit condominium located in the heart of Clementi. This is where residents can enjoy the best of both worlds – the tranquillity of home and the bustle of Singapore’s next CBD. The showflat is now open for viewing.

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Principal Garden is a 663-unit condominium nestled in a quiet enclave on the fringe of Mount Echo, Jervois and Bishopsgate area, and just minutes from Redhill MRT station and a short drive to the expressways. Residents also enjoy uninhibited views that stretch from the low-rise surroundings all the way to the CBD and Orchard Road. The showflat is now open for viewing.

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SUSTAINABILITY

Our Approach

As a developer with a strong legacy, we are committed to our vision of creating value, shaping future by conducting our business operations in a manner that practises high standards of corporate governance, and considers the environmental and social impact to sustain profitable growth.

 

UOL is committed to maintaining high standards of corporate governance and business conduct to safeguard the interests of our key stakeholders. The Group’s core values articulate our expectations on corporate social responsibility. Our corporate governance practices are set out with specific references to the principles and guidelines of the Code of Corporate Governance (Code) issued by the Monetary Authority of Singapore.

 

Board and Management Roles

The principal responsibilities of the Board include reviewing UOL’s strategic business plans, taking into account sustainability (environmental and social) issues. The Board approves the annual sustainability reports, covering the material issues and their performance indicators. The Board is supported by the Sustainability Steering Committee and Sustainability Coordinating Committee.

The Sustainability Steering Committee makes key decisions, including materiality assessment. The Steering Committee includes the Deputy Group Chief Executive Officer, Chief Executive Officer (Hotels) and other members of the Senior Management team. The Steering Committee is supported by two working committees, representing the property business and hospitality arm respectively. They comprise representatives across departments including Corporate Communications & Investor Relations, Finance, Hotel Operations, Human Resource, Investment, Legal & Secretariat, Marketing, Project Development and Property & Engineering. Each business has the autonomy to develop targets and plans, with due consideration to each unique operating environment. Industry benchmarking of environmental and social performance is conducted at least annually.

The governance structure of sustainability permeates functions and seniority, ensuring that sustainability is integrated both at strategic and operational levelsG4-18.

 

Sustainability_Governance_Structure_20170522

 

Risk Management

The Board is responsible for the governance of risk. It has delegated the Audit and Risk Committee (ARC) to assist the Board in the oversight of risk management and internal control systems within the Group. The Group Risk Management Committee (GRMC), chaired by the Group Chief Executive and comprising senior members of the Management team, oversees the direction, implementation and running of the Enterprise Risk Management (ERM) programme. The GRMC reports to the ARC on the progress, key risks, controls and treatment plans every half-year or as needed. Employees across the Group collectively participate in and contribute to the ERM programme.

The ERM programme consolidates the Group’s risk management practices in a structured framework. It is substantively in line with best practices, including those contained in the Risk Governance Guidance for Listed Boards, as released by the Corporate Governance Council on 10 May 2012.

The Management reviews key risks, both existing and emerging, and current controls. It also identifies the key risk indicators and takes necessary measures to address and mitigate these key risks.

Sustainability considerations are embedded into the ERM through integration of identified material issues. These considerations include climate change-related events, water scarcity issues and socio-political unrest that may affect business operations.

As we pursue a sustainable, long-term growth path, we will continuously reinforce a ‘risk-aware’ culture with the ERM programme embedded into our businesses and operations.

 

Enterprise Risk Management Framework

 

Code of Business Conduct

Our Code of Business Conduct (CBC) sets out expectations of employees in relation to issues such as fraud, bribery, conflicts of interests, anti-competitive conduct, harassment, health, safety and environment. It directs employees to consult their Heads of Department or Human Resource representatives in case of queries or issues. All employees are required to review and affirm their compliance with the CBC annually.

 

Whistle-blowing Policy

In relation to the CBC, a whistle-blowing policy is in place to encourage and provide a channel for employees and external parties dealing with employees to report, in good faith and confidence, concerns about possible fraud, improprieties in financial reporting and other matters. Contact details of the Deputy General Manager (Group Internal Audit) are disclosed on the corporate website. He is responsible for investigating any concerns raised and reporting findings to the ARC, independent of Management.

 

Data Privacy

The Data Privacy policy sets out how UOL collects, uses and discloses personal data of various parties dealing with the company. It adheres to the provisions set out in the Singapore Personal Data Protection Act. The policy is available on our corporate website.

Additionally, in the hospitality sector, we recognise the responsibility that comes with collection of personal and financial data, such as online reservations, rewards programmes and credit card transactions. Robust security procedures are put in place to enhance data privacy.

 

Internal Audit

The Deputy General Manager (Group Internal Audit) reports directly to the ARC and administratively to the Group Chief Executive. The Internal Audit (IA) department aims to meet or exceed the standards for the Professional Practice of Internal Auditing as set by the Institute of Internal Auditors.

As part of its audit activities, the IA department reviews all interested party transactions and ensures that the necessary controls are in place and complied with.

 

UOL is committed to delivering long-term economic viability through disciplined financial management and capital allocation, gradual diversification of our income streams and maintaining a suitable property portfolio. Our sustainability strategy is built upon our commitments to our key stakeholders who are identified based on the significance of their respective impacts on the Group, and vice versaG4-25.

G4-25: Basis for identification and selection of stakeholders with whom to engage


UOL's Commitment to Stakeholders

 

Our ongoing communications with our key stakeholders allow us to address their concerns and develop a deep understanding of their needs. Considerations from our key stakeholders are incorporated into our business activities and strategy development, as well as our reporting.

A summary of our stakeholder engagement is available here.

 

Summary of Stakeholder Engagement

G4-24: List of stakeholder groups engaged by the organisation

G4-26: Organisation’s approach to stakeholder engagement

G4-27: Key topics and concerns raised through stakeholder engagement

 

Engaging our key stakeholders enables us to make a positive impact across the industry value chain, beyond our immediate business activities.

We review and monitor the safety and environmental performances of main contractors at the selection and project implementation phases. We believe in a progressive approach, setting achievable targets, thus sending a signal of material concerns to our business. This encourages the main contractors to develop internal capacity to achieve good performance in a sustainable manner. Our aim is for good practices to be extended across all their projects, thus creating a positive ripple in the construction industry. All our main contractors are OHSAS 18001 and ISO 14001 certified.

 

Key Stakeholder Phase

Specific stakeholders at each phase may differ based on several factors, such as type of development (residential, commercial, hotels) and other location- specific characteristics.

We build our institutional knowledge by interacting with our stakeholders across multiple projects. At bi-weekly meetings, project managers share both positive and negative experiences encountered. Any design-related feedback is also communicated upstream, such that good practices will continue to be adopted while avoiding undesirable details. The regular discussion enables timely review of ongoing projects, should any details need to be improved.

Our hospitality business consumes large quantities of products. We seek to influence our suppliers with our preference for environmentally-friendly and socially-conscious products that are also commercially feasible. These products range from amenities, paper products, pest control services and laundry services. We apply various criteria including ISO 14001 certification, Forest Stewardship Council (FSC) certification, FSC Chain-of-Custody certification and Singapore Green Label. We also aim to support local businesses where possible, especially in our overseas operations in developing countries.

UOL adheres to principles set out in the Singapore Code of Advertising Practice in our marketing practices. This code is based on the premise that all advertisements should be legal, decent, honest and truthful.

We seek to influence our tenants and guests to join us in our corporate social responsibility efforts.

 

In 2012, we conducted a materiality assessment to identify issues that are pertinent to our business and significant to our stakeholders. We prioritised the issues according to the level of stakeholder concern and their impact on our business. The materiality assessment adopted the AA1000AS guidelines, with issues identified and prioritised on a 5x5 matrix derived from the AA1000 5-Part criteria.

An independent sustainability expert was engaged to facilitate the workshop, which was attended by the Management team and other key executives from various departments. The materiality assessment workshop was conducted for the property business globally. For the purpose of reporting, we only include the issues material to our Singapore operations. Materiality issues are reviewed on an annual basis.

We expanded our reporting scope in 2015 to include our hospitality business in Singapore. An additional materiality assessment workshop was conducted for the hotel operations globally. After the workshop, two meetings were held by the Sustainability Coordinating Committee to review key material issues aggregated at Group level, for the reporting scope this year. The key material issues for the Group were approved by the Management.

 

Sustainability_Materiality_Assessment_20170522

The outcome of these assessments was a selection of 12 key material issues for the Group, where three of them were deemed particularly relevant mainly for hospitalityG4-20.

Considerations for the key material issues are aligned to, and progressively embedded into our business operations such as strategy development, ERM, ISO 14001, policies and standard operating procedures.

 

Sustainability_Stakeholders_20170522

G4-18: Defining report content and Aspect boundaries

G4-19: Material Aspects identified

G4-20: Aspect Boundaries within the organisation for each material Aspect

G4-21: Aspect Boundaries outside the organisation for each material Aspect

 

 

More On Our Sustainability Journey

Product and Service Quality
Environment
People
Community
Sustainability Reports