Keppel Ltd

Sustainability Governance The Board and management of Keppel Corporation are committed to sustainability, which is at the core of the Company's strategy. The Board and management consider sustainability issues in the Company's business and strategy, determine the material ESG factors and oversee the management and monitoring of the material ESG factors. Sustainability-related topics, including environmental and climate change issues, as well as social and governance aspects, are regularly discussed by the Board, which meets six times a year, and as warranted by circumstances. Since July 2022, sustainability has been included in the agenda of each Board meeting. In May 2022, the Board established a Board Sustainability and Safety Committee (BSSC) to provide even greater focus on sustainability matters. The role of the former Board Safety Committee has been subsumed under the BSSC. The BSSC is chaired by non-independent and non-executive director Mr Teo Siong Seng, and its members include the Chairman of Keppel Corporation Mr Danny Teoh, CEO and Executive Director Mr Loh Chin Hua, as well as Independent Director Mr Olivier Blum, who has extensive experience in sustainability. The BSSC meets at least four times a year. Its roles include ensuring that the Group has in place an effective sustainability governance structure, reviewing the Company's sustainability strategy to ensure that they are relevant to evolving local and global sustainability trends, overseeing the adoption of and progress towards the Company's sustainability goals, reviewing the processes for identifying, assessing and managing climate-related risks and opportunities, and overseeing the Company's health, safety and environmental performance, among others. The BSSC also makes regular visits to the Group's projects and worksites, including interacting with the Group's contractors and suppliers, to monitor and better understand the Group's sustainability and safety performance. Each quarter, the Chairman of the BSSC provides an update to the Board on key issues deliberated by the BSSC. The BSSC also considers management's proposals on sustainability-related policies and practices and makes recommendations to the Board where relevant. While the BSSC maintains broad oversight over sustainability issues, other Board Committees, namely the Audit, Nominating, Remuneration and Board Risk Committees, also address specific aspects of sustainability relevant to their respective committees. At the management level, the Management Executive Committee (MExCo), which meets every month, oversees Keppel's strategy and performance, including sustainability issues. MExCo also determines the Group's key sustainability policies and targets, before they are presented to the BSSC. The committee is chaired by the CEO and comprises senior management from across the Group, including the Chief Financial Officer, CEOs of key business units and the Chief Sustainability Officer (CSO). The CSO, who reports to the CEO as well as the BSSC, coordinates and drives the Group's sustainability efforts. The CSO chairs the Group Sustainability Working Committee, comprising heads of corporate functions and representatives from across business units, which monitors and executes the Group's sustainability efforts. The CSO also heads the Group Sustainability department, which manages different aspects of the Group's sustainability efforts, including preparing Keppel's sustainability report, with inputs from business units and members of the Group Sustainability Working Committee. To embed sustainability throughout the Company and ensure accountability, sustainability targets have been included in the performance appraisal of senior management across the Group, including both annual remuneration and long-term incentives. Key sub-targets within the performance scorecard include key financial indicators, safety, risk management, compliance and controls, environmental sustainability, employee engagement, talent development and succession planning. Environmental sustainability targets, including carbon emissions reduction, account for 7.5% of the Company's performance scorecard.

In April 2022, Keppel's Board of Directors announced our new Board Sustainability and Safety Committee to further sharpen the Group's focus on sustainability. Earlier this year, we also announced the appointment of our first Chief Sustainability Officer to coordinate and drive the Group's sustainability efforts. [...] Sustainability issues, including climate change, are regularly discussed by the Board which meets six times a year, and as warranted by circumstances. In 2021, the Board also approved Keppel's carbon emissions reduction targets, which were announced in October 2021. [...] In April 2022, the Board announced the establishment of a Board Sustainability and Safety Committee with effect from 1 May 2022 to provide even greater focus on sustainability matters. The committee will meet at least four times a year, and its roles include reviewing the Company's sustainability strategy and material ESG factors; ensuring that the Group has in place an effective governance structure for sustainability matters; reviewing the processes for identifying, assessing and managing climate-related risks and opportunities; overseeing the adoption of and progress towards the Company's sustainability goals and targets; and overseeing the Company's health, safety and environmental (HSE) performance, among others. [...] At the management level, sustainability issues are driven by the Management Executive Committee[1], chaired by Mr Loh Chin Hua, CEO of Keppel Corporation, and whose members comprise the Group's senior management. The committee, which meets once a month, oversees the Group's strategy and performance, including sustainability issues. [...] In addition, we have a Group Sustainability Working Committee comprising representatives from across the Group, which executes, monitors and reports on the Group's sustainability efforts. In February 2022, Keppel announced the appointment of a Chief Sustainability Officer (CSO) with effect from 1 March 2022. The CSO coordinates and drives the Group's sustainability efforts, including chairing the Group Sustainability Working Committee. He is supported by a new Group Sustainability department, which has been established to focus on sustainability issues.

Sustainability-related topics, including environmental and climate change issues, as well as social and governance aspects, are regularly discussed by the Board, which meets six times a year, and as warranted by circumstances. Since July 2022, sustainability has been included in the agenda of each Board meeting. In May 2022, the Board established a Board Sustainability and Safety Committee (BSSC) to provide even greater focus on sustainability matters. The role of the former Board Safety Committee has been subsumed under the BSSC. [...] The BSSC is chaired by non-independent and non-executive director Mr Teo Siong Seng, and its members include Chairman of Keppel Corporation Mr Danny Teoh, CEO and Executive Director Mr Loh Chin Hua, as well as Independent Director Mr Olivier Blum, who has extensive experience in sustainability. The BSSC meets at least four times a year. Its roles include monitoring international sustainability-related trends and developments, reviewing the Company's sustainability strategy, ensuring that the Group has in place an effective sustainability governance structure, overseeing the adoption of and progress towards the Company's sustainability goals, reviewing the processes for identifying, assessing and managing climate-related risks and opportunities, overseeing the Company's health, safety, and environmental (HSE) performance, among others. The BSSC also makes regular visits to the Group's projects and work sites, including interacting with the Group's contractors and suppliers, to monitor and better understand the Group's sustainability and safety performance. Each quarter, the Chairman of the BSSC provides an update to the Board on key issues deliberated by the BSSC. The BSSC also considers management's proposals on sustainability-related policies and practices and makes recommendations to the Board where relevant.

The Board and management consider sustainability issues in the Company's business and strategy, determine the material ESG factors and oversee the management and monitoring of the material ESG factors. Sustainability-related topics, including environmental and climate change issues, as well as social and governance aspects, are regularly discussed by the Board, which meets six times a year, and as warranted by circumstances. Since July 2022, sustainability has been included in the agenda of each Board meeting. In May 2022, the Board established a Board Sustainability and Safety Committee (BSSC) to provide even greater focus on sustainability matters. The role of the former Board Safety Committee has been subsumed under the BSSC. [...] The BSSC also considers management's proposals on sustainability-related policies and practices and makes recommendations to the Board where relevant. [...] At the management level, the Management Executive Committee (MExCo), which meets every month, oversees Keppel's strategy and performance, including sustainability issues. MExCo also determines the Group's key sustainability policies and targets, before they are presented to the BSSC. The committee is chaired by CEO Mr Loh Chin Hua and comprises senior management from across the Group, including the Chief Financial Officer, CEOs of key business units and the Chief Sustainability Officer (CSO). The CSO, who reports to the CEO as well as the BSSC, coordinates and drives the Group's sustainability efforts. The CSO chairs the Group Sustainability Working Committee, comprising heads of corporate functions and representatives from across businesses units, which monitors and executes the Group's sustainability efforts. The CSO also heads the Group Sustainability department, which manages different aspects of the Group's sustainability efforts, including preparing Keppel's sustainability report, with inputs from business units and members of the Group Sustainability Working Committee.

Sustainability Governance The Board and management of Keppel Corporation are committed to sustainability, which is at the core of the Company's strategy. The Board and management consider sustainability issues in the Company's business and strategy, determine the material ESG factors and oversee the management and monitoring of the material ESG factors. Sustainability-related topics, including environmental and climate change issues, as well as social and governance aspects, are regularly discussed by the Board, which meets six times a year, and as warranted by circumstances. Since July 2022, sustainability has been included in the agenda of each Board meeting. In May 2022, the Board established a Board Sustainability and Safety Committee (BSSC) to provide even greater focus on sustainability matters. The role of the former Board Safety Committee has been subsumed under the BSSC. The BSSC is chaired by non-independent and non-executive director Mr Teo Siong Seng, and its members include the Chairman of Keppel Corporation Mr Danny Teoh, CEO and Executive Director Mr Loh Chin Hua, as well as Independent Director Mr Olivier Blum, who has extensive experience in sustainability. The BSSC meets at least four times a year. Its roles include ensuring that the Group has in place an effective sustainability governance structure, reviewing the Company's sustainability strategy to ensure that they are relevant to evolving local and global sustainability trends, overseeing the adoption of and progress towards the Company's sustainability goals, reviewing the processes for identifying, assessing and managing climate-related risks and opportunities, and overseeing the Company's health, safety and environmental performance, among others. The BSSC also makes regular visits to the Group's projects and worksites, including interacting with the Group's contractors and suppliers, to monitor and better understand the Group's sustainability and safety performance. Each quarter, the Chairman of the BSSC provides an update to the Board on key issues deliberated by the BSSC. The BSSC also considers management's proposals on sustainability-related policies and practices and makes recommendations to the Board where relevant. While the BSSC maintains broad oversight over sustainability issues, other Board Committees, namely the Audit, Nominating, Remuneration and Board Risk Committees, also address specific aspects of sustainability relevant to their respective committees. At the management level, the Management Executive Committee (MExCo), which meets every month, oversees Keppel's strategy and performance, including sustainability issues. MExCo also determines the Group's key sustainability policies and targets, before they are presented to the BSSC. The committee is chaired by the CEO and comprises senior management from across the Group, including the Chief Financial Officer, CEOs of key business units and the Chief Sustainability Officer (CSO). The CSO, who reports to the CEO as well as the BSSC, coordinates and drives the Group's sustainability efforts. The CSO chairs the Group Sustainability Working Committee, comprising heads of corporate functions and representatives from across business units, which monitors and executes the Group's sustainability efforts. The CSO also heads the Group Sustainability department, which manages different aspects of the Group's sustainability efforts, including preparing Keppel's sustainability report, with inputs from business units and members of the Group Sustainability Working Committee. To embed sustainability throughout the Company and ensure accountability, sustainability targets have been included in the performance appraisal of senior management across the Group, including both annual remuneration and long-term incentives. Key sub-targets within the performance scorecard include key financial indicators, safety, risk management, compliance and controls, environmental sustainability, employee engagement, talent development and succession planning. Environmental sustainability targets, including carbon emissions reduction, account for 7.5% of the Company's performance scorecard.

The Board and management of Keppel Corporation regularly review as well as oversee the management and monitoring of the material environmental, social and governance (ESG) factors of the Company, and take them into consideration in the determination of the Company's strategic direction and policies. [...] The Group Sustainability Steering Committee provides oversight and guidance on strategic and operational issues. The committee is chaired by Mr Loh Chin Hua, Keppel Corporation's Chief Executive Officer (CEO) and Executive Director, and comprises CEOs of key business units across the Group. Supporting the Steering Committee is the Group Sustainability Working Committee, co-chaired by Mr François van Raemdonck, Director of Group Strategy & Development and Managing Director of Keppel Technology & Innovation, and Mr Ho Tong Yen, Director of Group Corporate Communications, Keppel Corporation. The working committee, comprising discipline-specific working groups with representatives from across our different businesses, executes and reports on the Group's efforts across the material ESG aspects.

We established a Board ESG Committee to enhance oversight on ESG-related matters and make advances to our ESG strategy, with the aim of deepening our ESG focus and driving long-term value creation. [...] Continuing Our Sustainability Journey In September 2022, we established a Board environmental, social and governance (ESG) Committee to enhance oversight on ESG-related matters and make advances to our ESG strategy, with the aim of deepening our ESG focus and driving long-term value creation. [...] Sustainability Governance The Manager is committed to integrating ESG considerations into Keppel REIT's business and strategy to create and safeguard long-term value for the REIT and its stakeholders. In 2022, the Manager set up a Board ESG Committee to enhance governance over sustainability matters. The ESG Committee leads in enhancing Keppel REIT's ESG strategy, providing oversight on Keppel REIT's sustainability efforts across its business operations. The Chairman of the ESG Committee regularly reports to the Board on the ESG Committee proceedings where appropriate.

The Board and management of Keppel are committed to sustainability, which is at the core of the Company's strategy. The Board and management consider sustainability issues in the Company's business and strategy, determine the material ESG factors and oversee the management and monitoring of the material ESG factors. Sustainability-related topics, including environmental and climate change issues, as well as social and governance aspects, are regularly discussed by the Board, which meets six times a year, and as warranted by circumstances. Since July 2022, sustainability has been included in the agenda of each quarterly Board meeting. The Board Sustainability and Safety Committee (BSSC) was established in 2022 to provide even greater focus on sustainability matters, with the role of the former Board Safety Committee subsumed under the BSSC. The BSSC is chaired by non-independent and non-executive director Mr Teo Siong Seng, and its members comprise Chairman of Keppel Ltd. Mr Danny Teoh, CEO and Executive Director Mr Loh Chin Hua, as well as Independent Director Mr Olivier Blum, who has extensive experience in sustainability. The BSSC meets at least four times a year. Its roles include monitoring international sustainability-related trends and developments, reviewing the Company's sustainability strategy, ensuring that Keppel has in place an effective sustainability governance structure, overseeing the adoption of and progress towards the Company's sustainability goals, reviewing the processes for identifying, assessing and managing climate-related risks and opportunities, and overseeing the Company's health, safety, and environmental performance, among others. The BSSC also makes regular visits to Keppel's projects and work sites, including interacting with our contractors and suppliers, to monitor and better understand Keppel's sustainability and safety performance. Each quarter, the Chairman of the BSSC provides an update to the Board on key issues deliberated by the BSSC. The BSSC also considers management's proposals on sustainability-related policies and practices, and makes recommendations to the Board where relevant. While the BSSC maintains broad oversight over sustainability issues, other Board Committees, namely the Audit, Nominating, Remuneration and Board Risk Committees, also address specific aspects of sustainability relevant to their respective committees. At the management level, the Management Executive Committee (MExCo), which meets every month, oversees Keppel's strategy and performance, including sustainability issues. MExCo also determines Keppel's key sustainability policies and targets, before they are presented to the BSSC. MExCo is chaired by Keppel's CEO and its members include the Chief Investment Officer (CIO), the Chief Financial Officer (CFO), the CEOs of Keppel's platforms and divisions, the Chief Sustainability Officer (CSO) and selected members of senior management. The CSO, who reports to the CEO as well as the BSSC, coordinates and drives Keppel's sustainability efforts. The CSO chairs the Sustainability Working Committee, comprising heads of centralised functions and representatives from Keppel's platforms and divisions, which monitors and executes the Company's sustainability efforts. The CSO also heads Keppel's Sustainability department, which manages different aspects of the Company's sustainability efforts, including preparing Keppel's sustainability report. To embed sustainability throughout the Company and ensure accountability, sustainability targets have been included in the performance appraisal of senior management across the Company, including both annual remuneration and long-term incentives. Environmental sustainability targets, including carbon emissions reduction, account for 7.5% of the Company's performance scorecard.

In April 2022, Keppel's Board of Directors announced our new Board Sustainability and Safety Committee to further sharpen the Group's focus on sustainability. Earlier this year, we also announced the appointment of our first Chief Sustainability Officer to coordinate and drive the Group's sustainability efforts. [...] Sustainability issues, including climate change, are regularly discussed by the Board which meets six times a year, and as warranted by circumstances. In 2021, the Board also approved Keppel's carbon emissions reduction targets, which were announced in October 2021. [...] In April 2022, the Board announced the establishment of a Board Sustainability and Safety Committee with effect from 1 May 2022 to provide even greater focus on sustainability matters. The committee will meet at least four times a year, and its roles include reviewing the Company's sustainability strategy and material ESG factors; ensuring that the Group has in place an effective governance structure for sustainability matters; reviewing the processes for identifying, assessing and managing climate-related risks and opportunities; overseeing the adoption of and progress towards the Company's sustainability goals and targets; and overseeing the Company's health, safety and environmental (HSE) performance, among others. [...] At the management level, sustainability issues are driven by the Management Executive Committee[1], chaired by Mr Loh Chin Hua, CEO of Keppel Corporation, and whose members comprise the Group's senior management. The committee, which meets once a month, oversees the Group's strategy and performance, including sustainability issues. [...] In addition, we have a Group Sustainability Working Committee comprising representatives from across the Group, which executes, monitors and reports on the Group's sustainability efforts. In February 2022, Keppel announced the appointment of a Chief Sustainability Officer (CSO) with effect from 1 March 2022. The CSO coordinates and drives the Group's sustainability efforts, including chairing the Group Sustainability Working Committee. He is supported by a new Group Sustainability department, which has been established to focus on sustainability issues.

The Board and management of Keppel Corporation regularly review as well as oversee the management and monitoring of the material environmental, social and governance (ESG) factors of the Company, and take them into consideration in the determination of the Company's strategic direction and policies. [...] The Group Sustainability Steering Committee provides oversight and guidance on strategic and operational issues. The committee is chaired by Mr Loh Chin Hua, Keppel Corporation's Chief Executive Officer (CEO) and Executive Director, and comprises CEOs of key business units across the Group. Supporting the Steering Committee is the Group Sustainability Working Committee, co-chaired by Mr François van Raemdonck, Director of Group Strategy & Development and Managing Director of Keppel Technology & Innovation, and Mr Ho Tong Yen, Director of Group Corporate Communications, Keppel Corporation. The working committee, comprising discipline-specific working groups with representatives from across our different businesses, executes and reports on the Group's efforts across the material ESG aspects. [...] The Group's risk-based strategies are used to assess, avoid, reduce and mitigate environmental risks and impacts. Climate-related risks, including physical and transition risks, are incorporated in our Enterprise Risk Management framework. [...] Guided by our core values and the Keppel Group Code of Conduct, we are fully committed to ensuring that compliance is a central pillar of our management and an integral part of our corporate culture and business processes. We will do business the right way and comply with all applicable laws and regulations wherever we operate. [...] Our regulatory compliance governance structure is designed to strengthen our corporate governance. The Board Risk Committee supports the Board in its oversight of regulatory compliance and is responsible for driving the Group's implementation of effective compliance and governance systems. [...] The Group Regulatory Compliance Management Committee (Group RCMC) articulates the Group's commitment to regulatory compliance, directs and supports the development of over-arching compliance policies and guidelines, and facilitates the implementation and sharing of policies and procedures across the Group. [...] The Group Regulatory Compliance Working Team (Group RCWT) supports the Group RCMC and oversees the development and review of over-arching compliance policies and guidelines for the Group, as well as review training and communication programmes. [...] Each BU has a dedicated Compliance Lead. He/she is supported by the respective risk and compliance teams and is responsible for driving and administering the compliance programme and agenda for the BU. This includes providing support to BU management with subject matter expertise, process excellence and regular reporting to ensure that compliance risks are effectively assessed, managed and mitigated.

During the year, the Board of Directors set up an ESG Committee to enhance governance of sustainability-related issues. The committee leads the development of KORE's ESG strategy, providing oversight on KORE's sustainability efforts across business operations. [...] The Board also oversees the management and monitoring of KORE's ESG performance, with inputs from the management team and Sustainability Working Committee. In 2022, the Board established a Board ESG Committee to enhance governance of sustainability-related matters. The ESG Committee leads the development of KORE's ESG strategy, providing oversight on KORE's sustainability efforts across business operations. This includes the recommendation of management proposals such as the review of sustainability policies, strategies, workplans, setting and achieving ESG targets and formulating KORE's ESG framework. The ESG Committee also ensures the adequate allocation of resources in achieving KORE's sustainability goals and provides oversight to ensure compliance with all sustainability-related legal and regulatory requirements."
"Together with inputs from engagement with key stakeholders and the management team, KORE's Board reviews the material ESG factors and monitors the performance and targets. A Board ESG Committee was set up in 2022 and will meet at least twice a year to oversee KORE's ESG agenda, including the management of climate-related risks and opportunities. The management of ESG matters is carried out by the Sustainability Working Committee, comprising senior management and representatives from various functions. The Sustainability Working Committee oversees the monitoring of performance working with various representatives from asset management, finance, human resources, investment, investor relations and sustainability, legal as well as risk and compliance. The Board meets quarterly and receives updates and recommendations from the Sustainability Working Committee at Board meetings. These updates and recommendations can include emissions performance, climate-related risk assessments, follow-up actions for the mitigation of risks etc. At the asset level, the asset management team engages with both property managers and tenants to manage climate-related issues on their decarbonisation journey.

The Group's compliance programme also includes the following: a. a compliance governance structure that is overseen by a Regulatory Compliance Management Committee and Regulatory Compliance Working Team, bringing together senior management, compliance personnel, and other core function leads to discuss compliance enhancements and address compliance issues as they arise; [...] d. the dedicated independent Group-wide compliance function has reporting lines independent of business units. The Head of the Group's compliance function has a primary line of reporting to the chairman of the BRC, with an administrative reporting line to the CFO of the Company.

The Board and management of Keppel are committed to sustainability, which is at the core of the Company's strategy. The Board and management consider sustainability issues in the Company's business and strategy, determine the material ESG factors and oversee the management and monitoring of the material ESG factors. Sustainability-related topics, including environmental and climate change issues, as well as social and governance aspects, are regularly discussed by the Board, which meets six times a year, and as warranted by circumstances. Since July 2022, sustainability has been included in the agenda of each quarterly Board meeting. The Board Sustainability and Safety Committee (BSSC) was established in 2022 to provide even greater focus on sustainability matters, with the role of the former Board Safety Committee subsumed under the BSSC. The BSSC is chaired by non-independent and non-executive director Mr Teo Siong Seng, and its members comprise Chairman of Keppel Ltd. Mr Danny Teoh, CEO and Executive Director Mr Loh Chin Hua, as well as Independent Director Mr Olivier Blum, who has extensive experience in sustainability. The BSSC meets at least four times a year. Its roles include monitoring international sustainability-related trends and developments, reviewing the Company's sustainability strategy, ensuring that Keppel has in place an effective sustainability governance structure, overseeing the adoption of and progress towards the Company's sustainability goals, reviewing the processes for identifying, assessing and managing climate-related risks and opportunities, and overseeing the Company's health, safety, and environmental performance, among others. The BSSC also makes regular visits to Keppel's projects and work sites, including interacting with our contractors and suppliers, to monitor and better understand Keppel's sustainability and safety performance. Each quarter, the Chairman of the BSSC provides an update to the Board on key issues deliberated by the BSSC. The BSSC also considers management's proposals on sustainability-related policies and practices, and makes recommendations to the Board where relevant. While the BSSC maintains broad oversight over sustainability issues, other Board Committees, namely the Audit, Nominating, Remuneration and Board Risk Committees, also address specific aspects of sustainability relevant to their respective committees. At the management level, the Management Executive Committee (MExCo), which meets every month, oversees Keppel's strategy and performance, including sustainability issues. MExCo also determines Keppel's key sustainability policies and targets, before they are presented to the BSSC. MExCo is chaired by Keppel's CEO and its members include the Chief Investment Officer (CIO), the Chief Financial Officer (CFO), the CEOs of Keppel's platforms and divisions, the Chief Sustainability Officer (CSO) and selected members of senior management. The CSO, who reports to the CEO as well as the BSSC, coordinates and drives Keppel's sustainability efforts. The CSO chairs the Sustainability Working Committee, comprising heads of centralised functions and representatives from Keppel's platforms and divisions, which monitors and executes the Company's sustainability efforts. The CSO also heads Keppel's Sustainability department, which manages different aspects of the Company's sustainability efforts, including preparing Keppel's sustainability report. To embed sustainability throughout the Company and ensure accountability, sustainability targets have been included in the performance appraisal of senior management across the Company, including both annual remuneration and long-term incentives. Environmental sustainability targets, including carbon emissions reduction, account for 7.5% of the Company's performance scorecard.

At the beginning of 2022, we set forth ESG targets and established an ESG Committee at Board level which oversees Keppel DC REIT's sustainability initiatives. [...] The ESG Committee provides oversight of Keppel DC REIT's ESG strategy, polices and initiatives, and monitors its progress in driving long-term climate risk management and decarbonisation initiatives. [...] The Manager's Sustainability Committee, which involves all relevant functions including Portfolio Management, Asset Management, Finance, Human Resources, Investor Relations and Sustainability, Investment, Legal, as well as Risk and Compliance, supports and implements the Manager's sustainability strategy and goals.