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OUR APPROACH
- Delivering profitable and sustainable business growth
through effective compliance and risk management
- Operating our business responsibly with accountability
- Strengthening responsible stewardship of our assets,
products and services
CORPORATE GOVERNANCE
The Manager believes that strong and
effective corporate governance is
essential in protecting the interests of
the Unitholders of SGREIT and is critical
to the success of its performance
as the Manager. The Manager is
committed to the highest standards
of corporate governance and
transparency in the management of
SGREIT and operates in the spirit of the
Code of Corporate Governance 2012
in the discharge of its responsibilities
as Manager. For more details on
SGREIT’s Corporate Governance,
please refer to pages 76 to 88 of
this Annual Report.
ANTI-CORRUPTION AND
WHISTLEBLOWING
SGREIT maintains a zero-tolerance
stance towards corruption. The
Manager has implemented an anti-
corruption policy which provides
specific guidance on anti-corruption
practices (such as the prohibition on
bribery), and sets out the procedures
to follow for specific circumstances
such as the provision and/or accepting
of gifts, donations and entertainment.
The policy also sets out specific
principles and practices in place to
prevent, detect and report instances
of corruption, bribery and extortion.
In conjunction with SGREIT’s zero-
tolerance stance towards corruption,
the Manager has also established
a whistleblowing policy, pursuant
to which employees and any other
persons may, in confidence, raise
concerns about potential or actual
improprieties in financial or other
operational matters, so as to facilitate
independent investigations of such
matters and ensure that appropriate
remedial and follow-up action is taken.
In FY 2016/17, there were no reported
cases of material non-compliance with
any laws and regulations (including
anti-corruption laws).
RISK MANAGEMENT
Effective risk management is a
fundamental part of SGREIT’s business
strategy. Recognising and managing
risk is central to the business and to
protecting Unitholders’ interests and
value. The Manager has in place an
enterprise risk management (ERM)
framework and policies approved by
the Board that provide a structured
approach to identifying and managing
the material risks that could arise in
the course of managing SGREIT.
For more details on SGREIT’s Risk
Management, please refer to
page 58 of this Annual Report.
Supply Chain
Our supply chain includes our
property managers, tenants and
suppliers for various services. Our
tenants and suppliers are selected
for their reputation, track records and
expertise in their field. In addition,
compliance with local government
and legal requirements is a criterion
for appointed contractors and service
providers. For engagements that
are complex or entail high financial
risks, due diligence is carried out to
ascertain their financial standing and
track record for heightened risk.
HEALTH AND SAFETY
SGREIT is committed to upholding
high standards of health, hygiene
and safety standards for our tenants
and shoppers alike. The Manager and
Property Managers are committed to
giving their best efforts in providing
a safe and healthy environment
within our properties. The Manager
complies with all material aspects
with the Singapore Workplace Safety
and Health Act. We have also put in
place appropriate fire safety measures
and standard operating procedures
with appropriate response plans
in preparation for fire evacuation
and emergencies. Properties in
Singapore are managed by property
management teams who are trained
in first aid. The properties are also
subject to fire safety audits. Fire and
evacuation drills are conducted once
a year for both the malls and office
blocks in Singapore, Australia and
Malaysia to familiarise tenants and
staff with the emergency response
plans. In Adelaide, all staff are trained in
emergency procedures, and an annual
inspection on fire and emergency
controls is carried out by an external
consultant for compliance. Myer Centre
Adelaide hosts the monthly Adelaide
CBD BusinessWatch meetings whereby
the various security divisions and the
South Australia Police Division get
together with representatives from
major organisations to discuss issues
relating to security, safety, threats
and risks, enabling a strong working
relationship between the centre
management and South Australia
Police Division.
In October 2016, an incipient fire broke
out within a tenant’s premises at Wisma
Atria. Shoppers and tenants at the mall
were immediately evacuated and the
Property Manager worked closely with
the Singapore Civil Defence Force in
ensuring the safety of shoppers and
tenants at the mall. After investigation,
the incipient fire was found to be
accidental and of electrical origin,
and a Building Structure Inspectorate
from the Building Construction
Authority was on site to verify that the
structural integrity of the building was
not affected, with no damage to the
common area of the mall. The new
electrical installation for the unit was
inspected and cleared by an officer
from Singapore Power Group.
On 28 September 2016, Myer Centre
Adelaide was closed for operations
for the day as the state of Adelaide,
South Australia was affected by a
state-wide power loss following severe
storms which destroyed the city’s
critical infrastructure. The centre was
evacuated and closed until power
was restored the following day.
SUSTAINABILITY
REPORT
EMBRACING THE MARKETPLACE
64
STARHILL GLOBAL REIT ANNUAL REPORT FY 2016/17