Case study: How UOL creates economic value for its stakeholders
UOL Group Limited (UOL) is one of Singapore’s leading public-listed property companies with total assets of about $20 billion and a diversified portfolio of development and investment properties, hotels and serviced suites in Asia, Oceania, Europe and North America. UOL seeks to deliver sustainable business growth and create value for all its stakeholders Tweet This!, while focusing on its environmental and social impacts.
This case study is based on the 2021 Sustainability Report by UOL, prepared in accordance with the GRI Standards, that can be found at this link. Through all case studies we aim to demonstrate what CSR/ ESG/ sustainability reporting done responsibly means. Essentially, it means: a) identifying a company’s most important impacts on the environment, economy and society, and b) measuring, managing and changing.
Abstract
Operating sustainably in a way that creates long-lasting positive value for its stakeholders is a top priority for UOL. In order to create economic value for its stakeholders UOL took action to:
- create economic value for employees
- create economic value for the government
- create economic value for providers of capital
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With this case study you will see:
- Which are the most important impacts (material issues) UOL has identified;
- How UOL proceeded with stakeholder engagement, and
- What actions were taken by UOL to create economic value for its stakeholders
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What are the material issues the company has identified?
In its 2021 Sustainability Report UOL identified a range of material issues, such as climate change, diversity and equal opportunity, data protection, product quality. Among these, creating economic value for its stakeholders stands out as a key material issue for UOL.
Stakeholder engagement in accordance with the GRI Standards
The Global Reporting Initiative (GRI) defines the Principle of Stakeholder Inclusiveness when identifying material issues (or a company’s most important impacts) as follows:
Stakeholders must be consulted in the process s of identifying a company’s most important impacts and their reasonable expectations and interests must be taken into account. This is an important cornerstone for CSR / sustainability reporting done responsibly.
Key stakeholder groups UOL engages with:
To identify and prioritise material topics UOL engaged with its stakeholders through the following channels:
| Stakeholder Group | Method of engagement |
| Business Partners
| · Regular coordination meetings · Sharing of industry best practices |
| Communities
| · Collaboration with community partners · Public engagement channels · Media engagements · Quarterly corporate newsletter |
| Employees
| · Sharing growth strategy plans · Annual performance appraisals · Regular townhall meetings · Training workshops · Regular employee engagement sessions · Long Service Awards · Volunteer programmes · Intranet |
| Home Buyers
| · Dedicated email and phone feedback channels · Dedicated customer service teams to address buyers’ concerns and defect rectification issues |
| Hotel Guests
| · Guest services · Print and online media · Social media · Membership communications and loyalty programme |
| Investors
| · Annual General Meetings · Results briefings and business updates at least twice a year · Investor conferences · Regular investors and media meetings · Corporate website · Media releases and interviews · Annual reports and sustainability reports |
| Regulators
| · Briefing and consultation · Partnering with government agencies to improve productivity and industry standards · Participation in industry associations such as Real Estate Developers Association of Singapore (REDAS) |
| Shoppers
| · Customer service counter · Dedicated email and phone feedback · Social media channels · Loyalty programme |
| Tenants
| · Constant dialogue · Fit-out guidelines · Recycling programme · Loyalty programme to bring repeat customers |
What actions were taken by UOL to create economic value for its stakeholders?
In its 2021 Sustainability Report UOL reports that it took the following actions for creating economic value for its stakeholders:
- Creating economic value for employees
- In 2021, UOL paid $222,651 thousand for employees’ salaries, wages and benefits and directors’ remuneration.
- Creating economic value for the government
- In 2021, UOL paid $146,467 thousand in corporate and property taxes.
- Creating economic value for providers of capital
- In 2021, UOL paid $234,956 thousand to providers of capital.
Which GRI Standards and corresponding Sustainable Development Goals (SDGs) have been addressed?
The GRI Standard addressed in this case is: Disclosure 201-1 Direct economic value generated and distributed
Disclosure 201-1 Direct economic value generated and distributed corresponds to:
- Sustainable Development Goal (SDG) 8: Decent Work and Economic Growth
- Targets: 8.1, 8.2
- Sustainable Development Goal (SDG) 9: Industry, Innovation and Infrastructure
- Targets: 9.1, 9.4, 9.5
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References:
This case study is based on published information by UOL, located at the link below. For the sake of readability, we did not use brackets or ellipses. However, we made sure that the extra or missing words did not change the report’s meaning. If you would like to quote these written sources from the original please revert to the following link:
https://www.uol.com.sg/wp-content/uploads/uol-reports/files/UOL_Sustainability_Report_2021.pdf
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