Integrated Annual Report 2023 2 3 4 5 6 7 8 9 1 129 OUTLOOK Moving forward, our objective is to enrich our SVM Framework by infusing sustainability considerations into our procurement practices. This will involve a comprehensive approach, including environmental and social assessments of suppliers, adoption of green material sourcing principles and reinforcement of health and safety standards. Notably, in Singapore, we have already initiated preliminary screenings, emphasising the engagement of sustainable and environmentally friendly vendors to align with the Green Labelling Scheme. As we progress, our commitment to enhancing supplier segmentation processes and conducting thorough due diligence assessments of suppliers’ ESG compliance levels remains unwavering. Through a meticulously planned supplier engagement strategy, we will effectively communicate our sustainability objectives, fostering alignment with our overarching strategic vision. Additionally, plans are underway to introduce environmental screening measures to further fortify our supply chain sustainability efforts. In the short term (2024), our focus lies in laying the groundwork for progress by launching ESG vendor management initiatives as outlined in our sustainability roadmap. This includes the deployment of an ESG questionnaire to gauge supplier maturity levels and conducting comprehensive supply chain ESG risk assessments. We will continuously refine our evaluation criteria to diversify our supplier panel and collectively achieve our sustainability objectives. Transitioning into the medium term (2025 - 2026), our efforts will be directed towards addressing key gaps to achieve structured maturity levels in line with our sustainability roadmap. This encompasses amending the code of conduct, embedding ESG principles into procurement policies and contracts, conducting detailed ESG risk assessments on strategic vendors, and establishing a robust ESG management framework for vendor risk profiling and methodology. To facilitate this transition for our vendors, we plan to conduct a comprehensive risk profiling exercise, followed by the development of a tailored supply chain engagement plan to assist them in meeting our enhanced framework requirements. This engagement plan will also facilitate our understanding and mapping of Scope 3 emissions within our supply chain. Looking ahead, our strategic focus will center on implementing value-driven enhancements to elevate our ESG vendor management practices to industry-leading maturity levels. This entails governance improvements, stakeholder engagement initiatives, and enhanced transparency in monitoring practices. SUSTAINABLE ECONOMIC GROWTH
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