City Developments Limited was declared the ‘Best Sustainability Report" for Established Reporters in the category of Catalist and Mainboard firms during the Singapore Sustainability Reporting Awards inauguration that took place on Tuesday September 12, 2017.
The awards, which are supported by Singapore Exchange (SGX), seek for excellence among firms that are Singapore exchange Mainboard-listed and Catalist-listed and that create sustainability reports as prepared by Singapore Institute of Directors (SID) and EY Singapore.
The judging board of SSRA applauded CDL for its value conception model and its integration in Environmental, Social and Governance (ESG) in addition to sustainability sketch, which they presented recently namely ‘CDL Future Value 2030’.
In 2017 Global Real Estate Sustainability Benchmark, CDL was the Regional Sector Leader in the category of the Office Sector in Asia.
So far, CDL appears on the twelve prominent global sustainability standards that include FTSE4Good Index Series, Dow Jones Sustainability Indices, MSCI Global Sustainability Indexes and Global 100 Most Sustainable Corporations,.
As indicated by Esther An, the chief sustainability officer CDL, the increasing realization of the relationship between the performance of the business and sustainability led the international investment group and the governments to gradually hold companies to be accountable for the Environmental, Social and Governance (ESG) factors.
“For example, firms cannot disregard the effect that climate change dangers can have on their results. In countries such as Singapore, organizations that fail to adhere to sustainable practices could encounter reputational and operational risks, which can affect their operating license and incur higher operating expenditures with the increase in the water cost and the upcoming carbon tax,” added Esther.
CDL was considered a forerunner in reporting sustainability since 2004.
The awards are to honour firms that are listed and that have begun to issue sustainability reports before it becomes compulsory after December 31 as per the SGX rule.
Actually, sustainability reporting is compulsory for listed firms in Asian markets such as Singapore, Thailand, Taiwan, Indonesia, and Malaysia.