Lendlease Annual Report 2022

Governance 73 Board Project Assessments A key responsibility of the Board is to approve and oversee the implementation of the strategy so that the Group can pursue its integrated business model in targeted global gateway Since the onset of COVID, the Board has maintained site visits and project reviews in a virtual format. The Board reintroduced its longstanding tradition of visiting the Lendlease regions in person to conduct site visits and reviews of various projects in April 2022. Site visits allow the Board to speak to project teams about the challenges and opportunities in the delivery of a project, enabling these to be appreciated in a fuller geographic and strategic context. These activities undertaken by the Board are examples of how the Board oversees management and delivering projects in accordance with the Group’s strategy. PLQ Development, Singapore The PLQ project assessment is an example of how the Board reviews and evaluates strategic opportunities, sustains competitive advantage of the integrated model to originate, fund and deliver major urban projects. Paya Lebar Central was identified by the Singapore Government as a new commercial hub for Singapore. This project was first presented to the Board in 2014, and after careful consideration, an equity commitment for Lendlease’s interest in PLQ was approved in 2015. Due to the project’s size and significance, the Board has continued to receive updates on the progress of PLQ and visited the project in 2015, prior to commencement of construction and again in 2017, to view progress. In April 2022, the Board visited the now completed project, one of the largest sustainable business and lifestyle precincts in Singapore. The highly activated integrated commercial realm includes offices, retail, residential and public spaces. In visiting the site over a longer time frame, the Board’s discussions on the project’s risks and opportunities were appreciated in a fuller geographic context. The Board’s interactions with PLQ, before, during and after completion of delivery, including visits, tours, presentations and project team interactions are indicative of the scrutiny and governance undertaken by the Board to oversee the delivery of projects in accordance with the Group’s strategy. Top: Singapore: Board visit.