Sustainability Vision & Commitment
Mermaid is listed on the Singapore Stock Exchange (SGX) and not only to adhere to the Listing Rule 711A, but we also are pro-active in identifying key materiality issues as it provides the Company with the opportunity to increase its value, both in business and financial terms. Mermaid is of the opinion that focusing on material sustainability issues allows it to positively impact growth both in terms of profit and customers. Through this Environmental, Social and Governance Report (ESG ), Mermaid communicates the Group’s commitment to sustainable development and its key achievements, practices and management approaches to its target readers, and internal and external stakeholders.
Mermaid has prepared the strategy and report for a purpose of consecutively achievement on sustainability goals with reference to the Global Reporting Initiative (GRI) Standards and the Sustainability Accounting Standards Board (SASB) reporting framework. Our strategy concentrates on communicating environmental, social and governance issues that are material to our performance which includes the following components:
- Material environmental, social and governance factors
- Policies, practices and performances
- Sustainability reporting framework
- Board statement
Sustainability Governance Structure
Mermaid conducted the materiality assessment to identify impacts of the Company that are material to its stakeholders and to manage ESG risks and opportunities. Mermaid considered the ESG materiality both within its own operations and within its supply chain that are linked to the Sustainable Development Goals (“SDGs”) in order to prioritize SDG targets with a purpose to drive the Company’s standards, procedures and technical controls.
These issues and their corresponding SDGs have been organized by mapping the linkages between Mermaid’s material topics and the SDGs, the Company aims to understand the relationship between the SDGs and the oil and gas industry, incorporate relevant SDGs into business operations, validate current efforts and encourage the exchange of new ideas to manage its impacts.
The SDG materiality and prioritization matrix highlight Mermaid’s SDG risks exposure along with the importance of these SDGs to the Company considering financial materiality of SDG issues. The SDG Risk exposure is measured through specific model and the financial materiality is assessed based on the Sustainability Accounting Standards Board materiality matrix for the primary operating sector – oil and gas exploration & production.