Policies at Setia provide the foundations ensuring what we do in relation to sustainability is done correctly. Our list of policies include:
Sustainability
Overview
Sustainability
Snapshot
Sustainability
Governance & Policies
Sustainability
Accolades
STATEMENT
OUR STATEMENT
As a leading property developer in Malaysia, S P Setia strives to create lasting value for stakeholders while prioritizing social and environmental responsibility.
At Setia, we recognize the impact we have on the planet and its people. Through our vision of creating sustainable communities, we wish to build a future that benefits both the environment and humanity. Our commitment to positive change ensures a better future for generations to come, embodying the spirit of “Stay Together, Stay Setia”.
COMMITMENT
OUR COMMITMENT
Embracing the commitment to promoting sustainable development and social responsibility, S P Setia is now directing its efforts and resources towards a set of key focus areas, each aimed at creating a positive impact and addressing critical societal issues.
1
Instill a culture of sustainability encompassing awareness on environmental, social and governance matters for all our employees
2
Aspire and commit towards ‘Net Zero Carbon Emissions by 2050’ as part of our pledge to preserving the planet
3
Uphold governance practices to the highest degree of integrity
4
Nurture and retain the best talents for the job scopes assigned to them
5
Foster innovation and digital transformation, which in turn delivers the best products and user experience for our customers as well as stakeholders
GOAL & TARGET
OUR GOAL & TARGET
We have identified our seven key priority material matters and developed Group-level targets designed to facilitate progress across various dimensions of sustainability. For each Material Matter, we have allocated targets as such:
1
Economic Performance
2
Innovation
1
ENVIRONMENT
2
EMISSION
1
Occupational Health and Safety
2
Customer Satisfaction
3
Community and Social Impacts
FRAMEWORK
SUSTAINABILITY FRAMEWORK
Sustainability is core to our business decision-making and activities, as we seek to create long-term positive impacts on people and the planet. As such, we strive to embed EES considerations in our business management and daily operations. We also review our sustainability approach from time to time to ensure that our strategy remains relevant to current trends in order to mitigate risks and identify opportunities.
In 2022, we bolstered our sustainability approach with a new Sustainability Framework and enhanced our Sustainability Governance to include sustainability oversight at the Board level. The Board Sustainability Committee was established to guide S P Setia’s strategic direction, and oversees sustainability strategy, direction, performance and risks. The new sustainability approach will pave the way for S P Setia to prepare and respond to changes in the market and stakeholder expectations. This includes enabling the organisation to implement a circular economy as part of the Group’s overall sustainability plan and ensuring compliance with regulatory requirements.
The new Sustainability Framework aims for the Group to better drive sustainability to create sustainable communities. Approved and validated by S P Setia’s Senior Management and the Board, the new Sustainability Framework is anchored on three robust pillars, with each pillar aligned with identified key material matters. Furthermore, the Sustainability Framework also integrates Setia’s Vision and Mission, ensuring our business operates with sustainability at its heart.
We have also selected 15 United Nations Sustainable Development Goals (“UN SDGs”) that are aligned with the key material matters and the pillars. Going forward, we will keep reviewing and updating our sustainability approach to align with the rapid development of the sustainability landscape, and to mitigate risks and identify opportunities to ensure the sustainability of the business.
Launched our inaugural Sustainability Statement within our Annual Report 2016
Continued disclosure of Sustainability Statement within Annual Report 2017
Gathered feedback from Bursa Malaysia regarding improvements to sustainability-related disclosures
Advanced towards Integrated Reporting
Disclosed Sustainability Statement within the Integrated Report 2018
Continued to gather feedback from Bursa Malaysia on reporting improvements
Created the Setia Sustainability Framework including material matters developed from stakeholders’ impact analysis
Enhanced data disclosure and scope of reporting to cover all international Business Units
Established the Sustainability working unit under Group Risk, Integrity & Governance
Developed a focused action plan in addressing gaps regarding sustainability-related practices
Created a plan in facilitating data compilation across the Group
Established sustainability initiatives based on key prioritised areas and periodic reporting mechanisms
Ensured integration into business strategies (review of relevant processes), linkage to relevant KPIs
Developed and built sustainability infrastructure, taking into account people, process and technology
Established the Board Sustainability Committee providing oversight on sustainability-related activities and action plans
Enhanced Setia’s Sustainability Framework, covering Setia’s Vision, Mission and underpinning KPIs
Refreshed the Materiality Matrix and identified High Importance Material Matters
Integrate Setia’s business strategies and KPIs aligned with the United Nations Sustainable Development Goals
Prepare Setia’s sustainability-related disclosures for verification in the form of assurance
Embark upon Taskforce on Climate-related Financial Disclosures (TCFD) reporting, aiming to fulfil Bursa Malaysia’s requirements by 2025
Promote a culture of innovation, transformation and excellence to provide the best experience to our customers as well as stakeholder
SNAPSHOT
SUSTAINABILITY SNAPSHOT
In 2023, we deepened our commitment to sustainability by embedding these goals into our organizational practices, aiming to create value for all stakeholders and foster enduring positive impacts for both our people and the planet. Throughout the year, we successfully executed initiatives that yielded Economic, Environmental, and Social (EES) benefits.
Sustainability remains at the forefront of our mission to build sustainable communities and enhance lifestyles. We furthered our sustainability efforts by adopting a comprehensive approach that allowed us to strategically integrate sustainability goals into our business practices and adapt to change. Sustainability is front and centre in our pursuit to build sustainable communities and enrich lifestyles.
Our objective is to generate value for all stakeholders and create lasting positive impacts for people and the planet. During the year, we carried out various initiatives that produced significant Economic, Environmental, and Social (EES) outcomes.
The following represents our Sustainability Highlights which provide an overview of the key impacts we achieved across the three sustainability themes:
STRUCTURE
GOVERNANCE STRUCTURE
We pride ourselves on conducting our business in an open and transparent manner. Our well-established culture ensures that our governance framework remains flexible, allowing for fast decision making and effective oversight.
As illustrated in our sustainability governance structure, the Board of Directors sits at the helm of our sustainability governance and provides deliberation as well as oversight on sustainability strategy, implementation and performance. Our Board Sustainability Committee then prioritizes and ensures that the Group is advancing towards our designated sustainability agenda.
The Management Sustainability Committee,chaired by the CEO, ensures that implementation as well as monitoring occurs in line with Setia’s vision and mission. The Sustainability Working Committee, comprised of Group Corporate Sustainability and appointed ESG Leaders and Champions, thereby carries out the necessary actions and implementation exercises to achieve Setia’s sustainability-related objectives.
POLICIES
OUR POLICIES
Code of Conduct
Anti-Bribery (Malaysia)
Anti-Bribery (International)
Labour Rights
Sustainability
ACCOLADES
OUR ACCOLADES
Delivering quality products and services, we have maintained our track record as an award-winning property developer. One of our achievements was in having the company ranked 46th place under the Top 100 companies for Corporate Governance Disclosure at the MSWG-ASEANCorporate Governance Award 2021 (awarded in 2022).
Furthermore, it is with great pride that we present a list of other notable sustainability-related achievements Setia has collected over the years we have operated:
