Since 2014, CDL started conducting materiality assessments annually, which is facilitated by a third party, to determine the key economic, environmental, social and governance (EESG) issues that are important to our stakeholders. These issues are foundational to CDL’s annual sustainability reporting. Corresponding EESG targets, metrics, initiatives, and progress are reviewed by the Management team, reported to the BSC and the Board for approval, before they are published annually in the ISR.

Due to COVID-19, we conducted more comprehensive materiality assessments both in 2020 and 2021, to be in closer alignment with the shifting priorities and expectations of our stakeholders.

An extensive macro scanning exercise was performed to determine the preliminary list of material issues1. The exercise determined the actual and potential impacts of these issues on CDL’s long-term value creation, and conversely, CDL’s impacts on them. To gather stakeholder feedback, online surveys were circulated to key stakeholder groups, including the Board Sustainability Committee (BSC).

More than 300 responses were received. Through interviews with selected management staff, regulators, industry and sustainability experts, tenants and suppliers, we obtained additional insights into how CDL can work towards our net zero carbon commitment, and strategically address risks and opportunities for our businesses while continuing to deliver long-term value for our stakeholders.

The preliminary material issues were validated by CDL’s Senior Management and approved by the BSC thereafter.



Our findings revealed an increased prioritisation of environmental issues by our stakeholders. “Climate Resilience” was the top material issue in 2021. The rise in ranking of environmental-related issues, such as “Energy Efficiency and Adoption of Renewables” and “Water and Waste Management” could be explained by global climate action momentum in 2021 (e.g. COP26) and the acceleration of climate-related agreements and commitments. Social issues including “Occupational Health, Safety and Well-being”, “Healthy Buildings” and “Future-ready Workforce” decreased in significance. Despite this, stakeholders emphasised the importance of managing these social issues on a consistent and ongoing basis.

In 2021, “Diversity and Inclusion” was reported as a material issue for the first time, resonating with the global push for increased diversity at the workplace, for all employees to enjoy equal rights and treatment.

With the increasing advocacy for biodiversity protection, its links to climate change, and the potential impacts brought on by property development and management activities, “Biodiversity Conservation” has been added to CDL’s list of material issues in 2021.

Highly critical material issues Critical material issues Moderate material issues
1. Climate Resilience 6. Economic Contribution to Society 11. Healthy Buildings
2. Energy Efficiency and Adoption of Renewables 7. Occupational Health, Safety and Well-being 12. Diversity and Inclusion +
3. Innovation 8. Sustainable Finance 13. Responsible Supply Chain
4. Stakeholder Impact and Partnerships 9. Water and Waste Management 14. Cyber-readiness, Security and Data Privacy
5. Product/Service Quality and Responsibility 10. Ethical and Transparent
15. Future-ready Workforce
16. Human Rights and Labour Conditions
17. Biodiversity Conservation +
1 We will be validating our list of material ESG issues with the relevant GRI Sector Standard for our industry when it is published by GRI.
+ New material issue from 2021’s materiality study.