Swire Pacific is committed to the sustainable development of our businesses. We provide quality products and services to customers, strive to minimise the environmental impact of our activities and carefully consider the needs of our community, making positive contributions wherever we can.
In all our business dealings we insist on the highest standards of professionalism, accountability, and transparency. We offer our staff equitable, safe, and healthy workplaces and foster their career development. We pursue operational excellence in everything we do, priding ourselves on being forward-looking, innovative and original. These qualities are the foundation of our success and vital to our long-term sustainability.
We are proud of our achievements to date, but also recognise that we can and need to do more as the challenges around sustainability become more pressing and complex. Believing that business can flourish alongside the environment, we have made significant investments in sustainable operations, always considering our commitment to our shareholders. Occasionally a project with excellent sustainability credentials may not make economic sense. To aid these projects, from 2017, we will be offering additional central support for projects which can deliver long term benefits in terms of sustainable development, but which would otherwise fall short of our cost of capital targets.
Sustainability at Swire Pacific
At Swire Pacific, long-term thinking and the responsible stewardship of valuable resources drive every aspect of the business, from daily operations, strategic planning and investment decisions to staff care, community involvement and environmental management. Our aim is to integrate all of these aspects - economic, environmental and social sustainability, into all dimensions of our business and management practices.
While each business unit is required to address its own sustainability issues, the principles governing the way in which this is done are formulated at Group level. Through its Sustainable Development Office, Swire Pacific sets policy and monitors its implementation by individual business units. The sustainable development office also assists business units with planning, risk management and with the measurement of results. Policy is set in the light of global sustainability trends and after consideration of the risks and opportunities for the Group as a whole. Strategic committees have been established at Group level to address key sustainability issues, such as human resources, health and safety, the environment, energy and the supply chain; these committees report to the Group Risk Management Committee.
Through our enterprise risk management system, we identify the principal risks that need to be managed in order to facilitate the sustainable development of our businesses. We engage with our business partners and other third parties and benchmark our sustainability performance against our industry peers. We regularly review our own performance and report on it to shareholders using the Global Reporting Initiative.
Reporting and Valuation
Advances in reporting methods have allowed us to better measure, articulate and communicate our performance. Swire Pacific has produced an integrated annual report since 2011 and we voluntarily report to the Carbon Disclosure Project. Reporting not only serves as a way to achieve transparency, but also enables us to gauge our progress towards our goals. As we continue to learn and improve on our reporting, we are becoming better able to assign values to non-financial areas of interest, painting a more accurate picture of our impact and how to mitigate it. In addition, the increasing adoption of sustainable cost accounting also allows us to better measure the value of sustainable initiatives, facilitating sound investment decisions.
Engagement and Co-operation
As a large multidisciplinary group, we gain enormous benefit from sharing the experiences and knowledge of each operating company. We are most powerful when we work as one, our combined expertise allowing us to be highly effective. We regularly conduct stakeholder engagement exercises as a means of assessing our performance in terms of corporate governance and social and environmental practices. Respondents include our own employees, regulators, academics, NGOs and communications experts. The responses have helped us to establish priorities, set goals and determine how best to report on these matters.
Sustainability as an Opportunity
As a key part of managing for, and investing in the future, Swire Pacific has invested in innovative companies in renewable chemicals, smart fibres and bio-based materials in recent years. By taking action to further the development of these technologies, our commitment to sustainability is clear. Please click the links below for further details of the three investments.
Green Biologics Limited
NanoSpun Technologies Limited
Avantium Holding B.V.