Stakeholder Engagement
Engaging Our Stakeholders
As hospitality providers, it is in our DNA to bring people together, and we believe that a sustainable business is possible only when we treat stakeholders as partners.
The scale and geographical footprint of our business means that it impacts many people and organisations with a range of opinions. This diversity of stakeholders necessitates a variety of platforms for two-way communication and collaboration. For each group of stakeholders, we identify pertinent issues and establish platforms for engagement such as in-person town hall meetings or seeking suppliers with values that align with our own.
In 2022, we continued to engage with individuals, businesses, NGOs, and public and private institutions worldwide.
Sustainability remains a key component of our corporate purpose, and the Board of Directors manages the roadmap towards creating long-term, sustainable value for all stakeholders. The Board has endorsed an updated materiality and sustainability framework for the Group, arising from stakeholder consultation, approving the selection of material Environmental, Social and Governance (ESG) factors. The Board also had final oversight of the formulation of our new sustainability strategy, which takes into account the disclosure recommendations of SGX and the Task Force on Climate-related Financial Disclosures (TCFD), to establish new sustainability KPIs for the Group.
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 Tree family.
Employees
Engagement Opportunities
- Regular dialogue sessions with senior management, workplace visits and luncheons
- Townhall meetings, associate recognition events, awards and outings
- Newsletters (weekly Make a Difference, quarterly ROOTS), group announcements, and onsite noticeboards
- Green teams, innovation committees, nature clubs and other groups with frequent events and activities, supported by pro-bono day
- Trainings, workshops and seminars, Management Academy (e.g. 8 culture workshops, on-the-job, cross exposure, sustainability, lifestyle)
- Brand app (BT Connect), innovation platform (X-Change), SharePoint and Teams groups, social media platforms
- Associate satisfaction surveys, wellbeing surveys, and cooperatives
Issues and Concerns
- Job security development and flexibility
- Remuneration and benefits
- Health and safety
- Happiness and wellbeing
- Rights and ethical practice
- Policy and procedure
Customers (Guests, Homebuyers)
Engagement Opportunities
- Booking, on-site and post-stay platforms, evaluations and engagement (e.g. ReviewPro)
- Digital concierge platforms, hotel apps (e.g. Intelity) and QR codes to display content
- Engagement with associates, Stay for Good initiatives and the Green Imperative Fund
- Annual sustainability events, on-site activities and presentations
- Information boards, posters and TV channels in travel lounges, transportation, rooms and public areas
- Social media (weekly), and press announcements and news
- Complaint and whistle-blower channels
Issues and Concerns
- Service, experience and lifestyle
- Facilities, features and promotions
- Feedback, rating and recognition
- Cleanliness, health and safety, environment
- Ethical practices
- Interactive and flexible communication
Owners
Engagement Opportunities
- Owner representatives with regular communication through phone (toll free number), email or messaging apps
- Monthly owner and lifestyle letters, quarterly Presidents letter annual reports and presentations
- Annual owner satisfaction surveys
- Onsite visits to owners and best practice demonstrations
- Care and value-added services, gift products, owner experience offerings
Issues and Concerns
- Revenue and productivity
- Resource efficiency
- Customer happiness
- Reputation and marketing
- Labour and benefits
Board
Engagement Opportunities
- Quarterly Reports, President’s Letter and newsletters
- Anuual Reports and AGM
- External and internal training and experts access
- Compliance and risk management
- Brand and PR communications (new openings, launches and news)
- Leverage domain expertize of Board on strategic topics
- Meet-up between Board and Management outside of regular Board sessions
- Product experience through property visits and other offerings
Issues and Concerns
- ESG performance and governance
- Regulatory exchange compliance
- Corporate conduct and stakeholder engagement
- Internal controls and risk mitigation
- Branding DNA and reputation
- Diversity in inputs on business strategy
- Fostering wider stakeholders interest
- Product knowledge
Suppliers, B2B, Builders
Engagement Opportunities
- On-site meetings, audits and remediation plans
- Supplier code of conduct declarations and new supplier evaluations
- Environmental Impact Assessments
- Regular communication with Regional Sales Offices
Issues and Concerns
- Revenue and responsible procurement
- Health and safety
- Resource and waste management
- Compliance and governance
Investors, Media
Engagement Opportunities
- Annual General Meetings
- Financial result announcements and briefings
- Press releases and interviews, conferences and meetings
- Media invitations, site familiarisation visits and virtual tours
- Social media and industry speaking platforms for thought leadership
- Sustainability website and quarterly ROOTED reports
Issues and Concerns
- Â ESG indicators and performance
- Governance and tracking
- Business and strategy updates
- PR engagement
- Business awareness and environment consciousness
- Social responsbility to environment and people
Community
Engagement Opportunities
- Events, meetings, forums and discussion groups
- Festivals and exhibitions, webinars and workshops
- Consultation dialogues, town hall meetings and community agreements
- Website and owned media, through comments and direct messaging
- NGO, academic, charity and business collaborations
- Greater Good Grant funding for local projects
- Podcasts presentations and reports
Issues and Concerns
- Â Local economic and capacity development
- Social inclusion and youth engagement
- Human rights, ethical practices and compliance
- Waste pollution and environmental protection
- Community collaboration and projects
Government, Industry
Engagement Opportunities
- Senior management representation on industry boards
- Annual reporting, websites, awards and accolades
- Industry speaking and thought leadership platforms e.g. UNGC engagement
- Consultation and capacity development workshops, partnership programmes
- Audit, inspections and certifications
Issues and Concerns
- Responsible development and operation
- Advocating industry and ESG best practice
- Low carbon transition
- Regulation and complaince
- Strategic collaboration
- Occupational health and safety
Materiality: What We Measure, Manage and Mitigate
In 2022, we developed strategies, established baselines, drafted policies and new procedures to support implementation of the materiality assessment we completed at the end of 2021. Executive management presented these to the Board, refined them based on the directors’ feedback, and obtained the Board’s approval.
The process by which we renewed materiality was as follows:
- We reviewed published academic literature, competitor and industry reports to incorporate emerging material risks.
- Executive management approved for prioritisation a shortlist of 14 existing and emerging environmental, social and governance (ESG) material risks pertinent to our business.
- The severity and likelihood of material risk impacts were rated following Global Reporting Initiative (GRI) (2021) guidance, via an online survey, with 659 senior and executive management respondents across Banyan Tree Group worldwide. Material topics were evaluated at the residual level, considering the adequacy and effectiveness of existing controls and progress, and comparing the impact of each topic from our business against other topics rather than within a global context that may not be within our control.
This framework provides the foundation of our efforts from 2022 to 2030. Regular reviews ensure it is current, meets stakeholder needs and promotes responsible travel.
This report is the first for our current material topics. For each topic, we present its importance, its scope, our management approach, Key Performance Indicators (KPIs) and progress, in accordance with the reporting requirements of the Singapore Exchange (SGX) and referencing GRI standards.
Materiality Matrix
We defined impact scope and developed mitigation strategies for the five greatest material risks from our business:
Waste, Biodiversity, Water Scarcity, Climate Change, and Diversity, Equality and Inclusion.
The Scope of this Report
This is Banyan Tree Group’s 17th annual sustainability report. This Report presents data for the calendar year as of 31st December 2022, and focuses on hotel, resort, golf course, spa and gallery operations owned or managed by Banyan Tree Group, as well as our head office in Singapore.
Operational control allows us to align our reporting with the Greenhouse Gas Protocol. For this reason, the scope no longer includes franchised hotels for which we do not manage operations (Banyan Tree Macau and Homm Sukhumvit34 Bangkok) and hotels operated by Accor Hotels (Banyan Tree AlUla and Banyan Tree Doha at La Giale Mushaireb). Their exclusion may cause some variances in data reported for previous years due to recalculation.
For each topic, we report on the Group’s performance and highlight progress by hotels we own, for which we have full control over operations and capital expenditure. While 2022 was the first year for our current materiality, most of the topics were already material to our business and pre-existing data are shared when available showing a three-year trend in progress. The scope and boundaries of each material topic are clarified within their respective sections.
Previous reports and additional information can be found at banyantreeglobalfoundation.com/stories-we-share. We welcome questions and feedback, which may be sent to csr@banyantree.com.
A Snapshot of Our Performance
