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Sustainability
Overview

Every Thriving Community Begins With Sustainability.

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Sustainability

Overview

Sustainability

Snapshot

Sustainability

Governance & Policies

Sustainability

Accolades

Sustainability

Publications

Statement

Our Statement

As a leading property developer in Malaysia, S P Setia strives to create lasting value for stakeholders while prioritising social and environmental responsibility.

At Setia, we recognise 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

commitment
commitment

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

commitment
commitment

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

commitment

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

  • We track progress under Economic Performance entails products containing ‘Green Features’, disclosures aligned to the International Sustainability Standards Board (ISSB) and procurement contributing towards local suppliers.

2

Innovation

  • Our initiatives for Innovation target technology, innovative design and usage of green materials in our projects.

1

ENVIRONMENT

  • Under our Environment Material Matter, we are strictly monitoring and regulating our waste and water performance. We are also placing focus on biodiversity and landscape strategies to further accelerate environmental stewardship.

2

EMISSION

  • For the Emission Material Matter, we strive to report and to consistently reduce Scope 1, 2 and 3 greenhouse gas (GHG) emissions. We are also targeting to maintain excellent IBS scores, incorporate ‘Green Materials’ in our projects, and reduce our overall total energy consumption.

1

Occupational Health and Safety

  • Under the Occupational Health and Safety Material Matter, regulatory compliance forms the foundation for our metrics being tracked. This includes fatalities, Lost Time Injury, ISO compliance and training delivery to all staff.

2

Customer Satisfaction

  • As an additional metric we strive to uphold and track, Customer Satisfaction represents the pride our customers have in being our clients. We track our own customer satisfaction score via surveys, QLASSIC scores, and data privacy.

3

Community and Social Impacts

  • For the Community and Social Impacts Material Matter, we monitor metrics such as our labour force, diversity and volunteerism among staff. Furthermore, we also track metrics across Setia Foundation and Setia Group levels.

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.

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Roadmap

Our Roadmap

2016

2017

2018

2019

2020

2021

2022

2023

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 2024, we strengthened our sustainability commitments by focusing on compliance, disclosure practices and data integrity. This is visible in the performance we delivered as shown in our highlights below:

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:

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Reports

Sustainability Reporting Archive

These reports provides insight to our stakeholders on our sustainability practices in a concise and transparent manner. Please refer to the following links for our Sustainability Statements throughout the years:

2024 Report thumbnail

2024

Sustainability Statement

See Report

2023 Report thumbnail

2023

Sustainability Statement

See Report

2022 Report thumbnail

2022

Sustainability Statement

See Report

2021 Report thumbnail

2021

Sustainability Statement

See Report

2020 Report thumbnail

2020

Sustainability Statement

See Report

2019 Report thumbnail

2019

Sustainability Statement

See Report

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.

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Our Full Governance

POLICIES

OUR POLICIES

Policies at Setia provide the foundations ensuring what we do in relation to sustainability is done correctly. Our list of policies include:

Code of Conduct

Anti-Bribery (Malaysia)

Anti-Bribery (International)

Labour Rights

Sustainability

Health, Safety and Environment (HSE) Policy

Climate Change Policy

Biodiversity

1/6

Code of Conduct and Business Ethics

S P Setia Group of Companies is committed to maintaining a high standard of code of conduct and business ethics. The value of Integrity is the cornerstone of this Code. Hence, this Code is an expression of commitment to performance with integrity.

2/6

Anti-Bribery (Malaysia)

In-line with the enforcement of Section 17A of the Malaysian Anti-Corruption Commission Act (Amendment) 2018 on Corporate Liability effective 1 June 2020, S P Setia Berhad (Setia) had revised and developed its integrity related policies to ensure readiness and compliance with the relevant requirements. These policies are part of the Adequate Procedures initiatives guided by the Prime Minister’s Department in December 2018 under the TRUST principles as an effort to prevent the occurrence of corrupt practices in relation to Setia’s business activities.

3/6

Anti-Bribery (International)

In-line with the enforcement of Section 17A of the Malaysian Anti-Corruption Commission Act (Amendment) 2018 on Corporate Liability effective 1 June 2020, S P Setia Berhad (Setia) had revised and developed its integrity related policies to ensure readiness and compliance with the relevant requirements. These policies are part of the Adequate Procedures initiatives guided by the Prime Minister’s Department in December 2018 under the TRUST principles as an effort to prevent the occurrence of corrupt practices in relation to Setia’s business activities.

4/6

Labour Rights

At S P Setia, the protection of labour rights is a top priority and further codified and enforced through the Company's Code of Conduct and Business Ethics.

5/6

Sustainability

As a leading property developer in Malaysia, S P Setia strives to create lasting value for stakeholders while prioritising social and environmental responsibility. Through our vision of creating sustainable communities, we wish to build a future that benefits both the environment and humanity.

5/6

Health, Safety and Environment (HSE) Policy

S P Setia Bhd is committed to strive for excellence in all aspects of our operations including health, safety and environment. It is, therefore, our obligation and responsibility to take every practical measure to prevent accidental injuries, occupational illness, damage to properties, and any negative impact on the environment; and to protect our employees, customers and the general public from exposure to risk to their safety and health.

5/6

Climate Change Policy

S P Setia Berhad acknowledges the critical importance of addressing climate change as a responsible property development company in Malaysia. We recognize that our operations and activities have an impact on the environment, and we are committed to minimizing these impacts while contributing to the creation of sustainable communities.
As a conscientious property developer, we have the responsibility to set a positive example in reducing emission within our operations and across our supply chain. Therefore, our climate change policy aims to strive towards net zero organisation by 2050, align with the global efforts to limit global warming to 1.5°C, as per the climate targets stated in the Paris Agreement.

6/6

Biodiversity

As a property developer, S P Setia's commitment goes beyond creating, developing, and nurturing projects. Our responsibilities extend beyond building, as we prioritise the preservation of biodiversity, the creation of green spaces, and the enhancement of community well-being.

Our Full Governance

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-ASEAN Corporate 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:

Ratings

Awards

Certificates

Full Awards & Recognition

Financing

Sustainability Financing Framework

Setia’s Sustainability Financing Framework has been established to provide transparency and disclosure to the Company’s investors and stakeholders, on Setia’s undertakings to issue or raise instruments in a Use of Proceeds, i.e. Green, Social, and/or Sustainability format.

Under the Sustainability Financing Framework, Setia will be able to raise instruments and financings which may include but are not limited to respective Green or Social Sukuk, Bonds, Loans, and/or Financing (collectively referred to as “Sustainability Financing Transactions or SFT(s)”) to finance Green, Social and/or Sustainability Projects that align with its sustainability priorities, and in alignment with industry best practices.

S P Setia Sustainability Financing Framework

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Opinion

Second Party Opinion Report

Sustainable Fitch has been appointed as the independent external reviewer to provide a second-party opinion in relation to Setia’s Sustainability Financing Framework. Sustainable Fitch considered Setia’s Sustainability Financing Framework to be fully aligned with the Green Bond Principles, Social Bond Principles and Sustainability Bond Guidelines issued by the International Capital Market Association (ICMA); the Green Loan Principles and Social Loan Principles jointly issued by the Loan Market Association (LMA), Loan Syndications and Trading Association (LSTA), and Asia Pacific Loan Market Association (APLMA); and the ASEAN Green Bond Standards, ASEAN Social Bond Standards and ASEAN Sustainability Bond Standards issued by the ASEAN Capital Markets Forum (ACMF).

Sustainable Fitch is of the opinion that Setia’s Sustainability Financing Framework’s alignment is ‘Good’ and obtained the top score of ‘Excellent’ for its pillars of “Project Evaluation and Selection” and “Management of Proceeds”

S P Setia Second Party Opinion Report

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Reports

Sustainability Reporting Archive

These reports provides insight to our stakeholders on our sustainability practices in a concise and transparent manner. Please refer to the following links for our Sustainability Statements throughout the years:

2024 Report thumbnail

2024

Sustainability Statement

See Report

2023 Report thumbnail

2023

Sustainability Statement

See Report

2022 Report thumbnail

2022

Sustainability Statement

See Report

2021 Report thumbnail

2021

Sustainability Statement

See Report

2020 Report thumbnail

2020

Sustainability Statement

See Report

2019 Report thumbnail

2019

Sustainability Statement

See Report

SP Setia Logo

About Us

Our Brand

Discover Our Leaders

Corporate Governance

Awards and Recognition

Citizen Setia

Our Businesses

Property Development

Property-related Businesses

Sustainability

Sustainability Highlights

  •   Sustainability Statement
  •   S P Setia Foundation
  •   #Setia4Malaysia
  •   Setia eGreenLiving
  •   Our Governance
  •   Policy

Be a Volunteer

Investor Relations

Corporate Announcement Highlights

Group Financial Highlights

Corporate Reports

  •    Corporate Presentations
  •    Annual Reports
  •    Corporate Governance Reports
  •    Interim Reports
  •    Annual General Meeting

Setia In The News

Setia in the News

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Join Team Setia

Job Openings

Contact Us

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