As we reflect on the past year, we are proud to share our progress in advancing our ESG strategy across ESR’s integrated fund management and development platform. At ESR, we are pleased to have the Board’s overarching commitment and continued support to create long-lasting value for our stakeholders. In line with our ESG vision, mission and framework, the Board approved the Group’s enhanced suite of ESG policies in March 2023, setting the tone for a unified approach to fostering an effective corporate governance culture and incorporating ESG factors into every aspect of our operations and business, as they are pivotal to our success and a key enabler to pre-empt and mitigate our risks. As APAC’s leading real asset manager powered by the New Economy and one of the largest listed real estate managers globally, we see tremendous potential in our scale to drive sustainable returns for our investors, minimise our environmental impact and build stronger communities where we operate. In 2023, the Group made significant progress against our targets as set out under our ESG 2030 Roadmap, which was unveiled in May 2023. The roadmap underscores the Group’s commitment to enhance our synergies and accelerate long-term sustainable growth across the three key pillars under our ESG Framework — “Creating a Human Centric environment that is safe, supportive and inclusive for stakeholders”; “Developing and maintaining a sustainable and efficient Property Portfolio”; and “Delivering outstanding Corporate Performance for sustained and balanced growth”. Under the Human Centric pillar, the Group continues to advocate diversity, equity and inclusion in the workplace, uphold employee health and safety, drive employee engagement and scale up community investment initiatives under three dedicated focus areas, namely: “Strengthening Social Resilience, Health and Well-being”, “Promoting Education & Upskilling”, and “Protecting the Environment”. Within our Property Portfolio pillar, the Group remains committed to developing and maintaining sustainable and efficient operations, increasing sustainable building certifications and ratings, building flexible and adaptable properties in strategic locations, and improving resilience against climate change. Within the Corporate Performance pillar, the Group is committed to upholding the utmost standards of corporate governance to ensure accountability, transparency, fairness and integrity across all our operations. The Group has also embarked on preparatory work for our inaugural United Nations-supported Principles of Responsible Investment (“UN PRI”) reporting due in 2024. Given the urgency of the net-zero challenge and its growing importance to our stakeholders, the Group continues to reduce energy demand through sustainable design features, reduce our carbon footprint through energy-efficient measures at the asset level, increase the uptake of renewable energy solutions and pursue green building certifications and ratings across our portfolio. As part of the Group’s decarbonisation efforts, we are proud to announce the launch of several synergistic partnerships which include renewables in China, Australia and South Korea and electrification of our logistics supply chain in Japan. The Group is progressing well on our Net Zero Strategy and Decarbonisation Roadmap which includes an embodied carbon strategy with reduction initiatives and interim milestone targets to support the eventual target of net zero whole life carbon across our value chain. Looking ahead, the Group will continue to accelerate our transition to a more inclusive, low-carbon and climate resilient future. We will leverage our diverse strengths, take collective actions to influence positively at scale and drive sustainable growth and consciousness in the markets in which we operate. Thank you for your continued trust and partnership in our pursuit of a sustainable future for all. Jeffrey David Perlman Chairman 24 April 2024 OUR ESG APPROACH Environmental, Social and Governance Report 2023 5 Letter from Chairman JEFFREY DAVID PERLMAN Chairman “Looking ahead, the Group will continue to accelerate our transition to a more inclusive, low-carbon and climate resilient future. We will leverage our diverse strengths, take collective actions to influence positively at scale and drive sustainable growth and consciousness in the markets in which we operate.”
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