GLP Announces Enhancements to ESG Commitments
ESG enhancements are aimed at proactively incorporating climate change risk based on TCFD and adoption of new governance policy
Singapore, 28 October 2022 - GLP Pte Ltd. (“GLP”) announced that the company is enhancing its climate risk assessment during the pre-investment stage based on recommendations by the Taskforce on Climate-related Financial Disclosures (“TCFD”) and adding a new governance policy to strengthen our commitment to manage conflicts of interest.
The enhanced climate risk assessment will cover physical risks such as rising sea levels and extreme floods could potentially compromise the viability of our operations and transition risks such as carbon pricing that could have an impact on our economic performance and overall business longevity. The Company also began a global climate risk assessment and scenario analysis in alignment with TCFD recommendations. In line with the TCFD recommendations in understanding how GLP may be impacted under different scenarios, we have selected “Net Zero 2050” and “Current Policies” scenarios developed by the Network of Central Banks and Supervisors for Greening the Financial Systems (“NGFS”) in our initial analysis. We aim to issue our first report in 2022 and updates on our approach to climate change and its risks are available in the annual ESG report.
GLP aims to actively and continuously improve and refine its strong corporate governance framework by adopting standards and practices that are material to our business and industry. As part of our ongoing commitment to improve our corporate governance, GLP will enhance its Related Party Transactions (“RPT”) governance by adopting a new RPT policy that will regulate GLP Pte Group RPTs. As part of the changes, GLP has announced that it will form a new Related Party Transaction Committee (“RPTC”) that will report to the independent chairman of the Audit Committee. The RPTC will review and approve a GLP Pte Group RPT if it determines in good faith that, under all circumstances, the GLP Pte Group RPT is in the best interest of GLP.
A full description of the policy is available on the corporate governance section of our global website