The Sustainability Reporting Team (SRT) took into account the following factors in determining the report content:
In previous year's report, we had dedicated a section to explain our role in climate change stemming from the carbon-intensive nature of our business. This year's report is no different, except that we have included content with a greater focus on the local context by referring to the Singapore's Sustainability Blueprint and the National Climate Change Strategy paper. Additionally, we have expounded in greater detail how our company has taken into consideration carbon risks in our corporate strategy as well as our thinking on achieving long-term sustainability in Singapore's context.
What we have reported in the previous report, we continue to do so in this report as they are relevant and material. Below summarises what is featured in this report :
Key financial data are extracted in our FY08/09 Annual Report and presented in this report to give readers an overall picture of our company performance and its relation to sustainability.
A substantial part of the company's environmental performance is driven by the management processes under ISO 14001. Power generation operations involves a complex chain of chemical processes which impact on the environment and all compliance related environmental aspects are covered in the ISO 14001. In this report, we detail the reporting structure and processes of the ISO 14001 which plays an instrumental part in ensuring that environmental performance is constantly measured, monitored and reported on a regular basis.
As in the previous year's report, we continue to disclose environmental aspects that may pose health risks to the public or are related to climate change. Examples include reporting the company's sulphur dioxide emissions and carbon dioxide emissions, as well as other greenhouse gas emissions.
On the social aspects of our business, we have included the important role that the company has taken in the career development of its staff through its emphasis on training. We have highlighted the important role that the union, UPAGE, has in terms of promoting employee welfare as well as its collaborative relationship with management in delivering company goals. This is especially pertinent in light of the restructuring exercise which the company went through following the change in the company's ownership. How the union and management worked together to ensure positive outcomes from the restructuring exercise are further elaborated in this report, highlighting how the challenges from the restructuring exercise were being addressed with due attention to human issues. On the external front, our company has also taken a more active stance in getting greater staff involvement in helping the community. Details of our community outreach activities are featured in detail in the Social Performance section of this report.
Expanding on what was reported under Human Rights performance indicator category, we felt it was important to give our stakeholders (especially those in foreign countries) as deeper understanding of how human rights issues such as child labour, indigenious rights and forced labour are being viewed and addressed in Singapore as this ultimately translates to what is being practiced in the company. This we have included in the report in addition to the matters concerning our employee's right to collective bargaining, giving an update on the developments leading to the renewal of the current collective bargaining agreement which is expiring in 2010.
Corporate risk management has always been a strong emphasis in our company along with the corporate governance philosophy of the company. In this report, we provided updates on how the new ownership changes in our company has impacted on the risk management structure and systems. We also included a feature of how our enterprise risk management regime has helped to minimise the risk exposures of oil price fluctuations and credit risk arising from the outset of the global financial crisis in late 2008. We also continue to feature fraud risk management giving more details on the training aspect of this risk item.
In this year's report, we expanded on the Product Responsibility section to include the vital role our company plays in ensuring a fair and level playing field in the electricity market which ultimately affects the end-consumers in terms of utilities costs. In addition, we also featured how our company has helped customers to mitigate the risk of volatility of electricity price (which fluctuates in tandem with the fuel oil prices) through innovative product packages tailored to the different risk profiles of our customer. Our product innovation has not only helped us gain and retain customers but also allowed the company the opportunity to exercise product responsibility by providing products that help mitigate potential risks that our customers would experience with fuel oil fluctuations.
This sustainability report is meant for all our stakeholders, which includes parties with whom the company has interaction or over whom it has an influence. As such, our employees, customers, major shareholders, board of directors, potential investors and suppliers, as well as the community in which we operate, are all stakeholders. In this report, we have included our engagement activities and processes with these stakeholders, which are covered in 'Corporate Governance'. Where possible, we have also included the voices of our customers and suppliers through the disclosure of survey findings covering the feedback and inputs of these stakeholders.
The company sees itself playing a role in climate change action, and this report aims to link the sustainable development approach we have taken in balancing economic and environmental imperatives to deliver long-term outcomes. In this report, we have made conscious efforts to explain in more detail how our company operates and how aspects of sustainability are incorporated and viewed in our company. This is to give our stakeholders a deeper understanding of the sustainability philosophy of the company. How our company views carbon risk in relation to the issue of energy security in Singapore's context are given further elaboration in this report. On the social aspects, our organisation views human capital as an important asset of the company and believes in nurturing its employees and the community through social contributions, which centre on supporting talented youths. We also maintain good union-management relations which is key to the harmonious industrial relations the company enjoys and in so doing grow our social capital.
The report has taken into account materiality, sustainability context and its stakeholders. All entities of PowerSeraya, including its subsidiaries, have been included. Close reference were made to the Global Reporting Initiative G3 Sustainability Reporting Guidelines and the recently released final version of Electric Utility Sector Supplement in efforts to improve on the reporting quality as we progressively work our way to achieving GRI Application Level A+ in the years ahead.
We strive to provide a balanced view of our company performance by including performance indicators that cover all GRI indicator categories. Both positive and negative results are presented and for easy trend analysis, charts and graphs are used where appropriate. We feel that a company's performance is governed not only by its economic achievements, but also its environmental and social performance which give readers a balanced view.
We have included three years-worth of content in the report (and in some areas 5 years data) so that there can be some basis of comparison of the company's economic, environmental and social performance. Where appropriate, we have compared our performance against industry or equivalent standards/benchmarks.
All content is backed by supporting documentary evidence provided by members of the Sustainability Report Team (SRT) which comprises employees representing every major business unit in PowerSeraya. Where possible, we included methodologies and assumptions explaining how the performance was calculated. The appointment of an independent party to conduct third party assurance on the report content further lend credibility to the accuracy of the key data being presented in this report via the an audit process based on a recognised, international standard.
We aligned the environmental and social performance indicators with the economic indicators. The latter are in the company's Annual Report on a financial year basis, as the financial year ends in March and the report is released in August.
The report is meant for all stakeholders so we have tried to write it in a clear, concise manner to cater to most readers. We have made an effort to avoid information that is too technical, so that the report would be accessible to readers without a technical background. In some areas, we have provided readers with some background knowledge to assist them in understanding the relevance and context of the report content. For example, in relating the product responsibility role that our company does in ensuring a level playing field in the electricity market, we found it pertinent to explain how the electricity market in Singapore functions and how our compliance to the electricity market rules is relevant.
We value your feedback
We welcome all feedback and queries relating to this report. Please get in touch with our Environmental and Corporate Services Manager by corresponding via this email address : email@example.com