CDL Wins Top Accolade and Highest Number of Gold Awards at 7th Asia Sustainability Reporting Awards

  • Conferred Asia’s Sustainability Report (Large Company) and Asia’s Report of the Year special award amongst 585 entries from 14 countries
  • Accolades a testament to CDL’s strong leadership in sustainability integration, comprehensive ESG disclosures and reporting
  • Bags gold award for inaugural Asia’s Best Sustainability Report (CEO Letter) award

Singapore, 6 April 2022 – City Developments Limited (CDL) was conferred Asia’s Report of the Year special award along with four golds and one bronze, at the Asia Sustainability Reporting Awards (ASRA) for its Integrated Sustainability Report (ISR) 2021. In its 7th year, ASRA is the most prestigious international awards for corporate sustainability reporting. CDL emerged as the only Singapore company to bag the greatest number of gold awards this year, clinching gold for Asia’s Best Sustainability Report (Large Company), Asia’s Best Sustainability Report (CEO Letter), Asia’s Best Materiality Reporting, and Asia’s Best Climate Reporting, and bronze for Asia’s Best Sustainability Report (Governance) at the virtual awards ceremony held on 4 April 2022.

CDL’s robust sustainability reporting has evolved into a unique blended model using GRI Standards as its core since 2008. Providing comprehensive disclosures ahead of growing and diverse expectations, CDL embraced CDP since 2010, Global Real Estate Sustainability Benchmark (GRESB) since 2013, Value Reporting Foundation (VRF)’s Integrated Reporting Framework since 2015, Sustainable Development Goals (SDG) Reporting since 2016, Task Force on Climate-related Financial Disclosures (TCFD) framework since 2017, Sustainability Accounting Standards Board (SASB) Standards for Real Estate Sector since 2020 and Climate Disclosure Standards Board (CDSB) since 2021.

CDL’s sustainability reports have been externally assured since 2009, and the scope of assurance was expanded to cover SASB and CDSB in ISR 2021. This year, the company is proud to have raised its assurance level to reasonable assurance for its disclosures against the GRI and SASB Standards. With climate reporting becoming mainstream, CDL became the first Singapore company to externally assure its TCFD framework this year, in addition to CDSB. Reflecting a growing consensus among investors and regulators on the importance of climate-related disclosures and data transparency, more listed companies have aligned their climate reporting with TCFD.

Ms Esther An, CDL Chief Sustainability Officer, said, “Sustainability reporting plays a critical role in meeting the more stringent expectations of investors, financiers and multi-stakeholders on how ESG can create lasting value for businesses and its ecosystem of stakeholders. Kudos to ASRA for having the foresight to raise awareness and standards of reporting for the past seven years. Having clinched the inaugural award for Asia’s Best Sustainability Report (CEO Letter), we are reminded that top management sets the tone for the criticality of leadership vision and commitment in strategic ESG integration into a company’s business. With unwavering support from our Board, top management and stakeholders for the past two decades, CDL remains steadfast in strengthening our commitment towards long-term value creation.”

Mr Rajesh Chhabara, Managing Director of CSRWorks International and Founder of ASRA, said, “CDL’s Integrated Sustainability Report demonstrates exceptional leadership in reporting and transparency. The report is a best practice example of comprehensive, high-quality, externally assured sustainability disclosure using global standards to meet the complex information needs of diverse stakeholders.”

The awards follow a rigorous multi-tier evaluation process, where an independent judging panel determines the finalists and winners and involves three assessment rounds to select the best in each category. In addition to assessing the report quality, the judging process involves comprehensive due diligence that considers companies’ reputation among their stakeholders.

The 2021 ASRA received 585 entries from 14 countries across 17 award categories. After the preliminary evaluations, 73 companies from 14 countries reached the finals, with eventually 30 winners accorded 51 gold, silver and bronze awards.

The awards ceremony was attended by more than 250 senior business leaders and sustainability practitioners from 16 countries. Attendees also included dignitaries from academia, embassies, trade associations and advocacy organisations.


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Issued by City Developments Limited (Co. Regn. No. 196300316Z)