Wei Yuan Holdings Limited
Climate Impact & Sustainability Data (2022, 2023)
Reporting Period: 2022
Environmental Metrics
Total Carbon Emissions:8,371.49 tCO2e/year
Scope 1 Emissions:8,077.76 tCO2e/year
Scope 2 Emissions:293.73 tCO2e/year
Total Energy Consumption:33,246.33 MWh/year
Water Consumption:54,976.00 m3/year
Waste Generated:83,628.80 tons/year (non-hazardous)
Carbon Intensity:91.68 tCO2e/million revenue
ESG Focus Areas
- Anti-corruption
- Impact on stakeholders
- Customer Satisfaction
- Supply Chain Management
- Energy Management
- Technology Innovation
- Employment Practice
- Waste Management
- Compliance to laws and regulations
- Climate Change
- Greenhouse Gas Emissions
- Service Quality and Standard
- Prevention of Child and Forced Labour
- Health and Safety
- Development and Training
- Community Participation
Environmental Achievements
- Achieved zero work-related fatalities for 3 consecutive years (including the Reporting Period).
- Continuous accreditation with safety certifications such as ISO 9001:2015, ISO 14001:2015, ISO 45001:2018 and bizSAFE STAR certifications.
Social Achievements
- Established a fair, reasonable, competitive employee remuneration system.
- Offered its employees comprehensive health care coverage, including medical and dental benefits.
- Organised work-life balancing activities for employees and other activities to promote healthy living practices.
- Sponsored approximately S$10,000 of round trips, snack packs and admission tickets to the Gardens by the Bay for the elderly at Senior Community Home of AWWA Health & Senior Care.
Governance Achievements
- Established a transparent whistle-blowing mechanism for reporting any potential fraudulent cases or reasonably suspected corruption.
- All directors received anti-corruption training.
Climate Goals & Targets
Medium-term Goals:
- Lowering the GHG emissions intensity by 5% in 2030, using 2022 as the baseline
Environmental Challenges
- Rising material costs
- Current interest rate environment
- Inflationary pressures
- Supply chain pressures
- Construction material prices on an upward trajectory
- Prices for raw materials have risen substantially since the onset of the pandemic
- Customer concentration risk (top five customers accounted for approximately 82.2% of total revenue)
- Non-recurring nature of projects
- Difficulties in recruiting and retaining skilled staff and/or foreign workers
Mitigation Strategies
- Closely monitor the progress of contracts and factor in potential cost increases when tendering for new contracts
- Prioritise cash conservation, cost control and increase of market share
- Closely monitor the delivery of existing contracts, while selectively tendering for new public and private contracts
- Tighten cost control measures
- Actively participate in tendering for new projects to strengthen market position
- Exercise caution when exploring business opportunities
- Implement flexible working arrangements and precautionary measures during bad weather
- Explore an emergency plan to reduce vulnerability to extreme weather events
- Constantly monitor updates of environmental regulations and global trends on climate change
- Take comprehensive environmental protection measures, including GHG reduction, carbon trading and adoption of clean energy
- Set targets to gradually reduce energy consumption and GHG emissions
Supply Chain Management
Supplier Audits: Annual evaluation of all suppliers; Self-assessment survey of CSR performance; Regular performance assessments with on-site inspections.
Responsible Procurement
- Supplier Code of Business Conduct (legal compliance, human rights, child labour, environmental protection, health and safety)
- Prioritising local suppliers and environmentally friendly products and services
- Monitoring compliance with relevant laws and regulations and other standards in terms of health, safety, forced labour and child labour
Climate-Related Risks & Opportunities
Physical Risks
- Extreme weather events (typhoons, storms, heavy rains, extreme cold or heat)
Transition Risks
- Tightening of national policies
- Environmentally related taxes
- Shifting customer preference to eco-friendlier operation
Reporting Standards
Frameworks Used: Appendix 27 of the Rules Governing the Listing of Securities on the Main Board of The Stock Exchange
Certifications: ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, bizSAFE STAR
Awards & Recognition
- Workplace safety and health awards
- Civil engineering and construction related works excellence cash award received from customer
Reporting Period: 2023
Environmental Metrics
Total Carbon Emissions:6,243.92 tCO2e/year
Scope 1 Emissions:5,928.88 tCO2e/year
Scope 2 Emissions:315.04 tCO2e/year
Total Energy Consumption:24,561.59 MWh/year
Water Consumption:47,206.40 m3/year
Waste Generated:95,208.7 tons/year
Carbon Intensity:72.41 tCO2e/million revenue
ESG Focus Areas
- Climate Change
- Health and Safety
- Waste Management
- Energy Management
- Employment Practices
- Supply Chain Management
- Anti-corruption
- Community Investment
Environmental Achievements
- Awarded 2023 Heavy Goods Vehicle Fleet accredited by the Singapore Road Safety Council.
- Achieved zero work-related fatalities for 3 consecutive years.
- Awarded bizSAFE Star Level (Certification) accredited by the Workplace Safety and Health Council in Singapore since 2011.
- Introduced various measures and initiatives to achieve the goal of energy saving and efficient consumption, such as installing energy-efficient LED lights and replacing old machines with high electricity consumption.
Social Achievements
- Awarded 2023-Age Inclusive Practices accredited by the Tripartite Alliance.
- Awarded the Progressive Wage Mark accredited by the Singapore Business Federation.
- Organised work-life balancing activities for employees and other activities to promote healthy living practices.
- Provided compulsory pre-job safety and health induction to new hires to raise employees’ safety awareness.
- Organised internal and external training courses for employees, covering topics such as industrial updates, compliance matters, occupational health, and safety.
Governance Achievements
- Established a transparent whistle-blowing mechanism for reporting any potential fraudulent cases or reasonably suspected corruption.
- All directors received anti-corruption training.
Climate Goals & Targets
Medium-term Goals:
- Reduce energy consumption intensity by 5% by 2030 (using 2022 as baseline).
- Maintain non-hazardous waste intensity by 2030 (using 2022 as baseline).
- Reduce greenhouse gas emissions intensity by 5% by 2030 (using 2022 as baseline).
Environmental Challenges
- Geopolitical tensions, sustained high-interest rates, and increased borrowing costs raised concerns among contractors.
- High oil prices impacting transportation and operational costs, threatening profit margins.
- Change to the dependency ceiling ratio of foreign workers impacting productivity.
- Rising materials, oil, and diesel prices increasing construction costs.
- Customer concentration risk (top five customers accounted for approximately 66.1% of total revenue).
- Non-recurring nature of projects.
- Difficulties in recruiting and retaining skilled staff and foreign workers due to tightened policies and labor shortages.
Mitigation Strategies
- Prioritising cash conservation, cost control, and market share increase.
- Closely monitoring the pace of market recovery from COVID-19.
- Leveraging solid track record and expertise to tender for public and private sector projects.
- Adopting tighter cost control measures.
- Actively participating in tendering for new projects.
- Exercising caution when exploring business opportunities.
- Implementing a prudent cash and financial management policy.
- Implementing a robust recruitment process and offering promotion and development opportunities for outperforming employees.
- Establishing a set of Quality, Safety, Health and Environmental (QSHE) policies and committing to high safety standards and environmental impact control.
Supply Chain Management
Supplier Audits: Annual evaluation of all suppliers through a self-assessment survey and on-site inspections.
Responsible Procurement
- Supplier Code of Business Conduct specifying commercial, environmental, and social requirements (legal compliance, human rights, child labor, environmental protection, health and safety).
- Prioritising local suppliers and environmentally friendly products and services.
- Requiring vendors to provide proof of compliance with national regulations and international standards (WEEE, RoHS, REACH).
Climate-Related Risks & Opportunities
Physical Risks
- Extreme weather events (floods, heavy rains, rising sea levels) reducing capacity and productivity.
Transition Risks
- Tightening of national policies, environmental taxes, shifting customer preferences.
Reporting Standards
Frameworks Used: ESG Reporting Guide (Appendix C2 of the Rules Governing the Listing of Securities on the Main Board of The Stock Exchange)
Certifications: ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, bizSAFE STAR
Awards & Recognition
- 2023 Heavy Goods Vehicle Fleet (Singapore Road Safety Council)
- 2023-Age Inclusive Practices (Tripartite Alliance)
- Progressive Wage Mark (Singapore Business Federation)
- HR Stars -Best Workplace Culture and Environment (Finalist) (Chief of Staff Asia)
- bizSAFE Star Level (Certification) (Workplace Safety and Health Council)