28 Environmental, Social and Governance Report 2023 PILLAR 1: HUMAN CENTRIC Culture of Active Learning Continuing with ESR’s focus in cultivating an active learning culture, various programmes were rolled-out in 2023, which included six “Learning Bites” sessions covering general topics on business knowledge, well-being, inclusion, respect, and teamwork. These online/on-site training sessions included additional specific topics on “Managing Goals and Cultivating Performance Mindset, “The Future of Work is Gender Equal” and “Shaping Communities through Urban Planning in Singapore”, the latter being part of our Internal Subject Matter Series. The series allow employees to learn more about the work carried out by various functions within the Group, allowing them to gain a deeper understanding of the business. We regularly promote job related training opportunities, in relation to new regulations, external certification, and safety-related courses. We also cover employee training expenses for professional memberships and examination fees required for their jobs, as well as for participation in external conferences to keep updated with industry developments. In addition, we rolled out Group-wide mandatory training which includes Cybersecurity Awareness and Compliance topics such as Anti-Bribery, Anti-Corruption and Handling of Gifts, Travel & Entertainment, Data Privacy, Conflicts of Interests, Anti-Money Laundering, Counter-Terrorist Financing & Sanctions and Code of Ethics. These training programmes form part of the employee training targets to fulfil 16 to 26 training hours annually as part of their individual development plan. We are committed to developing future leaders and managers by equipping them with the necessary leadership skills and capabilities. ESR has a customised training programme for high-performing employees identified as future leaders for succession planning. This includes specific assignment secondments, role expansion, job rotation, mentorship, media and crisis management training for senior management, and others, which are aligned with the Group’s managerial and leadership development program. In 2023, over 100 people managers attended the Performance Management for People Managers programme, an in-house core leadership programme to equip people managers with team management skills including performance management, communication and feedback strategies. Tailored leadership and management training are also provided to selected senior leaders to deepen business knowledge and sharpen their interpersonal skills and leadership styles. In 2024, ESR’s Group Head of Information Technology Jonathan Lim participated in a 2-day Technology Leaders Programme, aimed at enhancing the soft skills of technology leaders and address business and organisational issues amidst technological disruptions. During the year, the Group introduced the inaugural New Employee Orientation (NEO), which seeks to enable new colleagues, including interns, to acquire key insights of the Group from senior executives through the matrix of ESR’s work, including the Group’s ESG efforts. At the inaugural event, our Group Chief Corporate Officer welcomed over 30 new employees across the Group. Four hybrid sessions were carried out in 2023, with a total 98 participants from Australia, China, India, Japan, Singapore, South Korea and Thailand. Total Rewards Strategy Our people are the key to sustaining our long-term success in our business. To ensure that our compensation programmes are well balanced and effective at attracting, motivating and retaining the right talent, the Group regularly engages external independent professional remuneration consultants to benchmark the company’s compensation packages against the relevant talent markets. Our total compensation comprises an appropriate mix of fixed pay (base salary) and variable pay in the form of cash incentives (i.e., short-term incentives) and long-term, equity-based incentives. Our pay-for-performance philosophy drives accountability and rewards superior performance, which aligns staff and shareholder interests to deliver business results. For senior level employees who can have the greatest impact on the bottom line, a significant portion of compensation is variable, and a meaningful portion of their total compensation is delivered annually in equity awards subject to multi-year vesting to strengthen talent retention as well as the alignment with shareholder interests. To ensure that our talent attraction and retention strategy is competitive and aligned with market practice, sign-on or retention packages may be offered on a case-by-case basis. Appropriate terms including performance conditions, time-vesting and the fulfilment of a certain minimum length of service with the Company may be applied to such sign-on or retention packages. Individual staff performance is reviewed regularly as part of our annual performance review where there is an open discussion on the staff’s performance, developmental needs and career plans. Beyond mandatory requirements in local employment law, our local offices offer a range of benefits from paid vacation, medical and family leave, insurance and retirement saving schemes. More detail disclosures can be referred to in the Remuneration Section of the FY2023 Annual Report. Managing & Developing Talent
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