Keppel Infrastructure Trust

The Trustee-Manager established a dedicated Board ESG Committee (BEC) in January 2022 to further its leadership commitment to sustainability. The role of the BEC includes providing oversight of KIT's ESG strategy, policies and initiatives, as well as reviewing and monitoring their effectiveness to drive long-term value creation. This includes the approval and review of performance and progress against targets on material ESG factors. The BEC comprises three independent directors and convenes meetings at least quarterly to discuss KIT's sustainability plans and review its performance. The BEC is supported by a Sustainability Working Committee that implements the Trustee-Manager's ESG strategy and initiatives. [...] Comprising the Asset Management, Finance, Human Resources, Investment, Investor Relations and Sustainability, Legal, and Risk and Compliance departments, the Sustainability Working Committee is also responsible for monitoring KIT's performance against its material ESG factors, which are reviewed periodically, with progress updated to the BEC at its quarterly meetings.

SUSTAINABILITY GOVERNANCE Effective governance is integral to achieving sustainable growth by providing the framework for ethical decision-making. The Board holds responsibility in governing sustainability matters with inputs from the Board ESG Committee (BEC). The BEC provides oversight of KIT's ESG strategy, policies and initiatives, as well as monitoring and evaluating their effectiveness to ensure long-term value creation, and makes the relevant recommendations to the Board. The BEC also reviews and approves KIT's performance and progress against targets for material ESG factors. The BEC comprises three independent directors and convenes meetings at least quarterly to review KIT's sustainability plans and performance. The BEC is supported by a Sustainability Committee that implements the Trustee-Manager's ESG strategy and initiatives. This committee comprises personnel from Asset Management, Finance, Human Resources, Investment, Investor Relations and Sustainability, Legal, and Risk and Compliance departments. Performance against material ESG factors is regularly reviewed by the committee and the BEC is updated on this progress at its quarterly meetings. All directors have undergone the sustainability training mandated by the Singapore Exchange (SGX).

The Trustee-Manager established a dedicated Board ESG Committee (BEC) in January 2022 to further its leadership commitment to sustainability. The role of the BEC includes providing oversight of KIT's ESG strategy, policies and initiatives, as well as reviewing and monitoring their effectiveness to drive long-term value creation. This includes the approval and review of performance and progress against targets on material ESG factors. The BEC comprises three independent directors and convenes meetings at least quarterly to discuss KIT's sustainability plans and review its performance. The BEC is supported by a Sustainability Working Committee that implements the Trustee-Manager's ESG strategy and initiatives. [...] Comprising the Asset Management, Finance, Human Resources, Investment, Investor Relations and Sustainability, Legal, and Risk and Compliance departments, the Sustainability Working Committee is also responsible for monitoring KIT's performance against its material ESG factors, which are reviewed periodically, with progress updated to the BEC at its quarterly meetings.

The Board of Directors (the Board) holds ultimate responsibility for governing sustainability matters, including climate-related risks and opportunities, as well as KIT's sustainability strategy, policies, processes and initiatives. The Board, supported by the Board ESG Committee (BEC), oversees the development and monitoring of KIT's ESG strategy and performance. All Board members have undergone the sustainability training mandated by the Singapore Exchange (SGX). From time to time and where relevant, the Board is notified of courses, training sessions and events relating to climate-related risks and opportunities, and receives briefings from external consultants on ESG matters. During the Nomination and Remuneration Committee's (NRC's) process to appoint new Directors and succession planning for the Board, the NRC evaluates the skills and competencies required of the Board collectively to address climate-related risks and opportunities. [...] As part of its strategic oversight, the Board has reviewed, considered and approved KIT's material ESG factors. The Board incorporates consideration of these factors, alongside other sustainability matters, into its strategy formulation and business decisions. The Board will continue to oversee the management and monitoring of KIT's ESG factors periodically. Whilst the Board holds ultimate responsibility for the governance of sustainability, direct management is delegated to the Board ESG Committee and Sustainability Committee. [...] The Board ESG Committee (BEC) monitors and evaluates the effectiveness of KIT's ESG strategy, policies and initiatives to ensure long-term value creation, making recommendations to the Board where necessary. The BEC approves the establishment of and tracks progress towards the Trustee-Manager's ESG targets, including climate-related targets, through regular updates on performance. To encourage a collaborative and transparent approach, CEOs, Heads of Safety, and ESG and Safety Champions from KIT's assets attend BEC meetings. [...] The Sustainability Committee implements the Trustee-Manager's ESG strategy and initiatives. Comprising senior management and staff from various departments, the committee reviews KIT's performance against material ESG factors on a regular basis and updates the BEC accordingly. In line with KIT's commitment of ensuring appropriate accountability for sustainability is integrated throughout the business, ESG-related performance metrics are incorporated as part of the corporate scorecard. Climate reporting and Scope 3 emissions disclosure are components included in the ESG targets. In total, corporate social responsibility and ESG (combined) targets constitute about 5% of the overall corporate scorecard.

Sustainability management is at the core of the Trustee-Manager's strategy formulation and business decisions. Its approach to sustainability is guided by the three thrusts of Environmental Stewardship, Responsible Business, and People and Community. The Trustee-Manager is committed to minimising its environmental impact, upholding strong corporate governance, and creating positive value for all its stakeholders. As a responsible corporate citizen, the Trustee-Manager's policies form the framework for ethical business practices. These include the Anti-Bribery Policy, Whistle-Blower Policy, Insider Trading Policy, Competition Law Compliance Manual, as well as Health, Safety, Security and Environmental Policy. Keppel policies are reviewed and approved by the Keppel Board, Board Committees or Senior Management in charge of the relevant policies where applicable. KIT policies are approved by the KIT Board or CEO. They are periodically reviewed to ensure they are up-to-date and relevant, and are also publicly available on the sustainability pages of the KIT website. [...] Effective governance is integral to achieving sustainable growth by providing the framework for ethical decision-making. The Board holds responsibility in governing sustainability matters with inputs from the Board ESG Committee (BEC). The BEC provides oversight of KIT's ESG strategy, policies and initiatives, as well as monitoring and evaluating their effectiveness to ensure long-term value creation, and makes the relevant recommendations to the Board. The BEC also reviews and approves KIT's performance and progress against targets for material ESG factors. The BEC comprises three independent directors and convenes meetings at least quarterly to review KIT's sustainability plans and performance. The BEC is supported by a Sustainability Committee that implements the Trustee-Manager's ESG strategy and initiatives. This committee comprises personnel from Asset Management, Finance, Human Resources, Investment, Investor Relations and Sustainability, Legal, and Risk and Compliance departments. Performance against material ESG factors is regularly reviewed by the committee and the BEC is updated on this progress at its quarterly meetings. All directors have undergone the sustainability training mandated by the Singapore Exchange (SGX).