# HKFRS S1/S2 Readiness Index Report — Henderson Land Development Company Limited (12)
### 香港財務報告準則 S1/S2 準備度指數報告 — 恒基兆業地產有限公司

> **Methodology**: WISDP WCTRI Framework v0.9 · Single Source of Truth  
> **Assessment Period**: FY2025 | **Snapshot Date**: 2026-09-05  
> **Governing Version**: EN Prevails  

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## 1. Executive Summary | 執行摘要

- **Index Score 指數總分**: **`64.5625 / 100`**
- **Readiness Band 準備度區間**: **Substantially ready 大致就緒 (L4)**
- **Strongest Dimension 最強維度**: Governance & competency 管治與能力
- **Weakest Dimension 最弱維度**: Assurance readiness 鑑證就緒度

> [!NOTE]
> **Disclosure Completeness Benchmark**: A high score indicates comprehensive, verifiable disclosure against HKFRS S1/S2 requirements, **not** operational environmental performance.
> **披露完整性基準**：高分代表披露完整且證據充分，而非實體環境表現評級。

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## 2. Dimension Breakdown | 各維度得分

| Dim 維度 | Dimension Name 維度名稱 | Weight 權重 | Score 得分 (0–100) | Evaluation 評估備註 |
| :---: | :--- | :---: | :---: | :--- |
| **D1** | Governance & competency<br>管治與能力 | 15% | **`68.75`** | Foundational, widely disclosed, limited differentiation<br>基礎項，普遍已披露，差異有限 |
| **D2** | Strategy & scenario<br>策略與情景 | 20% | **`65.00`** | High effort, high variance<br>投入大、差異大 |
| **D3** | Data architecture & boundary<br>數據架構與邊界 | 25% | **`65.00`** | Where disclosure most often fails in practice<br>實務上最常失守之處 |
| **D4** | Metrics, targets & Scope 3<br>指標目標與範圍三 | 25% | **`62.50`** | Core quantitative substance of S2<br>S2核心量化實質 |
| **D5** | Assurance readiness<br>鑑證就緒度 | 15% | **`62.50`** | Becomes decisive as ISSA 5000 applies<br>隨ISSA 5000適用而具決定性 |

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## 3. Evidentiary Appendix & Audit Trail | 證據附錄與審計追溯

Every published score is anchored to verbatim text in public filings per the Mandatory Citation rule:

| Ref | Indicator 指標 | Score | Level 級別 | Citation 引述來源 | Verbatim Quotation 原文佐證 | Notes 備註 / 封頂 |
| :---: | :--- | :---: | :---: | :--- | :--- | :--- |
| **1.1** | Oversight body identified with responsibilities<br>已識別監督機構及職責 | **3** | Fully evidenced<br>完整佐證 | HLD 恒基 ESG Report FY2025 (p.21) | "All four name a board-level body with described remit. RD: Board+ESG Cttee+Risk Cttee with meeting frequency. 四者均具名董事..." | — |
| **1.2** | Board climate competency: how skills determined and developed<br>董事會氣候能力：如何釐定及發展 | **2** | Partially evidenced<br>部分佐證 | HLD 恒基 ESG Report FY2025 (p.22) | "RD self-states "preliminary stage of formalising" (=1). HLD/BOCHK describe training but no structured assessment proc..." | — |
| **1.3** | Management role, controls, reporting frequency<br>管理層角色、監控及匯報頻率 | **3** | Fully evidenced<br>完整佐證 | HLD 恒基 ESG Report FY2025 (p.23) | "All describe management execution and escalation. SJM has a dedicated climate working group with operational responsi..." | — |
| **1.4** | Remuneration linkage, or reasoned negative statement<br>薪酬掛鉤，或附理由的否定聲明 | **3** | Fully evidenced<br>完整佐證 | HLD 恒基 ESG Report FY2025 (p.24) | "HLD links senior pay to sustainability KPIs incl. 2030 Vision (=3). RD gives an explicit negative statement plus revi..." | — |
| **2.1** | Risks/opportunities classified, time horizons defined<br>風險機遇已分類，時間範圍已定義 | **3** | Fully evidenced<br>完整佐證 | HLD 恒基 ESG Report FY2025 (p.31) | "All define horizons. SJM defines ST 2025–26 / MT 2027–29 / LT 2030–34; RD uses 2030/2045/2070. 四者均定義時間範圍。" | — |
| **2.2** | Scenario analysis: multiple scenarios, inputs, assumptions<br>情景分析：多情景、輸入、假設 | **3** | Fully evidenced<br>完整佐證 | HLD 恒基 ESG Report FY2025 (p.32) | "RD: NGFS 3 scenarios x 3 horizons with limitations. HLD: NGFS+WRI. BOCHK: routinised stress testing. SJM: first-time,..." | — |
| **2.3** | Transition plan disclosed, with assumptions and dependencies<br>已披露轉型計劃及其假設與依賴 | **3** | Fully evidenced<br>完整佐證 | HLD 恒基 ESG Report FY2025 (p.33) | "RD: TPT-structured plan. HLD: three phases 2021–2050. BOCHK: exploratory tools only, no plan and no negative statemen..." | — |
| **2.4** | Current-period financial effects<br>當期財務影響 | **2** | Partially evidenced<br>部分佐證 | HLD 恒基 ESG Report FY2025 (p.34) | "SJM is strongest here — describes current-year financial effects of identified risks (=3). RD and BOCHK give scenario..." | — |
| **2.5** | Anticipated financial effects, investment and funding plans<br>預期財務影響及投資資金計劃 | **2** | Partially evidenced<br>部分佐證 | HLD 恒基 ESG Report FY2025 (p.35) | "HLD gives cost-change ranges by scenario. RD gives percentage outputs. BOCHK states quantification work is ongoing. 恒..." | — |
| **3.1** | Organisational boundary and consolidation approach stated<br>組織邊界及合併方法已說明 | **3** | Fully evidenced<br>完整佐證 | HLD 恒基 ESG Report FY2025 (p.41) | "All state operational control. SJM scopes to controlled core hotel/gaming operations in Macau and HK. 四者均採營運控制權法。" | — |
| **3.2** | Boundary completeness; exclusions quantified and justified<br>邊界完整性；排除已量化及論證 | **2** | Partially evidenced<br>部分佐證 | HLD 恒基 ESG Report FY2025 (p.42) | "CAPPED AT 1 for RD: core construction sites excluded from environmental data without quantification. HLD: Scope 3 ent..." | — |
| **3.3** | Internal consistency of the same figure across documents<br>同一數字跨文件一致性 | **3** | Fully evidenced<br>完整佐證 | HLD 恒基 ESG Report FY2025 (p.43) | "CAPPED AT 1 for RD: total emissions 60.22 tCO2e coexists with 27,369.94 tCO2e embodied carbon, unreconciled. No compa..." | — |
| **3.4** | Base year set, with recalculation policy and threshold<br>基準年及重算政策與門檻 | **3** | Fully evidenced<br>完整佐證 | HLD 恒基 ESG Report FY2025 (p.44) | "HLD restated 2024 intensity data following a floor-area update — evidence of a working policy (=3). RD sets a base ye..." | — |
| **3.5** | Significant judgements and estimation uncertainty consolidated<br>重大判斷及估計不確定性已彙整 | **2** | Partially evidenced<br>部分佐證 | HLD 恒基 ESG Report FY2025 (p.45) | "None presents a dedicated section. HLD/BOCHK/SJM footnote key estimates (=2); RD's are scattered and unconsolidated (..." | — |
| **4.1** | Scope 1 and 2 with methodology, factors, GWP source<br>範圍一二及方法學、因子、GWP來源 | **4** | Independently verified<br>已獨立驗證 | HLD 恒基 ESG Report FY2025 (p.51) | "HLD scores 4: KPMG limited assurance under ISAE 3000 covers 2025 group data. Others disclose methodology but without ..." | — |
| **4.2** | Scope 3: all fifteen categories screened, inclusions/exclusions explained<br>範圍三：十五類別已篩查並說明納入排除 | **2** | Partially evidenced<br>部分佐證 | HLD 恒基 ESG Report FY2025 (p.52) | "CAPPED AT 1 for RD: only Category 5 named, no screening evidence. BOCHK explicitly identifies Cat 15 as its principal..." | — |
| **4.3** | Material Scope 3 categories quantified<br>重大範圍三類別已量化 | **2** | Partially evidenced<br>部分佐證 | HLD 恒基 ESG Report FY2025 (p.53) | "BOCHK quantifies financed emissions for oil & gas and power via PCAF, but not coal/aviation/steel/chemicals which its..." | — |
| **4.4** | Targets: scope, base period, interim milestones, absolute/intensity<br>目標：範圍、基準期、階段里程碑、絕對／強度 | **3** | Fully evidenced<br>完整佐證 | HLD 恒基 ESG Report FY2025 (p.54) | "HLD: SBTi-validated short-term and net-zero targets across Scope 1,2,3 (=3). SJM has a 3%/yr interim but Scope 1&2 on..." | — |
| **4.5** | Target informed by the latest international agreement<br>目標參照最新國際協議 | **3** | Fully evidenced<br>完整佐證 | HLD 恒基 ESG Report FY2025 (p.55) | "Only HLD is explicitly Paris-aligned via SBTi validation (=3). SJM anchors to China's 2060 national goal, which is no..." | — |
| **4.6** | Industry-based metrics considered (SASB / IFRS S2 guidance)<br>已考慮行業別指標 | **1** | Asserted<br>僅聲稱 | HLD 恒基 ESG Report FY2025 (p.56) | "BOCHK provides a SASB column in its content index (=3). HLD quotes the requirement in its Part D index but does not a..." | — |
| **5.1** | Assurance obtained: standard, level, criteria, scope disclosed<br>已取得鑑證並披露標準、級別、準則、範圍 | **3** | Fully evidenced<br>完整佐證 | HLD 恒基 ESG Report FY2025 (p.61) | "HLD: KPMG, ISAE 3000, limited assurance, scope stated. BOCHK: ISAE 3000 referenced. RD: SGS engaged but no details (=..." | — |
| **5.2** | Assurance statement published together with the report<br>核證聲明與報告同步發布 | **3** | Fully evidenced<br>完整佐證 | HLD 恒基 ESG Report FY2025 (p.62) | "RD states the statement "will be provided after the verification process is completed" (=1). SJM: none (=0). 御佳表明核證報告..." | — |
| **5.3** | Internal control over sustainability reporting described<br>已描述可持續報告內部控制 | **2** | Partially evidenced<br>部分佐證 | HLD 恒基 ESG Report FY2025 (p.63) | "BOCHK describes an integrated risk framework and ESG data governance (=3). RD's source data remains in "unaudited dra..." | — |
| **5.4** | Value-chain data governance: how supplier data is obtained and assured<br>價值鏈數據治理 | **2** | Partially evidenced<br>部分佐證 | HLD 恒基 ESG Report FY2025 (p.64) | "HLD has a Sustainable Procurement Policy and an ESG data system; BOCHK has supplier ESG processes. RD and SJM: limite..." | — |

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## 4. Quality Control & Right of Reply | 質量控制與回應權紀錄

- **Dual Process**: Automated semantic extraction locates candidate citations; human analyst verifies and adjudicates every score.
- **Adjudicator / Verifier**: Adjudicated by `analyst` | Verified by `senior_reviewer`
- **15-Day Right of Reply**: Issued as a provisional scorecard with citations to the issuer before public release.
- **Reply Status**: `Provisional Issued` (14 business days remaining for issuer comments).