Corporate Governance
Banyan Tree Global Foundation directs the Group’s pursuit of sustainable business, allocating donations to worthy projects. Contributions and disbursements are accounted for under the incorporated Banyan Tree Global Foundation Limited, audited by Ernst & Young LLP, Singapore.
Revenue
| 2001 to 2019 | FY 2020 | FY 2021 | FY 2022 | Cumulative 2001 to 2022 |
|
| US$ | US$ | US$ | US$ | US$ | |
| Contributions | |||||
| Hotel guests | 5,122,962 | 136,660 | 168,288 | 241,892 | 5,669,802 |
| Hotel and resorts | 5,746,271 | 105,807 | 160,032 | 241,903 | 6,254,013 |
| Others including employees | 1,347,156 | 76,077 | 2,212 | 167 | 1,425,612 |
| Total contributions | 12,216,389 | 318,544 | 330,532 | 483,962 | 13,349,427 |
| Other income | |||||
| Interest Income - FD & Bank | 183,400 | 46,825 | 5,519 | 2,006 | 237,750 |
| Disbursements | |||||
| Project related | 5,800,269 | 161,107 | 519,265 | 1,419,197 | 7,899,838 |
| General and administrative | 2,055,893 | 73,504 | 169,221 | 226,649 | 2,525,267 |
| Total disbursements | 7,856,162 | 234,611 | 688,486 | 1,645,846 | 10,425,105 |
| Income tax | |||||
| Income tax expense | 624 | 7,354 | -1,892 | -118 | 5,968 |
| Surplus/(Deficit) | 4,543,003 | 123,404 | -350,543 | -1,159,760 | 3,156,104 |
Our Integrity and Accountability
Our responsibility extends beyond the precautionary approach, to serve as stewards of the environment and communities in an ethical, accountable manner.
Corporate Governance
Banyan Tree Global Foundation (BTGF)
We seek to support, influence and evangelise sustainability practices. Recognising that doing good often requires financial backing, we established BTGF in 2009. It directs the Group’s pursuit of sustainable business, allocating donations to worthy projects. Contributions and disbursements are accounted for under the incorporated Banyan Tree Global Foundation Limited, audited by Ernst & Young LLP, Singapore.
Green Imperative Fund (GIF)
Since 2001, the GIF has offered guests at our hotels the opportunity to participate in environmental and community-based projects. Under an “opt-out” arrangement, they contribute US$2 per room night at Banyan Tree branded properties, or US$1 per room night at Angsana, Cassia and Dhawa properties. The receiving property dollar-matches all such donations.
Each resort is given 20% of their previous year’s GIF contribution to spend autonomously on projects/initiatives that have an external beneficiary. While allocation is at the discretion of the resort, use of the funds is governed by strict guidelines, with project administration limited to 20% of expenditure.
In China, donations are made directly to and managed by the China Environmental Protection Foundation (CEPF), supporting projects mutually agreed upon, with CEPF providing quarterly progress updates to BTGF.
Our 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.
- This is our sixth report voluntarily produced in referencing the latest Global Reporting Initiative (GRI) Standards (globalreporting.org). For a complete GRI Standards content index, please see banyantreeglobalfoundation.com/gri.
- In 2021, the Singapore Stock Exchange (SGX) proposed a list of core ESG metrics aligned with GRI, TCFD, SASB and WEF frameworks for implementation in FY22. This is our second year following these reporting standards.
- 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 to support the United Nations Sustainable Development Goals (SDGs), particularly #8: decent work and economic growth, #12: responsible consumption and production, and #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 go beyond highlighting this alignment to setting specific targets so that we can measure progress towards achieving the relevant SDGs.
We Applied:
Precautionary Principle: When managing our material risks, aligning our efforts and reporting with the UNGC’s Ten Principles for human rights, labour, environment and anti-corruption.
