Swire Pacific’s highest governance body is its Board, led by an Executive Chairman. Our corporate governance (including the operations of the Board and its committees, audit and communication with shareholders and investors) is addressed in the Corporate Governance Report in our 2018 annual report.
Our Board is ultimately accountable for sustainability matters. Information on sustainability risks and performance is reported to the Board via the Group Risk Management Committee (GRMC), which has eight members and is chaired by the Finance Director. The GRMC is advised by the Swire Group Sustainability Committee and by six working groups covering each of the six focus areas of SwireTHRIVE. The working groups meet three times a year to exchange information and best practices with a view to developing specific policy recommendations, improving efficiency, reducing costs and engaging staff in sustainable development.
To provide additional oversight and direction, division heads meet twice a year on sustainability matters under the Chairman of the Board.
Our Sustainable Development Office, which reports directly to a member of the Board, is responsible for setting policy, monitoring the implementation of policy and for implementing our Group sustainability strategy, SwireTHRIVE. Policies are intended to reflect key sustainability trends and address major risks and opportunities in sustainability. The Sustainable Development Office co-ordinates the sustainable development committees and working groups. These committees and groups enable operating companies to exchange information and best practices with a view to developing specific policy recommendations, improving efficiency, reducing costs and engaging with staff.
We work together with our operating companies and with those with whom we do business with a view to maintaining an appropriate level of oversight and control over sustainability matters. The management of each operating company is responsible for its own sustainability matters. Each operating company is responsible for:
- Assessing the sustainability issues faced by the company
- Formulating strategy based on this assessment
- Implementing this strategy through an appropriate organisational structure
- Monitoring compliance (to confirm that appropriate action has been taken) and reporting on performance