Old Chang Kee : Sustainability Report 2021

OLD CHANG KEE LTD.

SUSTAINABILITY REPORT 2021

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Old Chang Kee Ltd.

Sustainability Report 2021

TABLE OF CONTENTS

01	BOARD STATEMENT	3
02	CORPORATE PROFILE	5
03	OUR APPROACH TO SUSTAINABILITY	7
04	ECONOMIC	11
05	ENVIRONMENTAL	13
06	SOCIAL	16
07	GOVERNANCE	23
08	GRI STANDARDS CONTENT INDEX	24

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Old Chang Kee Ltd.

Sustainability Report 2021

BOARD STATEMENT

BOARD STATEMENT

We are pleased to present Old Chang Kee Ltd.'s ("Old Chang Kee") annual Sustainability Report for our financial year ended 31 March 2021 ("FY2021").

The key material economic, environmental, social and governance ("EESG") factors for Old Chang Kee have been identified and reviewed by the Chairman and the Chief Executive Officer ("CEO"). The board of directors of Old Chang Kee ("Board") oversees the management and monitoring of these factors and takes them into consideration in the determination of the company's strategic direction and policies. Sustainability is a part of Old Chang Kee's wider strategy to create long-term value for all our stakeholders.

With the availability of economic, environment, social and governance data, sustainability reporting has gained greater significance to investors. Far from being just an image building exercise, today, it is widely accepted that good EESG practices contribute to the overall long-term success of the company and play an important part in the competition for talent and investment.

Businesses must be quick to adapt to key stakeholders' concerns, closing any potential gaps and capitalising on opportunities amid today's rapidly-changing business environment.

In defining our reporting content, we applied the Global Reporting Initiative ("GRI")'s principles by considering the Group's activities, impact and substantive expectations and interests of its stakeholders. We observed a total of four principles, namely, materiality, stakeholder inclusiveness, sustainability index and completeness. For reporting quality, we observed the principles of balance, comparability, accuracy, timeliness, clarity and reliability.

The EESG data and information provided have been derived from internal data monitoring and verification to ensure accuracy.

REPORTING PERIOD AND SCOPE

This Sustainability Report is set out on a "comply or explain" basis in accordance with Catalist Rule 711B and Practice Note 7F of the Singapore Exchange Securities Trading Ltd. ("SGX-ST") Listing Manual Section B: Rules of Catalist. Corresponding to GRI's emphasis on materiality, the report highlights the key economic, environmental, social and governance related initiatives carried out by the Company and its significant subsidiaries throughout the 12-month period, from 1 April 2020 to 31 March 2021.

REPORTING FRAMEWORK

Old Chang Kee has chosen the GRI framework as it is the most established international sustainability reporting standard and in respect of the extent to which such framework is applied, this Sustainability Report has been prepared with reference to the GRI Standards reporting guidelines, at Core level.

FEEDBACK

We welcome feedback from our stakeholders with regard to our sustainability efforts as this enables us to improve our policies, systems and results. Please send your comments and suggestions to [e-mail].

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Old Chang Kee Ltd.

Sustainability Report 2021

ACCESS

No hard copies of this Sustainability Report have been printed as part of our efforts to promote environmental conservation. You may visit SGX website or our company website http://oldchangkee.listedcompany.com for our Sustainability Report.

27 August 2021

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Old Chang Kee Ltd.

Sustainability Report 2021

CORPORATE PROFILE

The history of Old Chang Kee goes as far back as 1956 when it started with just a small stall in a coffee shop outside the former Rex cinema along McKenzie Road. People just loved the delicious pastry stuffed full of curried potatoes, chicken, a slice of egg, fried with several herbs and spices. Each curry puff was carefully handmade and properly sealed to lock in the unmistakable aroma that won the hearts of many Singaporeans.

In 1986, Han Keen Juan made a pivotal decision that was to change his life as well as the food scene in Singapore. He traded a comfortable job with an established MNC for the hot and greasy kitchen of Old Chang Kee. With whatever savings he had, he bought over the control of the company. Facing an uncertain future ahead of him, he had only one goal in mind - to transform Old Chang Kee into a successful business entity.

Strategic Move

Han quickly set about modernizing and re-engineering the business. He implemented new systems and took critical steps to ensure quality standards. He launched an aggressive programme to grow Old Chang Kee to become Singapore's leading brand of curry puffs and other hot savories. His hard work paid off, for in 1992, he was awarded Entrepreneur of the Year and was hailed by Newsweek and the now defunct Asia Magazine as the man to watch.

In his true entrepreneurial spirit, he took another big gamble by investing in a 20,000 square feet modern factory in Woodlands. Back then he was producing his curry puffs from a small corner of the coffee shop and later moved to a slightly bigger premise in a flatted factory in Ubi. But he knew that in order to bring the company into the big league, he had to keep upgrading and hence his move to Woodlands. With the move to bigger, modern premises came bigger challenges for him. He had to change the mindset of his people. He had to convince them that the modern machineries and modern processes were not designed to replace them but rather to standardize the work flow and to ensure stringent quality control.

Old Chang Kee markets its curry puffs through various concepts - from kiosks along the road, to supermarket outlets and to modern shopping malls. With one of the best curry puffs around and achieving high marks in accessibility, variety and wholesome goodness, Old Chang Kee has also diversified and extended its product range to include other snacks, desserts and complementary products such as spring rolls, sotong balls, fish balls, crab claws, sesame balls and sotong fritters etc, all produced with the same high quality standards that go into making its classic curry puff.

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Old Chang Kee Ltd.

Sustainability Report 2021