Governance
Statement from Our Board of Directors
Sustainability is a cornerstone of our core purpose, and the Board manages the roadmap towards creating long-term, sustainable value for all stakeholders.
Since 2022, the Board has endorsed an updated materiality and sustainability framework for the group, following stakeholder consultation, and approved the selection of ESG material factors.
The Board also has oversight, through the Audit and Risk Committee, of the Group’s sustainability approach and the integration of sustainability-related matters, including climate-related issues, in the formulation of Group strategy. It also oversaw, through the Remuneration Committee, the inclusion of sustainability KPIs into performance management mechanisms.
The Board acknowledges that ownership starts with itself, while senior management ensures the sustainability mission is both implemented and embraced by all within the Banyan Group family.
Reporting Frameworks
We employ multiple frameworks to manage our material risks and to support transparent, standardised and comparable communication of our economic, environmental and social impacts.
As a founding signatory of the United Nations Global Compact (UNGC) in Singapore, we apply the precautionary principle when managing impacts of our material risks, aligning our efforts and reporting with the UNGC’s Ten Principles for human rights, labour, environment and anti-corruption.
The 2030 Agenda for Sustainable Development specifically calls on tourism operators to support the United Nations Sustainable Development Goals (SDGs), particularly SDG 8, decent work and economic growth, SDG 12, responsible consumption and production, and SDG 14, life below water.
We align our reporting with the global SDG framework but apply it to the local context where we operate. Within each material topic, we set targets so that we can measure our progress.
Since 2022, we have also aligned with the reporting recommendations of the Singapore Stock Exchange (SGX), which in turn aligns with the frameworks of the TCFD, GRI, SASB and WEF.
Ethical Compliance and Anti-Corruption
We strive to be transparent and accountable in all our dealings and comply with all legal and ethical requirements. We have zero tolerance for corruption and expect the same of those with whom we do business. Because Banyan Group has a long track record of doing business right, this was not identified as a material topic. Nonetheless, we continue to emphasise its importance.
We deliver training to our associates in:
- Sustainability and CSR
- Cyber Security Awareness
- Code of Corporate Conduct
- Anti-Corruption
As a publicly traded company, our Board of Directors and management teams are committed to the Code of Corporate Governance.
Data Security
Data privacy and protection are key challenges, and the shared responsibility of our whole organisation. We foster a culture of awareness to ensure the privacy of our stakeholders.
Our data privacy policies comply with the Personal Data Protection Act 2012 in Singapore, and the European Union’s General Data Protection Regulation (GDPR). Internal IT Risk Management and Audit teams review best practices and enforce company security policies to identify gaps and support IT policy governance.
A partner ISO/IEC 27001:2013 certified cybersecurity consulting firm acts as a Security Operations Centre (SOC) to monitor, detect and respond to potential security threats. Audits target the control of digital data access and mitigate risks of such access, while Data Privacy ensures rapid implementation of critical security patches and firewall updates.
Audit recommendations and suggestions are implemented to address ongoing security threats. Insurance coverage is in place to protect against cybersecurity risks. Associate awareness and engagement with data security occurs through policies and regular information sharing on prevailing risks and recommended actions.
Supplier Code of Conduct
Since 2020, we require suppliers to commit to a Supplier Code of Conduct, ensuring that vendors we engage in business with, align with the Group’s social, environmental, and ethical standards.
