Over the past year, ESR-LOGOS REIT had undergone several significant developments. In April 2022, we merged with ALOG (the "Merger") to become a leading New Economy and Future-Ready APAC S-REIT focusing on the logistics and high specification industrial asset classes. The enlarged portfolio allows ESR-LOGOS REIT to ride on the growth of the New Economy across Singapore, Australia and Japan, and yet remain nimble to adapt to meet future trends.
We have engaged internal and external stakeholders as part of a systematic approach to review and validate our ESG material topics. As a result, we have introduced new material topics and targets and removed outdated material topics to reflect our ambitions going forward as an enlarged REIT.
The Board is committed to further integrate ESG practices into our strategies and business decisions to deliver stable long-term returns to our Unitholders. We have been expanding on our competencies and oversight in this area and also encourage employees and stakeholders to embed these values in their business decisions.
On the environmental front, we continue to make good progress in addressing identified gaps and implementing policies and processes in line with the Monetary Authority of Singapore (MAS)’s Guidelines on Environmental Risk Management for Asset Managers (EnRM Guidelines). The Board acknowledges the significant challenges posed by climate change to our operations and is committed to reducing these risks. As such, we are also developing a decarbonisation roadmap for our portfolio.
In 2022, we completed our second Global Real Estate Sustainability Benchmark ("GRESB") real estate assessment submission. Our efforts to improve sustainability data tracking and reporting enabled us to substantially increase our GRESB score by 17 points and another star, to obtain a 2 star rating with 69 points. Moving forward, we will continue to improve data collection and disclosures. The Board is confident that our current and future ESG disclosures will meet the requirements from the Singapore Exchange ("SGX"), stakeholder expectations, as well as further improve our future GRESB submission score. In addition, in line with SGX requirements, the existing Board Diversity Policy has been reviewed and enhanced by including Board diversity targets, with clear plans and timeline for achieving these targets.
We continue to invest deeply in our people and strive to make an impact in the communities that we serve. In 2022, ESR-LOGOS REIT donated refurbished laptops to underprivileged youths living in transitional shelters via BYTE. With the pandemic expediting the digitalisation of everyday tasks and with lessons and school projects increasingly conducted online, these laptops would support the youths in their educational journey. We have also set a new target to achieve at least 500 hours of staff volunteerism per year.
We appreciate your support as we progress on our sustainability journey and work towards achieving our goals.
The ESR-LOGOS REIT Board recognises the importance of integrating sustainability considerations into the REIT’s strategic planning process. To this end, the Board has established a Sustainability Committee, chaired by the CEO, which is responsible for: