Our Sustainability Framework articulates our commitment to deliver value to all our stakeholders through Sustaining Growth in our businesses, Empowering Lives of people and Nurturing Communities wherever we operate.
Our management systems, policies and guidelines, including our Employee Code of Conduct; Health, Safety and Environment Policy, and Supplier Code of Conduct, translate our principles into practice by setting standards both for our Company and those whom we work with.
We publish sustainability reports annually, and the next report will be published in May 2017. Our sustainability reports draw on internationally‑recognised standards of reporting, including the Global Reporting Initiative (GRI). The upcoming report will be brought in line with the new sustainability reporting requirements by the Singapore Exchange and externally assured in adherence to the AccountAbility AA1000 Assurance Standard (2008).
This section contains a summary of our approach on sustainability issues that are most material to our business and stakeholders.
The Keppel Corporation Board and management are committed to ensure responsible business practice. The Group Sustainability Steering Committee provides guidance on strategic and operational issues. The committee is chaired by Keppel Corporation CEO Loh Chin Hua and comprises senior management from across the Group. A Working Committee, consisting of discipline‑specific working groups, executes and reports on the Group’s efforts.
A robust process was undertaken to identify and prioritise the Company’s material environmental, social and governance (ESG) issues. The assessments were based on the foundational principles of inclusivity and materiality outlined in the AccountAbility AA1000 Principles Standard (2008) as well as the Global Reporting Initiative (GRI) Principles for Defining Report Content – stakeholder inclusiveness, sustainability context, materiality and completeness. The process, which took place from 2013 to 2015, was supported by an independent consultant and involved stakeholder consultations, workshops for senior management, an assessment of long‑term global trends and an internal review of our businesses. The resulting Keppel Corporation Materiality Matrix illustrates the relative importance of the issues as seen by our stakeholders (see diagram).
The key material ESG issues for Keppel Corporation were reviewed in 2016 and deemed to remain relevant.
Close collaboration with stakeholders supports us in addressing sustainability challenges. We continually engage with, listen to and learn from our stakeholders.
Stakeholder relations, including engagement with customers, employees, investors, media, government agencies and communities where we operate, are managed by departments at the corporate level, as well as by functional divisions and volunteer committees across our business units worldwide.
We also engage with stakeholders on broader issues through our membership and support of multi‑stakeholder initiatives such as Global Compact Network Singapore to advance the United Nations Global Compact initiative and its 10 principles, Singapore Institute of Directors to uphold high standards of corporate governance, as well as Workplace Safety & Health Council to build industry capabilities to better manage safety and health at work.
Best Practice Reporting
Keppel Corporation received a Singapore Apex Corporate Sustainability Award 2016 in the Sustainable Business category (Large Organisation) in 2016. The award by Global Compact Network Singapore is the most prestigious form of recognition for companies in Singapore on Corporate Social Responsibility and sustainability.
Keppel Corporation has also been part of the widely respected Dow Jones Sustainability Index for four consecutive years. We participate in the CDP (formerly Carbon Disclosure Project) and are listed on a number of other sustainability indexes and rankings, including MSCI Global Sustainability Index, Euronext Vigeo Eiris Index – World 120 and all four sustainability indices launched by the Singapore Exchange in 2016.