We exclude companies from our report boundary which we do not control. The principal effect of this is to exclude Cathay Pacific, which we do not control because it is an associate. Cathay Pacific has its own board of directors, who are responsible for ESG related matters. Hong Kong Aero Engine Services Limited (HAESL), a joint venture between Rolls-Royce plc (50%) and HAECO (50%) is also excluded, as we do not have sole control. Cathay Pacific and HAESL publish their own sustainability reports, which can be accessed via their corporate websites.
We have restated past data to exclude data relating to Cathay Pacific and HAESL for comparative purposes. As recommended in the GHG Protocol’s Corporate Value Chain (scope 3) Accounting & Reporting Standard, we have included a proportion of Cathay Pacific’s carbon emissions under the Group’s scope 3 (category 15) emissions given their materiality and their interest to readers of this report. The proportion is 44.985%, which is the same as our percentage ordinary shareholding interest in Cathay Pacific.
The report continues to cover subsidiaries of Swire Pacific. Performance data (except as indicated above in respect of Cathay Pacific’s carbon emissions) is reported on a 100% basis and has not been proportioned to reflect Swire Pacific’s shareholdings in subsidiaries. We do not include newly acquired entities until we have a full calendar year’s data from them and a review of their data and internal controls is complete. Swire Properties' commercial buildings are included after each property development has opened and reached a significant level of occupancy.
The disposal of 100% equity interests in the franchise business in the USA (doing business as Swire Coca-Cola, USA (SCCU)) was completed on 7th September 2023. Information in this report relating to SCCU represents data of up to completion of the disposal.
The scope, boundary and calculation methodology for specific data points are disclosed in our Reporting Methodology document. References in this document to Hong Kong are to Hong Kong SAR, to Macau are to Macao SAR, and to Taiwan are to the Taiwan region.
