ST Engineering’s Risk and Sustainability Committee (RSC) assists the Board in the oversight and governance of risk and internal controls, as well as sustainability governance responsibility. The RSC is supported by the Group Risk and Assurance function and the Group Strategy and Sustainability function, accountable to the Group CFO and Group President & CEO respectively.
We have been reporting aspects of our sustainability efforts since our formation in 1997 and in 2011, evolved that into a sustainability segment within our annual report, guided by Singapore’s internationally benchmarked Business Excellence Framework. In 2014, we formalised that into our maiden Sustainability Report prepared in accordance with GRI Standards: Core Option, and with reference to the LBG framework for corporate community contributions. In 2016, we further aligned the Sustainability Report to the SGX Sustainability Reporting Guide and renamed the ST Engineering Risk Review Committee as the Risk and Sustainability Committee (RSC) to formalise its oversight of sustainability matters.
In 2019, we affirmed our support of all the United Nations 17 Sustainable Development Goals and identified six goals where the Group has more contributions in terms of our internal practices, and the products and services we offer to our customers.
We identify and prioritise sustainability issues that matter most to ST Engineering and our stakeholders through materiality assessments.
Our Enterprise Risk Management Framework provided the backdrop upon which the sustainability materiality assessment was carried out and reviewed, with both financial and non-financial impact assessed against the Group’s risk tolerance limits and implications for our key stakeholders.
We believe that creating sustainable value for our stakeholders is essential to the Group’s long-term success. Engaging our stakeholders enables us to understand and address their concerns, and strengthen crucial relationships for which our business is dependent on. Material stakeholders are identified as part of the ST Engineering’s Enterprise Risk Management process, based on the magnitude these parties can impact or be impacted by the Group’s activities.