Sustainability reports: Renaissance United

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These are the key points from Renaissance United’s sustainability report for 2021.

Key businesses

Renaissance United is a holding company with a portfolio including:

  • A gas distribution business supplying household, commercial and industrial users in China
  • Burn-in board design and manufacturing for the semiconductor industry
  • Real estate development in the U.S.

Sustainability key performance indicators

Renaissance United listed eight material sustainability factors material to its businesses and stakeholders.

  1. Total customer satisfaction, with a key stakeholder of the customer
    Target: The targets for fiscal 2021 were to adhere to the market standards and best practices in operations and to improve or maintain the employee retention rate.
    Performance: The market standards and best practices were adopted to ensure quality and safety for products and services. In addition, the employee retention rate improved.
    Fiscal 2022 targets: The targets will be to adhere to the market standards and best practices in operations and to improve or maintain the employee retention rate.
  2. Sustainable business performance, with shareholders as the key stakeholder
    Target: The target is to improve the company’s financial performance.
    Performance: The target was partially met. “Although our group generated a higher turnover, a loss after income tax was recorded mainly due to an increase in overall costs and expenses.”
    Fiscal 2022 targets: The targets will be to improve or maintain financial performance, subject to market conditions.
  3. Cleaner energy services and energy conservation, with the community and shareholders as the key stakeholders
    Target: The targets were to provide cleaner energy services and to reduce or maintain the electricity consumption rate.
    Performance: The targets were partially met. The company supplies natural gas, which it views as a cleaner alternative to other fossil fuels. However, the electricity consumption rate for the electronics and trading businesses increased amid an increase in demand for burn-in boards by semiconductor manufacturers.
    Fiscal 2022 targets: The targets will be to provide cleaner energy services and to reduce or maintain the electricity consumption rate.
  4. Responsible waste management, with the community and shareholders as the key stakeholders
    Target: The target was to improve or maintain waste management by reducing paper usage.
    Performance: The target was not met as paper usage increased slightly.
    Fiscal 2022 targets: The target will be to improve or maintain waste management by reducing paper usage.
  5. A safe working environment, with employees as the key stakeholders
    Target: The target was to maintain zero workplace accidents.
    Performance: The target was met.
    Fiscal 2022 targets: The target is to maintain zero workplace accidents.
    Notes: Due to the pandemic, the electronics and trading businesses appointed the human resources manager and production manager as safe management measures officers. In addition, safe management measures were implemented, including flexible work arrangements, remote work, safe-distancing and providing personal protective equipment such as facemasks and hand sanitisers.
    For the gas distribution business, the company adhered to local government directives to monitor the health conditions and whereabouts of employees. Renaissance United also has encouraged its employees to get vaccinated.
  6. Equality and diversity in the workplace, with employees as the key stakeholders
    Target: The ratio of female to male employees should not fall below 30 percent, the ratio of employees age 40 and above should not fall below 30 percent or exceed 60 percent, and the ratio with tertiary education should not fall below 10 percent or exceed 50 percent.
    Performance: The targets were met.
    Fiscal 2022 targets: The target is to maintain zero incidents of unlawful discrimination against employees.
  7. Ongoing community engagement, with the community as the key stakeholder
    Target: The target was to continue existing campaigns to help communities.
    Performance: The target was met as existing campaigns were continued.
    Fiscal 2022 targets: The target is to continue existing campaigns to help communities.
    Notes: For the property development business, this target included protecting the environment and the companies “Under our Falling Water” project which worked with professional service firms and contractors to reserve more green spaces, such as parks and open spaces, for developments in Seattle and Tacoma, Washington state in the U.S. The company also regularly monitors ground water quality.
    In addition, the China gas distribution business has been hiring retired soldiers to help them transition into the commercial workforce. The company has employed 16 retired soldiers as on 30 April 2021.
  8. A robust corporate governance framework, with shareholders and regulators as the key stakeholders
    Target: The target was no incident of serious offence, defined as involving fraud or dishonesty of at least S$100,000 and punishable by imprisonment for at least two years, committed against the company by its officers or employees. In addition, Renaissance United aimed to improve or maintain its Singapore Governance and Transparency Index (SGTI) score.
    Performance: The company partially met the target by maintaining zero incidents of serious offenses. However, the SGTI score fell to 35 from 64 in the year-ago period.
    Fiscal 2022 targets: The target is no incident of serious offence and to improve or maintain the SGTI score.

Read Renaissance United’s Sustainability Report 2021.