146 STRATEGICALLY ADVANCING SUSTAINABILITY REPORT Climate-Related Disclosures ESR-REIT is listed on the SGX-ST and is required to disclose climate-related information based on the IFRS Sustainability Disclosure Standards by FY2025. Specifically, the IFRS S2 Climate-related Disclosures Standard incorporates and builds on the TCFD framework and SASB sector standards. The standards show increased expectations for the reporting company to quantify business activities vulnerable to climate risk and its financial impact on the business. In FY2024, we have conducted a gap analysis of current processes against the IFRS S1 and S2 Standards and are working to fully meet the climate-related requirements in FY2025. Notwithstanding the transition to the IFRS disclosure, we have also complied with the relevant climate-related financial disclosures required under the TCFD framework under the SGX-ST Listing Rules for FY2024. We are exploring models to quantify the climate risks and to integrate our findings into our risk management and business decisions next year. Recommended Disclosures Response Governance The Board’s oversight of climate-related risks and opportunities The BSC has oversight of ERM, including climate-related risks and opportunities. This includes approving and monitoring the Manager’s risk appetite and risk tolerance statements, and defining acceptable risk levels to achieve business objectives. The ARCC assists the Board in evaluating the effectiveness of internal controls and risk management systems. ESR-REIT’s roadmaps to mitigate impacts from climate-related risks have been approved by the BSC. The BSC meets semi-annually to review ESR-REIT’s sustainability performance, including progress on climate mitigation efforts. Refer to Our Sustainability Leaders at ESR-REIT from pages 129 to 130 for more information about the Board’s responsibilities. Refer to How We Manage Climate Change on page 145 for more information on our roadmaps. Management’s role in assessing and managing climaterelated risks and opportunities Our CEO, Mr. Adrian Chui, chairs the SWC, a cross-functional team responsible for managing ESR-REIT’s climate-related risks and opportunities. This committee regularly reviews the progress and effectiveness of sustainability objectives and strategies. The SWC oversees and reports on the mitigation strategies, policies, and controls in place. Climate-related factors have also been integrated into all investment and asset management decisions. Refer to Our Sustainability Leaders at ESR-REIT from pages 129 to 130 for more information about the Management’s responsibilities.
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