Resilient Business

In today’s dynamic global and macroeconomic environment, we believe that a resilient business requires a robust framework that identifies, manages and mitigates current and emerging risks. These risks include corruption, non-compliance with laws, as well as health and safety. A resilient business undergirds our transformation plan and targets. 

Why this is material
The nature of our operations involves exposure to health and safety risks. Any lapse in health or safety protocols may result in direct or indirect impact on our employees, contractors, customers and communities. A robust health and safety management system, supported by strong implementation and monitoring, minimises operational disruption and improves business resilience.

Our approach
We recognise the right to life, health and safe working conditions, and are committed to reducing health and safety risks in our operations. We believe that most incidents are preventable. It is our responsibility to ensure that our employees are equipped with the right skills and tools to work safely. We also require our contractors to comply with our health and safety requirements to prevent and manage health and safety risks. Our Group Health, Safety, Security and Environment (HSSE) management system is internally audited and conforms to the relevant Occupational Health and Safety Assessment Series and International Organisation for Standardisation (ISO) Standards, and applies to all employees. We expect our contractors, vendors and suppliers working within or at project sites outside our facilities to conform to our Group HSSE management system.

Our frameworks and policies

Group HSSE Policy
• Group HSSE Management Framework
Human Rights Policy

Reference frameworks

• ISO 45001
• International Association of Oil and Gas Producers Global Safety Performance Indicators
• US National Institute for Occupational Safety and Health Guidelines

Why this is material
In today’s increasingly complex and volatile business landscape, the Group is exposed to a range of risks. Robust risk governance is instrumental to the resilience of our business. 

Our approach
We adopt a consistent approach to identify, measure, manage and mitigate risks through our IAF which incorporates the three lines of defence model. Our market teams conduct a quarterly review of their key risks including climate-related risks using a likelihood impact matrix and provide the performance updates to the respective corporate functions.

Principal risks of the Group are identified and accountability is established with the relevant risk owner and coordinator. The risk description, drivers and consequences are determined by risk owners. Key risk indicators and risk appetite are set to facilitate monitoring of risk status.

Our enterprise-wide compliance programme is designed to ensure compliance with our anti-bribery and corruption (ABC) policy and includes counterparty due diligence. Our zero-tolerance stance towards bribery and corruption is regularly communicated to employees through email circulars and e-learning programmes to increase awareness.

For more information on our principal risks and our approach to managing them, please refer to the Corporate Governance Statement in our Annual Report.

Our frameworks and policies

• Integrated Assurance Framework
Code of Conduct
• Group Conflict of Interest Policy
Whistleblowing Policy
• Group Investment Approval Policy
• Group Data Protection Policy
Group Anti-bribery and Corruption Policy
• Group Gifts, Entertainment and Travel Policy
• Group Know-your-counterparties Policy
• Group Third Party Representative Anti-bribery and Corruption Due Diligence Policy

Reference frameworks

• SGX Rulebook Practice Guide 9
• Singapore Code of Corporate Governance 2018
• Committee of Sponsoring Organisations of the Treadway Commission: Enterprise Risk Management Framework 2017
• ISO 31000
• ISO 27001
• National Institute of Standards and Technology’s Cybersecurity Framework

Further Information

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