The Sustainability Report 2023 (“SR2023”) describes the ESG activities and progress of JC&C for the financial period from 1st January to 31st December 2023. The report is prepared with reference to the Global Reporting Initiative Universal Standards 2021 and complies with the Singapore Exchange Securities Trading Limited (“SGX-ST”) Listing Manual Rules 711A and 711B. The report also incorporates SGX-ST’s enhanced disclosure requirements on climate-related information released in 2021. In compliance with Rule 711(B)(3) of the SGX-ST Listing Manual, our sustainability reporting process is periodically reviewed by internal auditors, with the latest review in November 2022.

The report maintains a Group-wide scope, covering our head office and operationally-controlled portfolio companies: Astra and the Cycle & Carriage businesses in Singapore, Malaysia and Myanmar. Each pillar of ESG is summarised in the following paragraphs. A comprehensive review of our ESG performance as well as our climate-related risks and opportunities will be provided in the full report to be published in Q2 2024.

Environmental

To progress towards a low-carbon future, the priorities for JC&C and our portfolio companies continue to be decarbonisation and energy transition. In 2023, our energy efficiency and renewables development programmes continue to bolster our decarbonisation efforts, resulting in over 10% reduction in our net Scope 1 and 2 absolute emissions compared to our base year.

We also aim to future-proof our overall portfolio and ensure its resilience in the face of climate change. Since 2019, we allocated over US$1 billion to invest in the low-carbon transition. The majority of the capital was strategically invested in nickel, a key transition metal needed in the production of EV.

Moving forward, we continue to implement our plans to install more solar panels at our facilities and explore opportunities for investment into electrification and low-carbon solutions.

Social

At JC&C, we strive to advance people and communities by creating social and economic development opportunities for our diverse stakeholders across the region.

We seek to foster a safe and inclusive workplace for our employees. We adopt Jardines’ group-wide policies on health and safety, human rights, diversity and inclusion and code of conduct.

For our communities, we pursue opportunities that generate positive social impact. Our corporate social responsibility programmes at the head office primarily focus on mental health and education, in support of the UN SDGs 3 and 4. Since 2019, JC&C has pledged over S$722,000 to our mental health charity, MINDSET, and awarded 33 scholarships to students across Southeast Asia.

While we encourage our portfolio companies to adopt the same philanthropic philosophy, each portfolio company independently conducts their own initiatives. Further details can be found on their respective websites or sustainability reports.

Scholarship presentation ceremony at the Vietnam National University

Governance

We recognise the fundamental role robust governance plays in shaping both our sustainability aspirations and overall business excellence. In 2023, corporate governance and risk management were highlighted by our internal and external stakeholders as topics of ongoing importance. This collective emphasis underscores our enduring commitment to uphold high standards of transparency and accountability across our operations, allowing us to effectively build trust within our stakeholder community as a reliable partner in the region.

During the year, JC&C continued to be placed in the top 10% of the Singapore Governance and Transparency Index. The index, published by the National University of Singapore Business School and The Business Times, evaluates the corporate governance disclosures and practices among Singapore listed companies.

For more information on our corporate governance practices as well as our Board and Board-level committees, refer to the 2023 Corporate Governance Report on pages 32 to 57.