The journey continues with our reporting as we forge ahead with greater transparency and disclosure in our reporting for a second consecutive year. This is significant given the recent changes to the company as it underwent a divestment exercise which led to an ownership change in March 2009.

With the divestment exercise came a restructuring exercise PowerSeraya to align with the operational philosophy and modus operandi of the parent company for synergistic opportunities. We have taken opportunity to relate our re-organisation story in relation to the strong industrial union relationship that exists between the union and management to make the restructuring exercise a smooth and success one.

Besides doubling the number of GRI indicators in this report, we have also made conscious efforts to add greater depth to the topic of climate change by relating it to our company strategy, local policies and initiatives as well as drawing references to the global context. In addition to this, we have also added greater depth and breadth on the topics of human rights by drawing its relevance and application in the Singapore context so readers who have a greater appreciation of how human issues are handled in Singapore and how it is transcripted to the company context.

The reporting period covers a significant period in time when the world was in the verge of financial collapse in 2008/2009. Even in 2010, this issue remains a real and imminent challenge to both developed and developing countries. No company was spared during the financial crisis and that included PowerSeraya. In this report, we attempted to share how our company's risk management practices helped to limit the exposure of the company to the dramatic changes in fuel oil prices and tight credit crunch at the height of the global financial crisis which affected all nations and companies.

In the area of Product Responsibility, we have expanded our reporting to elaborate the innovative products we have developed for customers that help them limit exposure to the volatility of fluctuating oil prices. Being in the highly regulated electricity market, we have also elaborated our role as an active and pro-active participant of the Electricity Market for the smooth and efficient function of the market mechanism so that competitive electricity prices for the benefit of end consumers can be realized.

Our disclosure of our internal and external initiatives on the environmental and social fronts continues in this report. In particular, we are pleased to report our major investment in the community through the establishment of the Energy Learning Hub at the premises of our adopted school, Greenridge Secondary School. In addition, we have increased our coverage of the environmental performance of our business operations by reporting new items such as indirect energy consumption and corresponding carbon dioxide emissions, water intensity as well as input materials used and recycled.

We hope that this year's sustainability report will give readers a balanced and considered view of the company's strategy and initiatives relating to sustainability.

Reporting Standards

The sustainability report is based on the Sustainability Reporting Guidelines of the GRI (Global Reporting Initiative), the de facto global standard for reporting. It has undergone an independent third party assurance process and a GRI Application Level check. This is a G3: B+ report covering 57 performance indicators and encompassing all the 6 indicator categories (Economic, Environmental, Society, Labour, Human Rights & Product Responsibility).