Our organisational boundary defines the entities and operations included in our sustainability disclosures. We exclude companies from our organisational boundary which we do not control. The principal effect of this is the exclusion of the Cathay group, being an associate company. The Cathay group has its own board of directors, who are responsible for sustainability-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. The Cathay group and HAESL publish their own sustainability reports, which can be accessed via their corporate websites.
As recommended in the GHG Protocol’s Corporate Value Chain (scope 3) Accounting and Reporting Standard, we have included a proportion of the Cathay group’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 43.09%, which is the same as our shareholding in the Cathay group as of 31st December 2025.
The report continues to cover subsidiaries of Swire Pacific. Performance data (except as indicated above in respect of the Cathay group’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 have completed a review of their environmental and social data and internal controls. In this report, the effect is to exclude Swire Coca-Cola's operations in Laos and Thailand, while financial data for these is included in our Annual Report 2025. Swire Properties' commercial buildings are included after each property development has opened and reached a significant level of occupancy.
Any assets that were operating and later sold during the year have been included in our organisational boundary up to the completion of disposal. The disposal of HAECO Americas was completed on 3rd November 2025. The disposal of Swire Bakery Limited was completed on 2nd December 2025.
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.
