In 2022, the Board received external training on ESG and cyber security. Further
information on our Board diversity, processes and training is available in the
Corporate Governance section of the Swire Pacific Annual Report 2022.
The Board is kept informed of sustainability risks and performance by the Group
Risk Management Committee (GRMC), which reports to the Board via the Audit
Committee. The Board monitors performance through detailed monthly reports on
health and safety, and quarterly reports on other ESG matters. It also reviews
internal and external audit reports and feedback from external stakeholders. The
Group Head of Sustainability briefs the Board and Division Heads twice a year on
sustainability matters. The Board ultimately reviews and approves the Group’s
sustainable development related targets.
Responsibility for achieving sustainability objectives and implementing
SwireTHRIVE and our ESG policies on a day-to-day basis is delegated to division
management, with oversight from specialist Group departments. The Sustainable
Development Office (SDO), the Group Risk Management and Diversity &
Inclusion departments and the Group Head of Philanthropy are jointly responsible
for SwireTHRIVE. Each operating company has adopted an appropriate
organisational structure to manage its most material sustainability issues and
to monitor and report on its performance. The SDO is required to provide the
Board of Directors with quarterly reports on performance against sustainability
targets and key initiatives to drive progress.
Group departments convene committees and working groups comprising subject matter
experts from our operating companies to exchange information on best practices,
with a view to developing specific policy recommendations, improving efficiency,
tracking progress against targets and managing risks. Formal committees relevant
to SwireTHRIVE include the Swire Group Environment Committee (SGEC) and the
Health and Safety Committee (both of which are overseen by the GRMC) and the
Diversity & Inclusion Steering Committee (which reports directly to the
The SDO, led by the Group Head of Sustainability, advises senior management of
key developments and emerging risks related to sustainable development. It is
responsible for setting group environmental policies and targets, monitoring the
implementation of SwireTHRIVE and our ESG policies, and internal and external
reporting on ESG matters. The SDO reports monthly to an Executive Director of
The management of risks and the implementation of ESG policies are subject to
scrutiny by our internal audit department, with support from specialist external
consultants where necessary.
The SDO coordinates the SGEC and five working groups responsible for defining our
climate, waste, water and sustainable supply chain approaches and our response
to the Task Force on Climate-related Financial Disclosures (TCFD).
Swire Pacific has established a three lines of defence risk governance model. The
GRMC is supported by four risk forums and a separate Swire Pacific Risk
Management Committee, which identifies risks that have a group dimension (see
ESG risk management).