Corporate Governance
1. Purpose
Metro Holdings Limited ("Metro" or the "Company") considers sustainability to be integral to the Group's long-term business strategy. Metro is committed to providing its stakeholders with transparent, relevant and consistent disclosures that articulate the Group's sustainability approach, practices and performance.
This Group Sustainability Reporting Policy (the "Policy") establishes the principles, standards and governance structure for Metro's sustainability reporting. The Policy is designed to ensure that Metro's disclosures are prepared in accordance with the SGX Mainboard Listing Rules 711A and 711B and guided by the Global Reporting Initiative ("GRI") Sustainability Reporting Standards 2021 ("GRI Standards 2021"). Where applicable and relevant, Metro also references the SGX Core ESG Metrics, and International Sustainability Standards Board ("ISSB") standards, including IFRS S2.
2. Scope
This Policy applies to Metro's Group Corporate Office and Retail Operations in Singapore, as well as its properties in China in which Metro holds an ownership interest of more than 50%. This coverage is consistent with the sustainability reporting scope disclosed annually in Metro's Sustainability Report.
The Policy governs the Group's approach to sustainability reporting across all divisions and functional units that contribute data, information and insights for the preparation of Metro's annual sustainability disclosures.
3. Reporting Frameworks
As a company listed on the SGX Mainboard, Metro prepares its sustainability reports in compliance with the SGX Mainboard Listing Rules 711A and 711B, the SGX Sustainability Reporting Guide, and other applicable regulatory requirements.
Metro adopts the GRI Standards 2021 as its primary reporting framework, as they support comprehensive, comparable and internationally recognised sustainability disclosure.
Where relevant, Metro also references:
the SGX Core ESG Metrics; and
ISSB guidance, including IFRS S2 climate-related disclosures.
Metro will continue to review and apply relevant reporting frameworks, where appropriate, in response to regulatory developments and stakeholder expectations.
4. Materiality Assessment
Metro completed its first materiality assessment in FY2018 and conducted a reassessment of material Economic, Environmental, Social and Governance ("EESG") matters in FY2025.
Management will review annually whether any significant changes to Metro’s business operations, strategy or external environment warrant a refreshed materiality assessment. Where a new assessment is undertaken, it will incorporate stakeholder engagement and consider the significance and potential impact of EESG matters from both internal and external stakeholder perspectives and Metro’s business context.
The assessment process comprises the identification, evaluation, prioritisation and validation of material topics (“Material Topics”). The final list of Material Topics is reviewed by Management and presented to the Board of Directors (the “Board”) for validation and approval. Material Topics will continue to be reviewed on an annual basis for relevance and appropriateness.
Based on the outcomes of the materiality assessment, Metro’s sustainability reporting focuses on material EESG matters relevant to its retail and property operations. These have included, among others, environmental matters such as energy usage and associated greenhouse gas emissions; social matters relating to talent management and development, workplace health and safety, and customer satisfaction; as well as governance matters including corporate governance, ethical business conduct, regulatory compliance, and cyber readiness and data privacy. These material EESG matters guide the scope and content of Metro’s sustainability disclosures.
5. Reporting Frequency and Format
Metro publishes its sustainability report annually, within four months of its financial year end, in line with SGX requirements. The sustainability report is released via SGXNet and made available on the Company’s corporate website. Metro may publish its sustainability disclosures as a standalone report or as part of an integrated annual report.
6. Governance
The Board has ultimate oversight of the governance of Metro’s sustainability and climate-related matters. The Board sets the overall direction, reviews key sustainability risks and opportunities, and approves Material Topics and relevant disclosures.
The Sustainability Steering Committee (“SSC”) supports the Board by overseeing the execution of sustainability initiatives, monitoring performance against targets, managing material EESG matters, and coordinating sustainability-related activities across the Group.
The SSC comprises representatives from Senior Management, Property and Retail divisions, and key functional units such as Finance and Human Resources. The SSC meets regularly to review progress, update Management, and report key matters to the Board.
The Board also reviews and provides ultimate approval of the Group’s sustainability report prior to its release. The oversight of sustainability matters by the Board is supported by formal governance arrangements, including the SSC, which was established pursuant to Board-approved terms of reference.
8. Assurance
Metro’s sustainability reporting will be subject to internal review. The Board and Management will undertake limited external assurance either at a more mature stage of Metro’s reporting or when such assurance becomes mandatory under applicable SGX requirements.
9. Stakeholder Engagement
Stakeholders are defined as individuals or groups that Metro’s businesses have significant impact on, and that can influence Metro’s ability to advance its strategies and objectives. Metro recognises that effective stakeholder engagement is essential to the successful management of its material sustainability matters.
Routine engagement with Metro’s various stakeholder groups also provides opportunities to communicate on critical concerns and allows Metro to keep abreast of their evolving needs and interests. This, in turn, enables the Company to refine its responses and initiatives accordingly.
Metro engages regularly with its key internal and external stakeholders, including retail shoppers and visitors, tenants, employees, suppliers, business associates, investors, shareholders, analysts, media, regulators and the broader community, through appropriate channels to inform its sustainability strategy and practices.
Engagement with shareholders, investors and analysts is conducted in accordance with the Company’s established investor relations practices, including the appointment of an external professional investor relations firm to facilitate communication and address queries or concerns, as disclosed in the Company’s Annual Report.
10. Metrics and Targets
Metro monitors and manages its sustainability performance with reference to the material EESG matters identified through the materiality assessment process. Relevant sustainability metrics are selected based on their relevance to Metro’s business operations, material risks and opportunities, and applicable regulatory and reporting requirements, and are aligned with the reporting frameworks adopted by the Group.
Sustainability performance data is compiled by the relevant business units and functional departments and reviewed by Management as part of the sustainability reporting process. Where applicable, Management monitors performance trends over time and considers appropriate actions to address material sustainability matters.
Oversight of sustainability performance, including the monitoring of selected metrics and progress of sustainability initiatives, is supported by the SSC and reported to the Board, which retains overall responsibility for the governance of sustainability matters.
11. Climate-related Disclosures
Metro has started to provide climate-related disclosures following the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Through a progressive approach, Metro will incorporate climate-related disclosures in its sustainability reporting aligned to the IFRS Sustainability Disclosure Standards and SGX timeline.
12. Continuous Improvement
Metro will review this Policy and its sustainability reporting practices at least annually to ensure they remain relevant, appropriate and aligned with regulatory requirements, stakeholder expectations and evolving best practices.