Sustainability Report of
Overseas Education Limited
Financial Year 2024
CONTENT | |
SECTION 1: OVERVIEW OF OUR GROUP | 3 |
About Overseas Education Limited | 3 |
About This Report | 4 |
Sustainability Reporting Framework | 4 |
Feedback | 4 |
Restatement Of Information | 4 |
Assurance and Review | 5 |
Memberships and Associations | 5 |
Confirmation and Approval | 5 |
SECTION 2: CLIMATE AND SUSTAINABILITY GOVERNANCE | 6 |
Message From the Board | 6 |
Sustainability In the Board | 6 |
Prevention of Conflict of Interest in the Board | 7 |
Board Nomination | 7 |
Evaluation of Board's Performance | 8 |
Remuneration Policies | 8 |
Sustainability Governance and Leadership | 9 |
Policies And Practices | 11 |
Climate-Related Risks and Opportunities | 13 |
Risk Governance | 13 |
Qualitative Scenario Analysis | 14 |
Stakeholder Inclusiveness | 24 |
Materiality Assessment | 25 |
SECTION 3: SUSTAINABILITY PERFORMANCE AND MATERIAL TOPICS | 29 |
Ethical and Sustainable Practices | 29 |
GRI 201: Economic Performance 2016 | 29 |
GRI 205: Anti-corruption 2016 | 31 |
Preserving Nature, Empowering Tomorrow | 32 |
GRI 302: Energy 2016 and GRI 305: Emissions 2016 | 32 |
GRI 303: Water and Effluents 2018 | 37 |
GRI 306: Waste 2020 | 37 |
Building Stronger, Resilient Communities | 38 |
GRI 401: Employment 2016 | 38 |
GRI 403: Occupational Health and Safety 2018 | 42 |
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GRI 404: Training and Education 2016 | 46 |
GRI 405: Diversity and Equal Opportunities 2016 | 47 |
GRI 410: Security Practices 2016 and SV-ED-230a: Data security | 48 |
Integrating ISSB and SASB Standards for Enhanced Reporting | 49 |
SV-ED-260a: Quality education & gainful employment | 49 |
SV-ED-270a: Marketing & recruiting practices | 50 |
COMMUNITY ENGAGEMENT AND CORPORATE SOCIAL RESPONSIBILITY | 51 |
GRI Content Index | 56 |
TCFD Content Index | 62 |
TABLES | |
Table 1 Partnership, Membership and Accreditation of the Group | 5 |
Table 2 List of Stakeholders and Our Response to their Interests | 24 |
Table 3 List of the Group's Material Topics for FY2024 | 27 |
Table 4 The Group's Economic Performance in FY2022, FY2023 and FY2024 | 30 |
Table 5 Scope 3 emissions of the Group for FY2024 | 36 |
Table 6 The Group's Energy and Emissions Performance | 36 |
Table 7 Water Withdrawal Performance | 37 |
Table 8 Waste Performance | 38 |
Table 9 Employment Performance and Target | 42 |
Table 10 Initiatives and Targets for Health, Safety and Security | 45 |
Table 11 Diversity, Equity and Inclusion Performance | 48 |
Table 12 Remuneration Ratio by Employee Category and Gender | 48 |
FIGURES | |
Figure 1 Sustainability Governance Structure | 10 |
Figure 2 Policies on OFS official website | 11 |
Figure 3 Materiality Matrix based on Stakeholder Engagement Survey Outcome .... | 26 |
Figure 4 I-RECRedemption Statement | 33 |
Figure 5 The Group's Non-renewable Energy Consumption and Scope 1 & 2 | |
Emissions in FY2024 | 35 |
Figure 6 The Group's Non-renewable Energy Consumption and Scope 1 & 2 | |
(Market-based)Emissions in FY2024 | 35 |
Figure 7 Employee Breakdown in FY2024 by Employee Category | 40 |
Figure 8 Employees Breakdown in FY2024 by Employment Type | 41 |
Figure 9 New Hire and Turnover Breakdown in FY2024 | 41 |
Figure 10 Parental Leave Breakdown by Gender | 42 |
Figure 11 Summary of OFS' Safety and Security Policies | 43 |
Figure 12 Training and Appraisal Data | 47 |
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SECTION 1: OVERVIEW OF OUR GROUP
About Overseas Education Limited
[GRI 2-1]
Overseas Education Limited ("OEL"), incorporated on 28 October 2011 and listed on the SGX-ST Main Board on 7 February 2013, is the investment holding company of Overseas Family School Limited ("OFSL"), which operates Overseas Family School ( "OFS" or "School"), collectively referred to as "the Group"). As Singapore's first foreign system School ("FSS") operating from 81 Pasir Ris Heights, Singapore listed on SGX-ST, the School provides K-12 education in a global, multicultural environment for children aged 2 to 18 of expatriate professionals in Singapore. Recognised as one of Singapore's largest FSSs (Frost & Sullivan, 2012), the School supports Singapore's foreign direct investments. It offers the International Primary Curriculum (IPC), IB Middle Years Programme (MYP), IB Diploma Programme (DP), and Cambridge IGCSE examinations.
The Group's Master Policy is to maintain a happy, safe and effective School for overseas families living in Singapore". Our vision and mission are to provide a well-rounded education that supports students' academic goals and prepares them for the future.
Vision
- Aims to be a leading foreign system School in Singapore
- Aims to be an important consideration for expatriates moving to Singapore with School-age children
Mission
- Aims to provide a supportive environment that helps students achieve their academic goals
- Aims to help students develop critical thinking skills and a global mindset
- Aims to help students develop self-discipline, self-respect, and respect for others
- Aims to help students develop flexible problem-solving approaches and original thinking skills
Organisation Structure
The following diagram presents our corporate structure, highlighting key entities and their operational status within the organisation. The entities covered in our financial reporting are the same as those included in our sustainability reporting.
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About This Report
[GRI 2-2, 2-3, 2-3a, 2-3b, 2-3c, 2-6d]
This sustainability report presents OEL as the holding company and its subsidiary, OFSL. OEL has consistently released an annual sustainability report alongside its Annual Report. This year marks the publication of OEL's eighth annual sustainability disclosure as a standalone report, providing more in- depth information on sustainability policies, management strategies, climate risk qualitative scenario analysis, and the progress of initiatives for both OEL and its subsidiary, OFSL. The report covers the period from 1 January 2024 to 31 December 2024, aligning with the Group's financial reporting period for FY2024.
Sustainability Reporting Framework
This sustainability report has been prepared in accordance with the Global Reporting Initiative (GRI) Universal Standards 2021. The GRI framework was selected for its global recognition, enabling greater comparability within the Group and with the Group's industry peers. The GRI content index is available on page 58 of this report. Additionally, our climate-related disclosures follow the guidelines of the Task Force on Climate-related Financial Disclosures (TCFD) and align with IFRS S2 standards. This year we have conducted a qualitative scenario analysis to better understand the climate related risks.
As a publicly listed company in the education sector, this report also complies with SGX Listing Rules 711A and 711B. Its development incorporates the six key components outlined in SGX Listing Rule 711B, including:
- Material ESG factors
- Climate-relatedDisclosures
- Policies, Practices and Performance
- Targets
- Sustainability Reporting Framework
- Board Statement
This year, we have initiated our transition to the IFRS S1 and S2 standards introduced by the International Sustainability Standards Board (ISSB). The Singapore Exchange (SGX) is encouraging listed companies to adopt these standards, with mandatory implementation expected by 2025.
Feedback
[GRI 2-3d]
We value stakeholder feedback to enhance our sustainability performance and reporting. For any comments or suggestions regarding our sustainability practices and disclosures, please contact:
David Ho
Sustainability Team Lead
Address: 81 Pasir Ris Heights, Singapore 519292
Email address: ir@ofs.edu.sg
Tel (65) 6738 0211
Fax (65) 6733-8825
Restatement Of Information
[GRI 2-4]
There have been no changes in the organisation's operational size, structure, ownership, activities, services, market presence, value chain, or industry sector compared to the FY2023 reporting period. Additionally, there was no involvement of minority interests, nor were there any mergers, acquisitions, or disposals of entities during this period. This report contains no restatements.
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Assurance and Review
[GRI 2-5]
In alignment with the SGX Practice Note 7.6 Sustainability Reporting Guide, the Group conducted a review of its sustainability report for FY2024. Internal reviews by management were employed to ensure the accuracy and reliability of the disclosed data. This review was integrated into our existing governance framework, which is overseen by the Board and senior management, supported by internal controls and risk management systems. This approach reflects our commitment to transparent and robust reporting. While internal and external assurance were not obtained for this sustainability report, we are actively exploring the option of engaging one in the future.
Memberships and Associations
[GRI 2-28]
The Group views membership as a strategic decision that aligns with and supports the mission or objectives of associations critical to the organisation's operations. In 2023, our renewed collaboration with the Ministry of Education (MOE) and local educational institutions has delivered significant benefits. We remain dedicated to strengthening and sustaining meaningful partnerships with our valued educational stakeholders. Details of our partnerships, memberships, and accreditations are outlined in Table 1 below.
Table 1 Partnership, Membership and Accreditation of the Group
Issuing Entity / Administrative Body
Committee for Private Education (CPE), Singapore
Edutrust Certified
International Baccalaureate (IB)
Geneva, Switzerland
Cambridge Assessment
International Education, UK
Western Association of Schools
and Colleges (WASC), USA
International Early Years
Curriculum
(IEYC), UK
International Primary Curriculum (IPC), UK
Memberships and Accreditation
Registration No.: 199104269R (Validity: 1/9/2023 - 31/8/2027)
Certificate Number: EDU-2-2072 (Validity: 21/08/2024 - 20/08/2028)
Authorised for Middle Years Programme (MYP) and Diploma Programme (DP)
Registered for IGCSE
Accredited for K-12
Member School
Member School
Confirmation and Approval
[GRI 2-3c]
The sustainability performance data in this report is sourced from OEL Group's official documents and operational records. This report was approved by the Board of Directors on 26 March 2025, and subsequently published on 9 April 2025.
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SECTION 2: CLIMATE AND SUSTAINABILITY
GOVERNANCE
Message From the Board
[GRI 2-9b, 2-12, 2-14, 2-22]
Dear Stakeholders,
As we navigate an evolving global education landscape, our board recognises the significant challenges and opportunities shaping the sector. The post-pandemic recovery has highlighted the need for resilient learning models, while rising operational costs and global teacher shortages demand strategic resource management. Rapid digital transformation, alongside growing expectations for sustainability and ESG compliance, requires continuous innovation and accountability. Additionally, fostering equity, inclusion, and future-ready skill development remain central to our mission. To address these, the Board has implemented strategic measures to safeguard the Group's position and harness opportunities in this changing environment.
The Board remains steadfast in its leadership role, guiding the Group's sustainability journey. Our commitment to sustainability is reflected in initiatives such as increasing curriculum time on sustainability-related topics, empowering students to contribute toward global Sustainable Development Goals (SDGs), and actively reducing our carbon footprint through energy efficiency, waste management, and recycling efforts.
In FY2024, the Board continues to emphasise a holistic education approach, integrating technological advancements such as AI and digital literacy while ensuring a balanced focus on inquiry-based learning, physical well-being, and social-emotional development. Sustainability is a core part of our curriculum, with field trips, extracurricular activities, and service programmes fostering experiential learning and global citizenship among students.
The Group's future targets are aligned with the Singapore Green Plan 2030 and the goal of achieving net-zero emissions by 2050. We remain committed to embedding sustainability in every aspect of our operations while driving SDG-related initiatives across the organisation.
The Board views sustainability as a critical factor in maintaining the trust of our stakeholders. Our inclusive policies, safeguarding practices, and celebration of diversity ensure a safe, supportive, and enriching environment for our community. Through these efforts, Group continues to uphold its master policy of maintaining a happy, safe, and effective School for overseas families living in Singapore.
In response to these dynamic shifts, we remain committed to strengthening our governance, enhancing operational resilience, and delivering long-term value to our stakeholders.
Sincerely,
Board of Directors
Overseas Education Limited
Sustainability In the Board
[GRI 2-9, 2-11, 2-17]
The Group demonstrates its commitment to sustainability through robust governance frameworks and strategic oversight. The Board takes an active role in driving sustainability efforts, supported by key committees that address specific areas: the Audit Committee evaluates climate-related risks, the
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Remuneration Committee ensures incentive structures align with sustainability objectives, and the Nominating Committee appoints the Sustainability Team Lead. Ultimate accountability for sustainability rests with the Chief Executive Officer (CEO), while the Chief Financial Officer (CFO) spearheads the Sustainability Team's initiatives. The Group's sustainability priorities encompass climate risk management, energy conservation, waste minimisation, and stakeholder engagement-ensuring alignment with Singapore's Green Plan 2030 and the global Sustainable Development Goals (SDGs). Additionally, the Board cultivates an ethical, values-driven culture and upholds accountability across the Group.
The Board comprises six (6) members, including a Non-Independent Non-Executive Chairman, two (2) Executive Directors-one of whom serves as the Chief Executive Officer-and two (2) Independent Non-Executive Directors and one (1) Non-Independent Non-Executive Director. In compliance with Provision 3.1 of the Code, the roles of the CEO and Chairman are distinct, fostering independent decision-making. Shareholders can reach out to the Lead Independent Director for unresolved concerns or situations where engaging with the CEO, Executive Directors, or CFO may not be appropriate.
The Group's approach to ESG stewardship is reinforced by the 'tone from the top,' with the Board receiving dedicated support from the Audit Committee (AC), Remuneration Committee (RC), and Nominating Committee (NC). These committees play a crucial role in sustainability-related decision- making, with their specific responsibilities detailed in this section.
The AC plays a pivotal role in ensuring compliance with regulatory and audit standards. Through the AC, the Board provides oversight on sustainability trends, risks, and emerging opportunities, ensuring they are integrated into Group's strategic direction. The AC closely monitors sustainability and climate- related risks and has initiated internal audits on sustainability reporting to enhance credibility and disclosure reliability.
Prevention of Conflict of Interest in the Board
[GRI 2-15]
The Board has implemented a clear and structured framework for setting policies on Director and executive remuneration. Directors are expected to steer clear of any circumstances where their personal or business interests could, either directly or indirectly, conflict with or have the potential to conflict with the Group's interests. Should a conflict or the possibility of one arise, the affected Director must immediately inform the Board and submit a written declaration to the Chairman and/or Company Secretary, outlining the specifics of the conflict. The Director is required to recuse themselves from any related discussions and refrain from involvement in decision-making on the matter.
On another hand, the persons recommended by the Board for appointment as Directors at the upcoming AGM have to declare if they have any relationship with any existing director, existing executive officer, the Company and/or substantial shareholder of the Company or of any of its principal subsidiaries, conflict of interest including involving in any competing business and directorship with other companies.
Board Nomination
[GRI 2-10]
The NC, comprising two (2) Independent Directors and two (2) Non-Independent Non-Executive Directors, is responsible for establishing and maintaining a well-defined and transparent process for the appointment of new Directors. When a vacancy arises, the NC assesses potential candidates based on predefined selection criteria, developed in collaboration with the Board. This assessment considers factors such as qualifications, relevant experience, the candidate's potential to contribute effectively to the Board, and their ability to support the Group's strategic goals. Once the evaluation is complete, the NC recommends the most suitable candidate for the Board's approval. Additionally, the NC will conduct interviews with candidates and evaluate them using objective criteria approved by the Board. These criteria include integrity, independent thinking, relevant skills or those that complement the existing Board, commitment of time and effort to fulfil responsibilities, a strong decision-making track record,
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relevant experience, and financial literacy. Then, the NC will make a recommendation to the Board on the appointment. The Board appoints the most suitable candidate who must stand for re-election at the next AGM of shareholders.
The NC oversees the appointment of the Sustainability Team Lead. The NC is also dedicated to promoting a diverse and inclusive Board at the Group, ensuring it drives performance and long-term value creation.
Evaluation of Board's Performance
[GRI 2-18]
Remuneration and Board Performance Evaluation
The RC, comprising two (2) Independent Directors and two (2) Non-Independent Non-Executive Directors, is responsible for reviewing and recommending a comprehensive remuneration framework for the Board and key management personnel. This includes determining individual remuneration packages to ensure alignment with the Group's strategic objectives. With the growing regulatory focus on governance and sustainability, the RC is exploring remuneration structures that incorporate long- term ESG goals, carefully considering the challenges of setting realistic targets and timelines. The Group's remuneration policy is designed to support the Group's long-term interests while aligning with its risk management approach.
The Board is committed to upholding good corporate governance by implementing an annual evaluation process, facilitated by the NC, to assess the effectiveness of the Board, its Committees, and individual Directors. The NC conducts an annual evaluation to assess the effectiveness of the Board and its Committees. This process includes a structured evaluation form to review overall Board performance and a self-assessment for individual Directors. Key assessment criteria include contribution, preparedness, attendance, participation, and the quality of engagement in Board discussions. These evaluations provide valuable insights and actionable feedback to enhance Board effectiveness. The performance criteria are reviewed annually to ensure relevance, with plans to integrate ESG-related metrics to assess the Board's role in overseeing the Group's environmental, social, and economic impact.
Board Diversity and Continuous Learning
The Group's Board Diversity Policy promotes a balanced composition of gender, skills, knowledge, experience, age, and core competencies to support the Group's strategic direction. In collaboration with the AC, the Board affirms that Group's internal control and risk management systems effectively address financial, operational, compliance, and IT risks through comprehensive oversight, regular audits, and management reviews.
The Board remains committed to staying informed on evolving sustainability trends. Board members actively participate in professional development programmes, including courses by the Singapore Institute of Directors and engagements with external experts, ensuring they stay abreast of industry best practices and regulatory expectations.
Remuneration Policies
[GRI 2-19, 2-20, 2-21]
The Group's remuneration policy aims to offer competitive remuneration packages that align with market benchmarks, rewarding performance while attracting, retaining, and motivating directors and key management personnel. The RC is responsible for recommending a remuneration framework to the Board for directors and key management personnel, ensuring that remuneration decisions are made with transparency and accountability. The RC also supports the Board in aligning remuneration practices with the Group's sustainability strategy. In line with best governance practices, no director is involved in the determination of their own remuneration.
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Please refer to the Corporate Governance section of our Annual Report FY2024 for detailed information relating to the Directors including Handling of conflict of interest, Board diversity, Communication of critical concerns, Collective knowledge of the highest governance body, Evaluation of the performance of the highest governance body, Remuneration policies, Process to determine remuneration and Annual total compensation ratio.
Sustainability Governance and Leadership
[GRI 2-9b, 2-12, 2-13, 2-14]
In FY2024, the Board of the Group continued to fulfil its role as the highest governance authority, providing strategic leadership with an unwavering commitment to integrity and diligent oversight of governance structures, practices, and performance. The Board maintained its active role in overseeing sustainability-related matters, ensuring that the organisation adheres to responsible business practices and remains focused on long-term environmental, social, and governance (ESG) objectives.
Throughout the year, the Board played a central role in shaping, reviewing, and enhancing the Group's sustainability policies. In determining sustainability-related material topics and climate-related risks and opportunities, the Board and management engaged in stakeholder consultation processes, reviewed survey findings, and approved the materiality assessment results, ensuring alignment with business priorities and stakeholder expectations.
The Group's sustainability governance structure, established in 2022, continues to support the Board in embedding sustainability into the organisation's strategic framework. This structure facilitates the delegation of sustainability initiatives to the management team, fostering a collaborative and integrated approach to sustainability. Clearly defined roles and responsibilities provide a structured framework to guide sustainability efforts, as depicted in Figure 1. This governance structure remains instrumental in driving effective planning, execution, and reporting of sustainability initiatives across the organisation.
The sustainability reporting process is overseen by the subsidiary's Finance Director, who prepares the report, with subsequent reviews conducted by the CFO and CEO. The final sustainability report is presented for Board approval as part of the annual reporting process, reinforcing transparency and accountability.
The Sustainability Work Teams are responsible for implementing sustainability initiatives, with the CEO and CFO overseeing overall sustainability performance. The Group's community continues to provide feedback on the organisation's economic, environmental, and social impacts through the Sustainability Work Teams, ensuring an inclusive and responsive approach to sustainability management. The Board is also updated with ESG and sustainability performance during Board meetings as these updates develop. In FY2024, no critical concerns were reported to the Board, reflecting Group's proactive approach to sustainability risk management and governance.
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