Sustainability Report 2022 ‐
Summary

The Sustainability Report 2022 (“SR2022”) is prepared with reference to the Global Reporting Initiative (“GRI”) Standards.

Three GRI topics that were previously reported on in 2021 (namely, GRI 201 Economic performance, GRI 207 Tax and GRI 413 Local communities) are no longer determined to be material in 2022.

The first two topics are comprehensively covered on pages 76, 113 to 117 of this annual report. For the third topic, we are focusing on our disclosures around our philanthropic activities and community initiatives, as we are an investment holding company that does not directly operate any of our portfolio businesses.

SR2022 also adheres to SGX Rule 771A on preparing an annual sustainability report, which requires us to describe our sustainability practices with reference to the primary components set out in Listing Rule 711B on a “comply or explain” basis.

Furthermore, JC&C published our first Climate Change Report in May 2022 based on the recommendations from TCFD. For SR2022, we have voluntarily integrated the recommendations into our report to demonstrate our commitment as an official TCFD supporter.

In 2022, nine ESG factors were determined by the Board to be material. The materiality matrix maps out each material topic based on its importance to our stakeholders and significance to the Group.

The reporting scope of SR2022 continues to cover the material ESG disclosures for JC&C and our operationally controlled portfolio companies, namely Astra and the Cycle & Carriage businesses in Singapore, Malaysia and Myanmar.

More information on our ESG performance as well as our climate-related risks and opportunities will be detailed in the full report to be published in May 2023.

Safeguarding shareholder value

Long-term portfolio management is how JC&C strives to safeguard shareholder value. We are building resiliency into our portfolio by adopting an ESG-conscious mindset when allocating capital and managing risks.

Our Climate Change Report that was published in 2022 outlined the different climate-related risks and opportunities present in our portfolio, with coal being identified as the biggest risk. To transition away from coal, we developed the target to grow our non-coal revenue to 90% by 2030. To support this goal, we are committed to:

• Scale up investments in renewable energy and related innovation;
• Diversify into non-coal mineral mining;
• Make no investments in new thermal or metallurgical coal mines; and
• Make no investments in new thermal coal-fired power plants.

Encouraging climate action

JC&C is committed to contributing to the global climate action agenda. We believe that our focus on climate action will support the long-term sustainability of our businesses and enable them to be future-ready.

In 2022, we adopted Jardine Matheson’s policies on climate change as well as resources and circularity. These policies formally guide the Group’s direction towards decarbonisation and responsible consumption, and we actively drive the agenda by working closely with our businesses on our collective targets. Moving forward, we plan to map out the decarbonisation pathways for our key sectors.

Advancing people and communities

Based on our belief that mental health is as important as physical health, JC&C strives to make a significant impact in this area. We are committed to upholding good standards for the mental well-being of our employees and adhering to the Singapore Tripartite advisory on mental well-being at workplaces.

In 2022, JC&C launched the “Pause for a Cause” concept at our head office to promote awareness and support for mental health. The programme allows employees to take a pause from their everyday work to focus on a cause, which in our case is mental health. The programme was launched in October with an event at Gardens by the Bay Singapore, where our head office employees took an afternoon off work to accompany mental health persons-in-recovery on a walk followed by craft activities.

As part of the Jardine Matheson Group, JC&C supports and invests in mental health through the Jardine charity, MINDSET Care Limited (“MINDSET”). MINDSET supports the social reintegration of people with mental health issues by promoting awareness, providing employment opportunities and social enterprise initiatives, as well as raising funds and allocating resources to related projects and programmes. In partnership with other Jardine companies in Singapore, our total contributions to mental health is as stated in the table below.

During the year, MINDSET was awarded with the Charity Governance Award and Transparency Award by Singapore’s Charity Council, becoming the first charity in the city state to be a two-time recipient of the prestigious Governance Award. The Jardine Matheson Group and MINDSET were also awarded Champions of Good by the National Volunteer & Philanthropy Centre for the third time.