REPORT 2020 Boustead Projects Limited FY2020 Sustainability Report
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REPORT 2020 Boustead Projects Limited FY2020 Sustainability Report
01 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT
LONGEVITY REPORTING PURSUING BUSINESS WITH DEVELOPING OUR BEST ASSET – CONSERVING OUR COLLECTIVE
INTRODUCTION OTHER INFORMATION
FRAMEWORK A GREATER PURPOSE BOUSTEAD PROJECTS EMPLOYEES HOME – PLANET EARTH
CORPORATE PROFILE TABLE OF CONTENTS
Established in 1996, Boustead Projects In Singapore, BP E&C is one of only eight SECTION 1 – INTRODUCTION
Limited (SGX:AVM) is a leading real bizSAFE Mentors and also a bizSAFE
estate solutions provider in Singapore, Star, the highest qualification that can be Corporate Profile 1
Defining Longevity 2
with core engineering expertise in the attained in recognition of a company’s Letter to Stakeholders 3
design-and-build and development of workplace safety and health (“WSH”) 1.1 Mission, Vision & Business Model 6
smart eco-sustainable business park management programmes. Our WSH 1.2 Corporate Stewardship & Strategies 8
and industrial developments for clients efforts have been further recognised 1.3 FY2020 Longevity Performance Summary 11
including Fortune 500, S&P 500 and with five prestigious WSH Performance
SECTION 2 – LONGEVITY REPORTING FRAMEWORK
Euronext 100 corporations. To date, we Silver Awards and 13 Safety & Health
have constructed and developed more Award Recognition for Projects (SHARP) 2.1 About this Report 16
2.2 Environmental, Social & Governance Materiality Assessment 17
than 3,000,000 square metres of real to date.
estate regionally in Singapore, China,
SECTION 3 – PURSUING BUSINESS WITH A GREATER PURPOSE
Malaysia and Vietnam. Our wholly- On 30 April 2015, Boustead Projects
owned design-and-build subsidiary, listed on the SGX Mainboard. We were Over Two Decades of Pioneership and Transforming Asia’s 28
Built Environment
Boustead Projects E&C Pte Ltd (“BP awarded the Singapore Corporate 3.1 Integrated Industrial Real Estate Solutions Provider 29
E&C”) is approved by Singapore’s Governance Award in the Newly Listed 3.2 Smart Eco-Sustainable Solutions 33
Building & Construction Authority Category at the Securities Investors 3.3 Quality 38
(“BCA”) for Grade CW01-A1 and General Association (Singapore) Investors’ 3.4 Transformation Initiatives 42
3.5 FY2020 Direct Economic Value Generation & Distribution 49
Builder Class 1 Licence to execute Choice Awards 2017. We are one of
building construction contracts of only 95 SGX-listed corporations on the SECTION 4 – DEVELOPING OUR BEST ASSET
unlimited value. SGX Fast Track Programme, which aims – BOUSTEAD PROJECTS EMPLOYEES
to affirm listed issuers that have been A People-to-People Business 53
Our transformative technologies – full- publicly recognised for high corporate 4.1 Code of Conduct 54
fledged integrated digital delivery and governance standards and have 4.2 Team Development Programme 55
Industry 4.0 transformation standards maintained a good compliance track 4.3 Creating a Positive Work Environment 63
4.4 Supply Chain Management 66
– are shaping future-ready, custom-built record, with prioritised clearance for 4.5 COVID-19 & Infectious Disease Outbreaks 67
developments. Our in-depth experience their corporate action submissions. We
covers the aerospace, business park, are also listed on the MSCI World Micro SECTION 5 – CONSERVING OUR COLLECTIVE HOME
food, healthcare and pharmaceutical, Cap Index and FTSE ST Fledgling Index. – PLANET EARTH
high-tech manufacturing, logistics, Planet Earth 72
research & development, technology Boustead Projects is a 53%-owned 5.1 Environmental Stewardship 73
and waste management industries, subsidiary of Boustead Singapore 5.2 Legal & Regulatory Compliance 81
among others. We are also a leader in Limited (SGX:F9D), a progressive global 5.3 Community Development 83
5.4 Conclusion 83
pioneering advanced eco-sustainable infrastructure-related engineering and
developments under the BCA’s Green technology group which is separately SECTION 6 – OTHER INFORMATION
Mark Programme and also the quality listed on the SGX Mainboard.
GRI Content Index 84
leader on the BCA’s CONQUAS all-time
Acknowledgements 91
top 100 industrial projects list. Visit us at www.bousteadprojects.com.
02 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT
LONGEVITY REPORTING PURSUING BUSINESS WITH DEVELOPING OUR BEST ASSET – CONSERVING OUR COLLECTIVE
INTRODUCTION OTHER INFORMATION
FRAMEWORK A GREATER PURPOSE BOUSTEAD PROJECTS EMPLOYEES HOME – PLANET EARTH
DEFINING LONGEVITY
longevity
1. Long life.
2. Long existence or service.
- Lexico Powered by Oxford1 14 years 24 years 192 years
Average lifespan Boustead Projects’ age Boustead Group’s age
of S&P 500 today and counting today and counting
corporation2
Welcome to the Boustead Projects We also share in the enduring heritage Regardless of how COVID-19 or any protect the viability and long-term value of
Limited FY2020 Longevity Report. of the Boustead Group under Boustead other major crises may change the way our businesses and the wider ecosystem
Singapore Limited, which has contributed we operate, one thing is indelible – our that we are interconnected with. We also
As Singapore’s leading real estate almost two centuries of progress and holds distinct brand of entrepreneurialism, share how we strive towards what the
solutions provider for smart eco- the longstanding position as Singapore’s institutionalised in a corporate culture Boustead Group has achieved in longevity
sustainable business park and industrial oldest continuous organisation – a that links back to the Boustead Group’s and how this translates to delivering
developments, we have demonstrated over practical and symbolic reflection of earliest days of trading. We embrace sustainable shared socio-economic value
two decades of pioneership in industrial longevity. the Boustead Way, which prioritises and progress to key stakeholders, along
real estate solutions including the design- the pursuit of business with a greater with the communities that we reside in and
and-build and development of advanced Even as sustainability reporting takes purpose. It is about creating sustainable our collective home – Planet Earth. Our
eco-sustainable facilities serving some centre stage among the world’s latest shared socio-economic value instead of performance, policies and practices on
of the world’s best corporations. Our corporate reporting initiatives, we feel maximising short-term profit; promoting material economic, environmental, social
contributions to transforming Singapore that being deeply rooted in the enduring adaptability and resilience; and favouring and governance topics are explained. In
and Asia’s industrial landscape have heritage of the Boustead Group, the longevity over sentimentality. It is also a addition, this year, the topic of COVID-19
been accompanied by transformative term ‘Longevity Reporting’ is more all- position, a value, a commercial sensibility and disease outbreaks has been added.
technologies that are shaping all aspects of encompassing and appropriate than that runs through every layer of our As a trustworthy corporate citizen, we are
our business in an even more sustainable ‘Sustainability Reporting’. This past year, organisation. highly reflective about how our actions
manner and enabling clients with future- we also began tackling the challenging ‘ripple upon the pond of life’.
ready, custom-built developments founded environment posed by the onset of the As you read this report, we hope that you
upon progressive eco-sustainable and COVID-19 pandemic, an existential threat gain an in-depth understanding of how we
Industry 4.0 transformation standards. to the longevity and wellbeing of the world. remain resilient, ensure our longevity and
1. “Meaning of Longevity in English.” Lexico.com, Dictionary.com and Oxford University Press, www.lexico.com/definition/longevity. Accessed 28 August 2020.
2. Handscomb, Christopher and Shail Thaker. “Activate Agility: The Five Avenues to Success.” McKinsey & Company, 1 February 2018, www.mckinsey.com/business-functions/organization/our-insights/the-organization-blog/activate-agility-get-
these-five-things-right. Accessed 28 August 2020.
03 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT
LONGEVITY REPORTING PURSUING BUSINESS WITH DEVELOPING OUR BEST ASSET – CONSERVING OUR COLLECTIVE
INTRODUCTION OTHER INFORMATION
FRAMEWORK A GREATER PURPOSE BOUSTEAD PROJECTS EMPLOYEES HOME – PLANET EARTH
LETTER TO STAKEHOLDERS
global headquarters designed by project, which includes:
Safdie Surbana Jurong that is the first • Improving project planning
large-scale industrial development to and tracking by aggregating all
be awarded the Green Mark Platinum – construction and scheduling data into
Super Low Energy, an exemplary project a single Cloud-based platform;
on how building design can mitigate • Significantly optimising design
climate change. approvals through virtual walkthroughs
of BIM with relevant stakeholders; and
During FY2020, we continued our • Working towards a digital operations
journey to consolidate our position as and maintenance manual for the
Singapore’s leading design-and-build development, which will see the final
partner for smart eco-sustainable as-built BIM used for multi-decade
business park and industrial facilities management – a first of its
John Lim Kok Min Thomas Chu Kok Hong developments. Further building kind in Asia.
Chairman Managing Director upon our integrated digital delivery
(“IDD”) approach, guided by Industry Towards the end of FY2020, the
Dear Fellow Stakeholders, Despite record revenue, profit 4.0 transformation standards and pandemic struck, leading to an
attributable to shareholders was 27% incorporating 7D building information unprecedented level of lockdowns and
As we present our Boustead Projects lower year-on-year at S$22.2 million, modelling (“BIM”), virtual design travel restrictions, resulting in massive
FY2020 Longevity Report to you, our mainly due to lower gross margins, and construction, and design for socio-economic disruptions. During
credible performance for the financial lower quantum of cost savings, higher manufacturing and assembly (“DfMA”), the pandemic’s initial stages, we moved
year ended 31 March 2020 has been overhead costs and the absence of we achieved significantly higher internal quickly to safeguard the wellbeing of
overshadowed by extremely challenging a one-off gain from a property sale adoption rates for game-changing our stakeholders including our team,
circumstances. recorded in FY2019. After adjusting for methodologies such as 3D scanning, subcontractors and their employees,
the after-tax gain on property sale and an artificial intelligence and machine clients and surrounding communities
Our performance was achieved in a impairment loss, comparative net profit learning, data analytics and virtual reality. by implementing strict health checks,
challenging industry environment which would be 10% lower year-on-year. safe distancing measures, split team and
has been aggravated by trade wars, de- Our transformative methodologies telecommuting arrangements.
globalisation movements and towards In FY2020, we made significant progress are best displayed at our project for
the end of the financial year, the onset on our largest public and private sector Kranji Green. Extensive use of DfMA As an organisation, we continue to
of the COVID-19 pandemic. Revenue projects to date, respectively the prefabrication for Kranji Green has develop resilient partnerships to manage
was 82% higher year-on-year at a record S$242 million contract for JTC Kranji demonstrated our capability to work with the dynamic challenges that are ahead
S$426.2 million, driven by conversion Green (“Kranji Green”), Singapore’s some of the largest DfMA prefabricated and to bounce back stronger when
of our strong design-and-build order first multi-storey recycling facility, and components involved in any industrial the global economy recovers. Our
backlog carried over from FY2019 and the over S$200 million contract for project. We were able to achieve a very resilient strategic partnerships and
higher real estate revenue. Surbana Jurong Campus, an iconic high level of IDD adoption within this in-built resilience are further supported
04 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT
LONGEVITY REPORTING PURSUING BUSINESS WITH DEVELOPING OUR BEST ASSET – CONSERVING OUR COLLECTIVE
INTRODUCTION OTHER INFORMATION
FRAMEWORK A GREATER PURPOSE BOUSTEAD PROJECTS EMPLOYEES HOME – PLANET EARTH
LETTER TO STAKEHOLDERS
by our strong balance sheet, healthy to deploy its wearable devices and Cloud Partnership, Echo Base-BP Capital, properties through the potential
order backlog and expanding leasehold management software at our Singapore Perennial Real Estate and most installation of rooftop industrial solar
portfolio, positioning us to continue project sites. The first deployment will recently, The Platform-Hanwha. The energy systems and offer lower-cost
pursuing growth opportunities and be at a single project site and once entry of The Platform-Hanwha as our clean energy solutions to our clients and
initiatives that advance and shape Asia’s the relevant government approvals strategic partner for 351 on Braddell has tenants.
built environment sector. and support are obtained, we will work enhanced our current pool of strong,
towards expanding this deployment synergistic development partnerships We also invested S$4.2 million for a
Developing Resilient Partnerships across all Singapore project sites. that have enabled us to undertake a 25% shareholding in DSCO Group
Resilient partnerships come in all forms wider range and greater number of Holdings Pte Ltd (“DSCO”), a provider
in the ecosystem we are part of – from In a separate effort to minimise human developments across more real estate of specialised building engineering
our team and subcontractors to clients exposure to onsite activities that can sectors and geographic markets. consulting services in the Asia Pacific,
and strategic partners. be automated, we are partnering with a strong reputation as a leading
with Airsquire – a startup specialising We also recognise that our provision of designer in data centres. We expect
Among those most badly affected by in image analytics for construction smart eco-sustainable business park and our strategic partnership with DSCO
the pandemic are our subcontractors design – to automate the validation of industrial developments is dependent to support our future expansion and
whose many employees reside at foreign construction progress scans against on resilient technology partnerships that augment our design-and-build and
worker dormitories where infection BIM through the use of 3D scanning, address both Industry 4.0 transformation development capabilities in high-tech,
levels were high. Throughout this crisis, AI and machine learning, and drones. standards and climate change. With high value-added projects and intend to
we have continued to closely engage This will reduce inspection times by up regards to smart building capabilities, leverage DSCO’s expertise, experience
with our subcontractors on the situation, to 40% compared to manual inspection we have partnered with Getronics – a and reputable position in the high-
enabling us to better appreciate the methods, automate construction leading global infocommunications growth data centre industry to jointly
challenges they face and allowing us to verification to minimise updating errors technology service provider – to help pursue data centre projects.
render them appropriate assistance and in the final BIM and limit the need future-proof our developments with
support where possible. The resilience for our team to expose themselves a flexible and scalable platform for FY2021 – Prevailing Over the ‘New
of our supply chain partnerships will be unnecessarily. new and ever-changing technologies, Normal’
critical to our collective efforts to resolve allowing us to manage smart The Circuit Breaker imposed by the
the issue of worker resource availability As we push forward with expansion developments in our leasehold portfolio Singapore Government from 7 April to
even as we have restarted and continue plans, another area of developing through a single integrated technology 1 June 2020 led to the suspension of
to scale up our Singapore project sites. resilient partnerships is with strategic platform. all non-essential construction activities
capital partners. Selecting resilient in Singapore, resulting in the closure
To better protect and track the strategic capital partners is vital, since On the renewable energy front, we have of our headquarters and design-
movement of our subcontractors’ they can affect our ability to continue partnered with Sunseap – the largest and-build project sites. Although we
employees within our project sites and financing developments that are in and most established integrated clean managed to conduct most of our project
facilitate contact tracing as part of safe the pipeline and critical to our future energy solutions provider in Singapore management activities through secure
management requirements, we are success. Our strong collaborations – which is intended to better utilise Cloud-based technology platforms and
partnering a local nominee of TraceSafe include the Boustead Development the rooftop space of our leasehold telecommuting, nearly all of our physical
05 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT
LONGEVITY REPORTING PURSUING BUSINESS WITH DEVELOPING OUR BEST ASSET – CONSERVING OUR COLLECTIVE
INTRODUCTION OTHER INFORMATION
FRAMEWORK A GREATER PURPOSE BOUSTEAD PROJECTS EMPLOYEES HOME – PLANET EARTH
LETTER TO STAKEHOLDERS
construction activities were halted in the fluidity of the situation. Later and progressive approach in staying translates to delivering sustainable
April 2020, resulting in at least four completion of development projects ahead of the industry transformation shared socio-economic value and
months of delay per project. will also correspondingly delay the curve has competitively positioned progress to key stakeholders, along with
commencement of leasing income. us as a design-and-build partner well- the communities that we reside in and
Post-Circuit Breaker, the Building & equipped to execute projects under our collective home – Planet Earth. Our
Construction Authority (“BCA”) has We have proactively taken several challenging conditions. Although split performance, policies and practices on
administered a gradual, controlled measures to mitigate the impact of team and telecommuting arrangements material economic, environmental, social
reopening of Singapore’s construction these delays and to protect the viability necessitated by the pandemic have and governance topics are explained. A
industry in multiple phases, further and long-term value of our businesses. slightly impacted our team’s overall section on the COVID-19 pandemic has
delaying the resumption of the majority Our implemented cost management productivity, they also demonstrate also been added.
of construction projects in Singapore, measures include organisation-wide cost that our business continuity activities
including our own. We have received reviews, a salary freeze for our entire are functioning, with our ability to Thank you for entrusting us with the
approvals to restart our design-and-build team and a reduction in Board fees and conduct many of our activities remotely role of being a trustworthy corporate
projects and will continue to work closely senior management salaries since June and effectively through secure Cloud- citizen, one which we hope to honour
with the BCA and relevant authorities to 2020. Our Board and executive directors based collaboration and productivity for many more decades to come, as we
ensure the wellbeing, health and safety have taken 10% reductions in directors’ platforms that we have invested in continue to be highly reflective about
of all stakeholders as we resume and fees and base salaries respectively, and implemented organisation-wide. how our actions ‘ripple upon the pond
scale up operations. while the rest of our senior management Our transformative technologies are of life’. This journey is an ultramarathon,
team has been subjected to tiered 5% contributing in-built resilience that which we will continue running in the
As we move forward in FY2021, project to 7.5% reductions in base salaries. will help us prevail in the Singapore Boustead Way and hope to have you
completion delays are expected Our significantly impacted businesses construction industry’s greatest crisis in join, even if only for part of the way. Have
as productivity will be impacted by in Singapore have been somewhat history. an enjoyable and insightful read.
the need to comply with new safe mitigated by our geographic expansion
management measures, along with the efforts, which yielded a significant As you read this report, we hope that May you and your loved ones stay
serious shortage of worker resources contract win in Malaysia in FY2021, as you gain an in-depth understanding well, healthy and safe during these
– a problem affecting Singapore’s well as ongoing projects in China and of how we remain resilient, ensure tumultuous times.
entire construction industry due to the Vietnam. our longevity and protect the viability
high infection levels among foreign and long-term value of our businesses John Lim Kok Min
workers. This will lead to slower While we expect an increasingly and the wider ecosystem that we are Chairman
revenue conversion, accompanied by manpower-lean, more closely regulated, interconnected with. We also share how
associated acceleration, compliance, dynamic and higher operating cost we strive towards what the Boustead Thomas Chu Kok Hong
prolongation and resumption costs environment will form part of the ‘new Group has achieved in longevity over Managing Director
which are still being ascertained given normal’ in the future, our collaborative almost two centuries and how this
06 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT
LONGEVITY REPORTING PURSUING BUSINESS WITH DEVELOPING OUR BEST ASSET – CONSERVING OUR COLLECTIVE
INTRODUCTION OTHER INFORMATION
FRAMEWORK A GREATER PURPOSE BOUSTEAD PROJECTS EMPLOYEES HOME – PLANET EARTH
SECTION 1 MATERIAL ESG TOPICS & 1.1 MISSION, VISION & BUSINESS
APPLICABLE GRI STANDARDS MODEL orld
th e w
This section mentions the following y on
1.1.1 The Boustead Way c iall
material ESG topics and applicable GRI so
The Boustead Way prioritises the nd
Standards: a ical Re g
lly o log ion exp ional Be
pursuit of business with a greater ta n t
• Business model, strategies and ch rma ans
purpose. It is about creating Te nsfo ion
en
ad
outlook
m
tra
ap
sustainable shared socio-economic
on
t
in
ab
vir
GRI Standards value versus maximising short-term ha Bu
le
ec
en
si
,
an
profit; promoting adaptability and
ety tal
/ 102-2 / 102-6 / 102-11/ 102-12 / u
ly,
d re
n
Gr
resilience; and favouring longevity
al
cal
ne
me
Inte
• Corporate governance ion
lv
ow rtfolio
gr
ss
silie
ss
omi
over sentimentality. It is a position,
n
s
de
saf
o
oc u
ing
p
po
envir
GRI Standards a value, a commercial sensibility
Business mo
latf
Pa
impact econ
nt
ity
health and
(“EHS”) f
leasehold
/ 102-5 / 102-12 / 102-18 / 102-19 / 102-22 /
that runs through every layer of our
orms
d
/ 102-23 / 102-24 / 102-25 / 102-26 / 102-27 /
alism
organisation.
n
The
a
/ 102-28 / 102-29 / 102-30 / 102-31 / 102-32 /
y
Flexibi
/ 102-33 / 102-35 / 102-36 / 102-37 / Boustead Way
l it
sion
1.1.2 Mission
Q ua
ositive
To provide technology-driven design,
es
lity
engineering and delivery of end-to- Pr
of
ap
Pe
end smart eco-sustainable real estate rseverance
Ris bal
st ons s,
en and
ake
solutions that can be deployed in any
ve iti hip
k a an
M
ts
ui ners
industry and market.
nd ce
w
Pa q
re
m
ar Strategies
rt
s
d
rs
De
1.1.3 Vision ac in
de
liv
To be the leading provider of
ol
e
us
eh
rs
ta Integrated ak
innovative real estate solutions in in y st
ab capabilities
Asia, offering a full suite of smart eco- le o ke
sh t
sustainable solutions that enhance a red re ss
soci ro g
built environments and ecosystems. o-e conomic value a nd p
1.1.4 Business Model
In order to achieve our mission, vision human-centric corporate values. shared socio-economic value and
and long-term objectives, we rely These business drivers highlight how progress to key stakeholders, and
on our business drivers: business we combine our core competencies make a positive impact economically,
platforms, strategies and business and strategies for international environmentally and socially on the
model value chain – guided by the markets to allow us to achieve our world.
Boustead Way, along with our long-term objectives to be adaptable
fundamental principles and strong and resilient, deliver sustainable
07 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT
LONGEVITY REPORTING PURSUING BUSINESS WITH DEVELOPING OUR BEST ASSET – CONSERVING OUR COLLECTIVE
INTRODUCTION OTHER INFORMATION
FRAMEWORK A GREATER PURPOSE BOUSTEAD PROJECTS EMPLOYEES HOME – PLANET EARTH
Business Platforms
Positioning and presence Performance People
• Extensive capabilities spanning design-and- • Market leader in Singapore with extensive track • CONQUAS all-time top 100 industrial projects • Top design-and-build team for advanced
build, development, leasehold portfolio asset record in delivering best-in-class projects quality leader eco-sustainable industrial developments
management and ownership, and facilities • Green Mark Platinum industrial leader with • Developer of Singapore’s first truly smart • Empowering culture
management firsts in heavy industry, aerospace industry and business park development • Fair and non-discriminatory employment
• Successful spotting and positioning on global logistics industry categories and first Green • Developer, manager and owner of growing • Ability to attract, develop, motivate and
megatrends Mark Platinum – Super Low Energy large-scale leasehold portfolio retain talent
• Growing international presence with local business park and industrial development • Commitments to quality and EHS performance • Industry technical experts
market knowledge
• Broad coverage of industries with clients
among world’s best corporations
Strategies
Regional expansion Partnerships, acquisitions and investments Risk and reward balance Technological transformation
Our expansion into fast-growing international Our continuous search for strategic partnerships, We are vigilant in ensuring that our strategies Our ongoing business transformation is
markets rides upon in-depth domain catalytic acquisitions and investments is aimed at to enhance stakeholders’ shared socio- supported by steady adoption of digitally-
expertise, leading industry market positions accelerating our business expansion, enhancing economic value are well-supported by sound risk enabled, productivity-enhancing approaches
and a diversified track record in delivering capabilities, broadening revenue streams and management. like integrated digital delivery, building
over 3,000,000 square metres of industrial driving sustainable long-term growth. information modelling, design for manufacturing
developments in Singapore, China, Malaysia Quality and EHS focus and assembly, and smart building capabilities.
and Vietnam. Integrated capabilities We strive to achieve the highest standards in We aim to be a market leader in the world of
Our integrated suite of capabilities – spanning quality and workplace EHS, building on our Industry 4.0.
Growing leasehold portfolio design-and-build, development, leasehold growing achievements under the Building &
Our growing leasehold portfolio of both portfolio asset management and ownership, and Construction Authority’s Construction Quality
wholly-owned and jointly-owned leasehold facilities management – are aimed at helping Assessment System, Green & Gracious Builder
properties contribute recurring rental income clients to achieve highly effective and cost Scheme and Green Mark Programme and the
and management fees. competitive solutions that raise efficiency and Workplace Safety & Health Council’s bizSAFE
multi-decade building lifecycle sustainability. Programme.
Business Model Value Chain
Uphold our excellent reputation for integrity, quality, reliability and trust
Commit to operational excellence
through undertaking development,
Design smart eco-sustainable products,
design, value engineering, project
services and solutions including
management, construction Deliver efficiency, performance and Generate revenue, profit and cash flow
Green Mark Platinum and LEED-rated
management, quality and EHS shared socio-economic value to clients in a sustainable manner
developments that meet Industry 4.0
supervision, leasehold portfolio asset
transformation standards
management and ownership, and
facilities management
Be adaptable and resilient, deliver sustainable shared socio-economic value and progress, and make a positive impact on the world
08 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT
LONGEVITY REPORTING PURSUING BUSINESS WITH DEVELOPING OUR BEST ASSET – CONSERVING OUR COLLECTIVE
INTRODUCTION OTHER INFORMATION
FRAMEWORK A GREATER PURPOSE BOUSTEAD PROJECTS EMPLOYEES HOME – PLANET EARTH
1.2 CORPORATE STEWARDSHIP &
STRATEGIES Longevity Reporting Structure
1.2.1 Corporate Stewardship for
Longevity
Our Board of Directors is collectively Board of Directors
responsible for Boustead Projects’
corporate stewardship, overall
leadership, management, strategies,
controls and long-term success. In
line with this, our Board also oversees Group
performance, policies and practices in Longevity Reporting Group Headquarters
relation to environmental, social and Champion & Lead
governance (“ESG”) topics.
A Group Longevity Reporting Champion
& Lead reports directly to our Board. The Business Development Finance Human Resources
Group Longevity Reporting Champion Longevity Reporting Longevity Reporting Longevity Reporting
guides the efforts and oversees those
who are responsible for implementing
our Longevity Reporting Framework
(with material references to Global
Reporting Initiative Standards) within Legal Operations Quality and EHS
our Group’s departments. Departments Longevity Reporting Longevity Reporting Longevity Reporting
report subsidiary level data on material
ESG topics on a quarterly basis.
1.2.2 Corporate Governance
As part of our Board’s collective
responsibility, our Board is committed to
maintaining a high standard of corporate
governance and transparency within
the Group, in line with the principles set
out in the revised Code of Corporate
Governance 2018 (“CG Code”) and
taking into account the accompanying
SGX Practice Guidance issued in August
2018 and updated in February 2020,
09 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT
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INTRODUCTION OTHER INFORMATION
FRAMEWORK A GREATER PURPOSE BOUSTEAD PROJECTS EMPLOYEES HOME – PLANET EARTH
which forms part of our continuing
obligations to the SGX Mainboard Listing Board & Board Committee Oversight Responsibilities & Key Terms of Reference
Rules. This establishes and maintains
our Group’s ethical, legal and business
environment to preserve and enhance 3 2 1 4 5 6
the interests of shareholders and all
stakeholders.
Board
Our Board is made up of well-respected
• Corporate governance • Annual operating and capital budgets • Annual reports and financial
business and academic leaders with
• Ethics, corporate values, culture and • Business affairs and management statements
decades of commercial experience and
standards team performance • Shareholder meetings
diverse backgrounds. Two-thirds of
• Sustainability issues • Financial performance • Dividend payments and distributions
our Board is made up of independent
• Risk appetite and internal controls • Material acquisitions and disposals of
directors, with all three Board
• Corporate strategies and policies assets
Committees headed by an independent
non-executive director.
Our Board currently comprises: 1 6 4 3 2 1 4 5 6 1 4 5
1. John Lim Kok Min
Chairman &
Independent Non-Executive Director Audit & Risk Committee Nominating Committee Remuneration Committee
• Appointments and reappointments of • Appointments and reappointments • Remuneration policies and packages
2. Wong Yu Wei external auditors of Board Directors, Board Committee of Board Directors and senior
Deputy Chairman & • Internal controls members and senior management management team
Executive Director • External and internal audit plans and team • Service contracts of senior
results • Board and senior management team management team
3. Thomas Chu • External and internal audit functions succession
Managing Director & • Enterprise risk management • Board performance
Executive Director • Interested person transactions and • Board professional development and
conflict of interest training programmes
4. Chong Lit Cheong • Internal investigations and whistle- • Board independence and conflict of
Independent Non-Executive Director blowing interest
• Annual reports and financial
5. Professor Yong Kwet Yew statements
Independent Non-Executive Director • Regulatory filings
6. Tam Chee Chong
Independent Non-Executive Director
Independent director Non-independent director10 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT
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INTRODUCTION OTHER INFORMATION
FRAMEWORK A GREATER PURPOSE BOUSTEAD PROJECTS EMPLOYEES HOME – PLANET EARTH
More information on the individual is referenced in this report, rather than with the implementation of our Longevity affect reputational risk, ethical and moral
profiles of our directors is available completely repeated. Reporting Framework. considerations, and have significant
within the Boustead Projects FY2020 financial and non-financial implications.
Annual Report from pages 46 to 47, 70 1.2.3 Board Longevity Statement Our Board assesses opportunities and
and 85 to 88. Our Board is committed to ensuring risks presented by material ESG topics. 1.2.4 Overall ESG Recognition
our longevity including reviewing our This helps our Board to determine While gaining overall ESG recognition
Our latest Corporate Governance Report performance, policies and practices in the appropriate strategies, policies from our key stakeholders is not an end
(“CG Report”) outlines our corporate relation to material ESG topics. and practices that will provide us with in itself, it indicates that we are moving
governance practices with specific the adaptability and flexibility to seize in the right direction as a trustworthy
reference made to the principles Our Board is assisted in this by our opportunities to deliver sustainable corporate citizen. Since our listing
and guidelines of the CG Code and existing robust systems including audit, shared socio-economic value and on the SGX Mainboard in April 2015,
accompanying SGX Practice Guidance. compliance, enterprise risk, financial, progress to key stakeholders, while we have been recognised for our
Our latest CG Report is available in its full environmental, health and safety, human being well-supported by sound risk performance, policies and practices in
text within the Boustead Projects FY2020 resource, information technology and management. Our risk appetite relation to overall management of ESG
Annual Report from pages 58 to 88 and operational management systems, along considers material ESG topics that may topics as shown here.
Overall ESG Achievements & Significance
Achievements Significance
Nov 2019 • Boustead Projects named on SGX Fast Track Programme • One of only 95 SGX-listed corporations on programme affirming listed
issuers publicly recognised for high corporate governance standards and
maintaining good compliance track record, with prioritised clearance for
their corporate action submissions
Mar 2019 • Boustead Projects FY2018 Longevity Report nominated as Finalist for Asia’s • Nominated inaugural Boustead Projects FY2018 Longevity Report –
Best First Time Sustainability Report at Asia Sustainability Reporting Awards alongside inaugural Boustead Singapore FY2018 Longevity Report – among
2018 only eight finalists for Asia’s Best First Time Sustainability Report
• Judged by Singapore’s academic and sustainability reporting communities
• Presented by Asia’s foremost sustainability reporting awards
Sep 2017 • Boustead Projects awarded Singapore Corporate Governance Award, Newly • Recognised for excellent standards of corporate governance
Listed Category at Securities Investors Association (Singapore) Investors’ • Judged by Singapore’s academic, accounting, financial, governance,
Choice Awards 2017 investment, legal and media communities
• Presented by Singapore’s foremost retail investors association
May 2017 • Boustead Projects E&C awarded Singapore Quality Class Certification in • Recognised for attaining robust business fundamentals and meeting
Enterprise Singapore Business Excellence Framework standards for good business performance based on global benchmarks
in areas including leadership, customers, strategy, people and process,
knowledge and results
• Presented by Singapore Government’s lead agency for enterprises11 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT
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1.3 FY2020 LONGEVITY PERFORMANCE SUMMARY
Cumulative
Capacity Expected
Capacity Capacity Capacity Contracted Annual
Units of Contracted Contracted Contracted Prior Capacity
Measurement in FY2018 in FY2019 in FY2020 to FY2018 or Savings Pages
Smart Eco-Sustainable Solutions
Performance
Green Mark Platinum developments’ GWh 1.6 7.0 4.2 35.4 48.3 36
expected annual energy savings
Green Mark Platinum developments’ cu m 4,390 44,580 677 82,715 132,362 36
expected annual water savings12 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT
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1.3 FY2020 LONGEVITY PERFORMANCE SUMMARY (cont’d)
FY2018 FY2019 FY2020 Comparable
Units of Group Group Group Industries National
Measurement Performance Performance Performance Averages Averages Targets Pages
Operational Performance
Team Development Programme
Team growth rate % growth in year-end +13 +52 +29 +2.7 +1.9 n.a. 58
headcount
Team monthly hiring rate % of average 4.1 6.3 4.8 2.3 2.2 n.a. 58
headcount
Team annual turnover rate % of average 36 33 30 22 22 n.a. 62
headcount
Team monthly turnover rate % of average 3.0 2.7 2.5 1.8 1.8 n.a. 62
headcount
Performance appraisals rate % of year-end 83 72 74 n.a. n.a. n.a. 60
headcount
Average annual training hours per # of hours 8.5 13.0 7.5 n.a. n.a. n.a. 61
team member
Average annual medical leave taken # of days 2.4 1.4 3.9 n.a. n.a. n.a. 62
per team member
Re-employment # of team members 0 4 4 n.a. n.a. n.a. 62
Succession planning % of key executives 100 100 100 n.a. n.a. 100 62
covered by named
deputy or successor13 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT
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1.3 FY2020 LONGEVITY PERFORMANCE SUMMARY (cont’d)
FY2018 FY2019 FY2020 Comparable
Units of Group Group Group Industries National
Measurement Performance Performance Performance Averages Averages Targets Pages
Operational Performance
Workplace Safety and Health
Performance
Accident frequency rate among team # of workplace 1.1 0.5 0.5 1.5 1.6 0.3 65
and suppliers accidents per million
man-hours
Accident severity rate among team and # of lost man days to 13 14 12 117 66 n.a. 65
suppliers workplace accidents
per million man-hours
Occupational disease incidence rate # of occupational 0 0 0 12.4 16.4 0 65
among team and suppliers disease cases per
100,000 employees
Fatalities and high consequence # of fatalities and 0 0 0 n.a. n.a. 0 65
injuries rate among team and suppliers high consequence
injuries per 100,000
employees14 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT
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1.3 FY2020 LONGEVITY PERFORMANCE SUMMARY (cont’d)
FY2018 FY2019 FY2020 Comparable
Units of Group Group Group Industries National
Measurement Performance Performance Performance Averages Averages Targets Pages
Operational Performance
Environmental Stewardship
Average annual energy intensity:
Design-and-build projects for kWh per sq m of 60.6 186.5 149.5 n.a. n.a. n.a. 75
Singapore only constructed GFA
MJ per sq m of 218.1 671.5 538.2 n.a. n.a. n.a. 76
constructed GFA
Administrative workplaces kWh per employee 715.6 559.7 489.4 n.a. n.a. n.a. 78
MJ per employee 2,575.9 2,014.7 1,761.8 n.a. n.a. n.a. 78
Edward Boustead Centre kWh per sq m of GFA 154.5 146.1 130.2 237 256 At least 2nd 80
ALICE@Mediapolis n.a. n.a 168.5 219 256 quartile of 80
comparable
buildings
average
Average annual water intensity:
Design-and-build projects for cu m per sq m of 0.3 2.1 0.2 n.a. n.a. n.a. 75
Singapore only constructed GFA
Administrative workplaces cu m per employee 9.3 7.7 9.2 n.a. n.a. n.a. 78
Edward Boustead Centre cu m per sq m of GFA 1.1 1.2 1.4 1.1 n.a. Lower than 80
ALICE@Mediapolis n.a. n.a. 0.6 1.1 n.a. comparable 80
buildings
median15 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT
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1.3 FY2020 LONGEVITY PERFORMANCE SUMMARY (cont’d)
FY2018 FY2019 FY2020 Comparable
Units of Group Group Group Industries National
Measurement Performance Performance Performance Averages Averages Targets Pages
Operational Performance
Legal Compliance
Significant fines, non-monetary sanctions
and cases brought against the Group
through dispute resolution mechanisms
in:
Customer privacy # of significant 0 0 0 n.a. n.a. 0 81
incidents
Economic areas # of significant 0 0 0 n.a. n.a. 0 81
incidents
Environmental areas # of significant 0 1 4 n.a. n.a. 0 81
incidents
Social areas # of significant 0 1 0 n.a. n.a. 0 81
incidents16 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT
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FRAMEWORK A GREATER PURPOSE BOUSTEAD PROJECTS EMPLOYEES HOME – PLANET EARTH
SECTION 2 – LONGEVITY REPORTING FRAMEWORK
SECTION 2 MATERIAL ESG TOPICS & 2.1 ABOUT THIS REPORT 2.1.2 Report Content Monetary values are presented in our
APPLICABLE GRI STANDARDS Content in this report was defined by functional reporting currency, Singapore
2.1.1 Report Period & Scope identifying and prioritising our material dollars, unless otherwise indicated.
This section covers the following This is the Boustead Projects FY2020 ESG topics through an ESG materiality
material ESG topics and applicable GRI Longevity Report, an annual publication assessment process. 2.1.3 Report Boundaries
Standards: dedicated to providing a more holistic This report covers Boustead Projects
• About this report review of our performance, especially This report has been prepared in and our major subsidiaries globally
covering non-financial areas such as accordance with Global Reporting including our headquarters and
GRI Standards environmental, social and governance Initiative (“GRI”) Standards: Core, with subsidiaries in Singapore, China,
/ 102-1 / 102-3 / 102-4 / 102-5 / 102-12 /
/ 102-45 / 102-46 / 102-47 / 102-48 / 102-49 /
(“ESG”) topics that are material to our at least three years of comparative Malaysia and Vietnam, unless otherwise
/ 102-50 / 102-51 / 102-52 / 102-53 / 102-54 / business and key stakeholders. data as required by GRI Standards: indicated.
Core. The respective GRI Standards
• Environmental, social and This report contains at least three full- that have been applied are available in For a complete list of our significant
governance materiality assessment years of data on material ESG topics and the GRI Content Index listed on pages subsidiaries as at 31 March 2020, please
GRI Standards is aligned with our financial reporting 84 to 90. References have also been refer to the Boustead Projects FY2020
/ 102-12 / 102-20 / 102-21 / 102-29 / 102-40 / period from 1 April 2019 to 31 March made to the United Nations’ Sustainable Annual Report from pages 133 to 134.
/ 102-42 / 102-43 / 102-44 / 102-47 / 2020 (“FY2020”). Our previous report Development Goals.
was aligned with our financial reporting We have not sought external assurance
period from 1 April 2018 to 31 March This report fully complies with the for this report.
2019 (“FY2019”) and issued on 30 requirements of the SGX-ST Listing
August 2019. Our inaugural report was Rules Practice Note 7.6 Sustainability 2.1.4 Accessibility
issued on 22 November 2018. Reporting Guide. In line with our commitment to
environmental sustainability, we will not
Boustead Projects Limited This report should be read in conjunction Where the relevant material ESG topics be printing any hard copies of this report.
Company Registration Number: with the Boustead Projects FY2020 have already been discussed in detail in This report is available online at www.
199603900E Annual Report for context. It should the Boustead Projects FY2020 Annual bousteadprojects.com/investor-
also be noted that the governance topic Report, we shall make reference to such centre.
82 Ubi Avenue 4 has not been fully discussed in this discussions without directly replicating
#07-01 Edward Boustead Centre report. Our latest Corporate Governance them in this report. 2.1.5 Feedback Channel
Singapore 408832 Report is available in its full text within We welcome comments and feedback
Main +65 6748 3945 the Boustead Projects FY2020 Annual Data is presented using the International from our stakeholders in relation to this
Fax +65 6748 9250 Report from pages 58 to 88. System of Units where possible report and our performance, policies and
or standard international units of practices discussed in this report. If you
www.bousteadprojects.com The terms ‘Longevity’ and ‘Sustainability’ measurement, with conversion factors have any comments or feedback, please
are interchangeable. mentioned in relevant sections. e-mail ir.team@boustead.sg.17 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT
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2.2 ENVIRONMENTAL, SOCIAL long-term objectives to be adaptable To ensure that material ESG topics 2.2.1 Key Stakeholder Engagement
& GOVERNANCE MATERIALITY and resilient, deliver sustainable shared remain up-to-date, we periodically review We define key stakeholders as being
ASSESSMENT socio-economic value and progress to current and emerging megatrends, groups that our business may have
Boustead Projects conducted an ESG key stakeholders, and make a positive changes in the economic, political, a significant impact on or vice versa,
materiality assessment process in order impact economically, environmentally regulatory and ESG landscape in the and who have a vested interest in the
to determine material ESG topics that and socially on the world. The views of geographic markets and industry way that we conduct business. After a
should be included in this report. ESG both external and internal stakeholders clusters that we operate in, along with thorough review, nine key stakeholders
topics are considered to be material if are taken into account when determining the views of key stakeholders. These were identified, along with their
they may have a significant impact on the material ESG topics that should be are then updated in our assessment significance and conversations, as
our business and ability to achieve our included in this report. process. shown here.
Key Stakeholders, Significance & Conversations
Key Stakeholders Significance Conversations
Board and Team Boustead Projects’ team is our best asset. Attracting, • Economic performance
• Board of Directors developing, managing and retaining our team is a core priority • Business model, strategy and outlook
• Managers given our knowledge-driven business model, which generally • Smart eco-sustainable products and services (together
• Executives focuses on high-value added activities across the industrial “solutions”)
• Non-executives real estate value chain. These activities include design, value • Corporate governance, policies and practices
engineering, project management, construction management, • Legal and regulatory compliance
development management, asset management and property • Talent acquisition, development, management and retention
management and the application of proprietary domain • Succession planning
expertise that extends over a regional network of key stakeholder • Quality, environmental, health and safety (“QEHS”)
relationships. Creating the ideal environment for our team to • Data and information security
thrive in will eventually translate to the delivery of sustainable • Responsible communications
shared socio-economic value and progress to key stakeholders. • COVID-19 and infectious disease outbreaks
Clients We aim to gain an in-depth understanding of clients’ needs so • Economic performance
• Direct clients that we are able to deliver progressive answers to them in the • Solutions
• End-user clients (clients of clients) dynamic global business environment. Collaborating with clients • Legal and regulatory compliance
allows us to push the boundaries of paradigms, research and • Talent acquisition, development, management and retention
technologies to help clients improve business performance and • QEHS
sustainability. • Data and information security
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Key Stakeholders, Significance & Conversations (cont’d)
Key Stakeholders Significance Conversations
Strategic Partners Working with like-minded and reputable partners regionally has • Economic performance
• Technology partners allowed us to pool our complementary capabilities and expertise • Business model, strategy and outlook
• Associated companies to widen our offerings and concurrently take on larger-scale • Solutions
• Joint ventures projects, while simultaneously reducing commercial, operational • Corporate governance, policies and practices
• Co-investment partners and ESG risks related to a particular geographic market or • Legal and regulatory compliance
industry cluster. Our search for and tie-ups with technology • QEHS
partners that offer proven transformative technologies also • Data and information security
enable us to ensure that our solutions are progressive. • COVID-19 and infectious disease outbreaks
Suppliers We have a regional network of suppliers that supports the • Economic performance
• Consultants construction of business park and industrial developments • Solutions
• Subcontractors according to our designs. Major suppliers are selected based on • Legal and regulatory compliance
• Suppliers pre-qualification assessments that include technology solutions, • QEHS
QEHS and other ESG factors, along with price. • Data and information security
• COVID-19 and infectious disease outbreaks
Lenders We have several principal bankers and lenders who support our • Economic performance
• Banks business through the provision of bank loans and trade finance. • Business model, strategy and outlook
• Financial institutions • Corporate governance, policies and practices
• Trustees • Legal and regulatory compliance
• COVID-19 and infectious disease outbreaks
Investors As owners, shareholders share in our mission, vision, corporate • Economic performance
• Boustead Singapore Limited values and goal to be a trustworthy corporate citizen with a • Business model, strategy and outlook
• Institutional investors greater purpose in mind. Ultimately, profit-driven motivations • Solutions
• Research analysts need to be aligned with our strong human-centric corporate • Corporate governance, policies and practices
• Retail investors values and allow us to deliver on our long-term objectives. • Talent acquisition, development, management and retention
• Succession planning
• Legal and regulatory compliance
• QEHS
• Data and information security
• Open and transparent communications
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Key Stakeholders, Significance & Conversations (cont’d)
Key Stakeholders Significance Conversations
Media The media continues to share our corporate story with the world, • Economic performance
• Mainstream journalists from economic performance to milestone achievements. As • Business model, strategy and outlook
• Online social media influencers unofficial historians of our performance, the media helps us to • Solutions
stay on track. • Corporate governance, policies and practices
• Legal and regulatory compliance
• QEHS
• Fact-based and timely communications
• COVID-19 and infectious disease outbreaks
Governments and regulators Governments and regulators provide us with our business • Corporate governance, policies and practices
• National government agencies licences to operate. • Legal and regulatory compliance
• State government agencies • Corporate taxes and relevant taxes
• Municipal government agencies • Talent acquisition, development, management and retention
• Regulators • QEHS
• Data and information security
• Proactive communications
• COVID-19 and infectious disease outbreaks
Local Communities Given our international business, we understand that we have • Legal and regulatory compliance
• Citizens an impact on communities internationally, who may be direct • Solutions
• Communities surrounding projects beneficiaries of the gainful employment we provide, community • QEHS
• Beneficiaries of philanthropic development programmes or indirect beneficiaries of projects • Interactive communications
contributions undertaken for end-user clients that benefit those communities. • COVID-19 and infectious disease outbreaks
• Indirect beneficiaries of projects Local communities provide us with our social licences to
undertaken for end-user clients operate.You can also read
