74
Sustainability
Contents
74 Board Statement
- The Year at A Glance
- Leveraging our Sustainability Core
- Managing Sustainability
82 Acting Progressively
85 Consuming Responsibly
88 Focusing on People
- About This Report
- GRI Content Index
Glossary
For ease of reading, the glossary below provides definitions of abbreviations that are frequently used throughout this report.
Abbreviations used in Sustainability Report
ESG | : Environmental, Social and Governance |
GHG | : Greenhouse Gas |
GRESB | : Global Real Estate Sustainability |
Benchmark | |
GRI | : Global Reporting Initiative |
MAS | : Monetary Authority of Singapore |
NABERS | : National Australian Built Environment |
Rating System | |
NGOs | : Non-governmental Organisations |
SDG | : Sustainable Development Goal |
SSC | : Sustainability Steering Committee |
TAFEP | : Tripartite Alliance for Fair and |
Progressive Employment Practices | |
TCFD | : Task Force on Climate-Related Financial |
Disclosures | |
UN | : United Nations |
BOARD STATEMENT
This past year heralded major shifts to our business and industry as the ongoing pandemic necessitated that we adapt to new ways of living. Our primary focus at FHT continued to be to ensure the safety and well-being of our employees, guests and stakeholders. Yet, as the hospitality industry begins to slowly rebound and evolve to be more resilient than before, we are confident that there will be a strong demand for responsible travel and tourism in years to come. This shared belief drove us to strategically leverage our resources this year and zero in on addressing the environmental and social impact on FHT's portfolio.
In FY2021, we put in place several initiatives to reduce waste production, as well as energy and water usage, in our properties. We continued to harness digitalisation and innovation, both to reduce negative environmental impact on our operations as well as to enhance our guests' experiences and meet evolving needs. Furthermore, we recognise that sustainability impact extends beyond our operations and can have repercussions on our supply chain. We have begun
Contents | Overview | Year In Review | Leadership | Portfolio | Reports | Financial | 75 |
Section | |||||||
to engage with our key suppliers on our Responsible Sourcing Policy and will work in partnership with them for the next few years to address environmental and social risks in their own operations. In implementing these key initiatives, we continued to be guided by Frasers Property's sustainability framework and goals, including our common goal of achieving net zero carbon emissions across our value chain by 2050.
We made measurable progress against these goals by executing the action plans that we had developed in previous years, and by leveraging our strong sustainability core.
Our sustainability strategy is executed by the Sustainability Task Force comprising the management team of the REIT Manager. Supported by the Sustainability Task Force, our Board of Directors determines, monitors and manages the environmental, social and governance (ESG) issues material to FHT, provides strategic directions on sustainability, as well as oversees the standards, management processes and strategies needed to achieve sustainability targets for the business.
We invite you to read about our latest progress and achievements in FHT's 7th Sustainability Report. Thank you for supporting us along this journey, and we look forward to working with you to deliver good progress on the sustainability front.
Board of Directors
Frasers Hospitality Asset Management Pte. Ltd.
REIT Manager of Frasers Hospitality Real Estate
Investment Trust
Frasers Hospitality Trust Management Pte. Ltd. Trustee-Manager of Frasers Hospitality Business Trust
76
Sustainability
THE YEAR AT A GLANCE
Complied with all relevant laws, rules and regulations
Reported zero confirmed incidents of bribery and corruption
Implemented FHT Responsible Sourcing Policy
Embarked on a gap analysis exercise to assess our alignment
ACTING PROGRESSIVELY
with the Monetary Authority of Singapore (MAS) Guidelines on Environmental Risk Management
Fraser Suites Glasgow, Fraser Suites Edinburgh, Fraser Suites | |
Queens Gate London and Park International London have been | |
powered by 100% renewable electricity since 1 January 2021 | |
Attained an average National Australian Built Environment Rating | |
System (NABERS) Energy rating of 3.5 Stars (Average to Good) for | |
all Australian properties for the first time | |
Attained an average NABERS Water rating of 4 Stars (Good) for all | |
Australian properties for the first time | |
CONSUMING | All Frasers Hospitality-managed properties within FHT's portfolio |
RESPONSIBLY | eliminated single-use plastics across focus themes of food & |
beverage, laundry and bathroom amenities | |
Deployed patented, chemical-free cleaning system in most | |
Frasers Hospitality-managed properties | |
Provided regular health and safety training to FHT properties' staff | |
to raise awareness | |
Reported zero work-related fatalities across our properties and at | |
the REIT Manager level | |
Achieved a positive guest review score of 83 out of 100 and a | |
performance score of 86 out of 100 across all FHT properties | |
FOCUSING ON | managed by Frasers Hospitality |
All FHT employees were invited to participate in an inaugural | |
PEOPLE | Group-wide Culture Survey |
All FHT employees received sustainability training | |
Each employee underwent an average of 49 hours of training | |
Contents | Overview | Year In Review | Leadership | Portfolio | Reports | Financial | 77 | |||||||
Section | ||||||||||||||
LEVERAGING OUR SUSTAINABILITY CORE
This year, the Sixth Assessment Report of the United Nations Intergovernmental Panel on Climate Change sounded a clarion call on climate change, cautioning that global temperatures will increase to a disastrous extent unless the world significantly reduces its greenhouse gas emissions within the next decade. The ongoing pandemic has also surfaced existing inequalities amongst and within societies around the globe. Against this backdrop, there has never been a stronger demand for businesses to integrate ESG factors into their policies and operations. As a global hotel and serviced residence trust, we recognise that we play a vital role in delivering positive sustainability outcomes to our stakeholders.
We will continue to do so by leveraging the foundation and sustainability core we have built over the past years. As part of Frasers Property, FHT's sustainability strategy is closely aligned with the Group's Sustainability Framework. The three pillars of our Sustainability Framework - Acting Progressively,
Consuming Responsibly and Focusing on People - continue to guide our approach and key priorities through to 2030. Branching off from the key pillars are 13 ESG-related focus areas which are adapted to suit our hospitality business and operations.
FHT's framework also encompasses specific goals and targets, including the five long-term goals which had been established by the Group in 2020:
To be a net zero carbon corporation by 2050
To be climate-resilient and establish adaptation and mitigation plans by 2024
To green-certify 80% of our owned and asset- managed properties by 2024
To fund majority of our sustainable asset portfolios with green or sustainable financing by 2024
To train all our employees on sustainability by 2021
To support these goals, we have identified key goals and targets to drive our sustainability agenda across our portfolio. We have started developing action plans to achieve our goals and measure our performance against tangible targets.
PILLARS
ACTING | CONSUMING | FOCUSING ON | ||||
PROGRESSIVELY | RESPONSIBLY | PEOPLE | ||||
FOCUS AREAS | ||||||
Innovation | Materials & Supply Chain | Community Connectedness | ||||
Fostering an innovation culture | Achieving the sustainable | Considering social value | ||||
that creates value and strengthens | management and efficient use of | principles for communities | ||||
our competitive edge | materials along the supply chain | |||||
Health & Well-being | ||||||
Resilient Properties | Biodiversity | Ensuring healthy and balanced work | ||||
Strengthening the resilience and | Enhancing the environment and | and community environments | ||||
climate adaptive capacity | ecosystem through our developments | |||||
Diversity, Equity & Inclusion | ||||||
Risk-based Management | Energy & Carbon | Empowering and promoting the social | ||||
Comprehensive assessment | Increasing substantially energy | inclusion of all, irrespective of age, | ||||
to address environmental, | efficiency and renewable energy used | sex, disability, race, ethnicity, origin, | ||||
health and safety risks | religion or economic or other status | |||||
Waste | ||||||
Responsible Investment | Reducing substantially waste | Skills & Leadership | ||||
Incorporating social, environment | generation through prevention, | Developing skills and leadership | ||||
and governance criteria in | reduction, recycling and reuse | programmes that support | ||||
the evaluation process | productive activities, creativity | |||||
Water | and innovation to deliver high- | |||||
Increasing substantially water | value products and services | |||||
efficiency and the recycling and | ||||||
safe reuse of water discharged | ||||||
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Sustainability
MANAGING SUSTAINABILITY
Integrating sustainability into every part of our business and value chain requires an alignment of priorities at the highest levels of corporate strategy. To this end, sustainability remains a key priority in strategic planning at Board and management levels. Our Board of Directors continues to carry out its responsibilities in determining, monitoring and managing the ESG factors material to the Group, providing strategic directions and overseeing the standards, management processes and strategies needed to achieve our sustainability targets.
We work closely with our Sponsor on our sustainability strategies and are guided by the Group's sustainability agenda which is driven by the Sustainability Steering Committee (SSC). The SSC comprises top management from the Group and is responsible for reviewing and assessing the Group's sustainability goals and performance, and is supported by the Group Sustainability team, and the Project Management Office which are tasked to coordinate and implement sustainability strategies at the Group level. This year, given its focus on its Net Zero Carbon and Climate Risk
- Resilience plans, our Sponsor also established a dedicated Advisory Group made up of senior management representatives from various corporate functions and representatives from business units across the Group, to support the SSC.
FHT also has a dedicated Sustainability Task Force comprising the CEO and the department heads of Asset Management, Finance, Investment and Investor Relations. The Asset Management team and the General Managers of the hotels and serviced residences are responsible for tracking each property's sustainability performance against identified indicators.
STAKEHOLDER MANAGEMENT
Delivering value for our stakeholders starts with putting their diverse needs at the centre of our offerings. We are cognisant of the key stakeholder groups who are impacted by our business and activities, and we proactively engaged them during the year through multiple platforms, with the aim of building the trust essential to implementing our sustainability strategy. Their valuable feedback has helped us understand the sustainability issues that matter to them and in turn, this has guided us in our sustainability strategy and efforts.
INDUSTRY ALIGNMENT
Together with the Group, we support the following global sustainability movements:
A signatory to United Nations Global Compact
GRESB
Task Force on Climate-Related Financial Disclosures ( TCFD) Tripartite Alliance for Fair and Progressive Employment Practices
(TAFEP)
United Nations Women Empowerment Principles ( UNWEP)
Key Stakeholders
Customers and Guests
Investment Community and Stapled Securityholders
Hotel and Serviced Residence Operators
Employees
Suppliers and Business Partners
Local Community
Media
Regulators and Non-governmental Organisations
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Frasers Hospitality Trust published this content on 20 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 December 2021 09:02:03 UTC.