Second-Party Opinion Download

Sustainalytics is of the opinion that the is credible and impactful and aligns with the Sustainability Bond Guidelines 2021, Green Bond Principles 2021, Social Bond Principles 2021, Green Loan Principles 2021, and Social Loan Principles 2021. This assessment is based on the following:   

USE OF PROCEEDS

The eligible categories for the use of proceeds – Affordable Housing, Access to Essential Services, Socioeconomic Advancement and Empowerment, Green Buildings, and Renewable Energy – are aligned with those recognized by the Green Bond Principles, Social Bond Principles, Green Loan Principles, and Social Loan Principles. Sustainalytics considers that investments in the eligible categories will lead to positive environmental or social impacts and advance the UN Sustainable Development Goals, specifically SDG Goals 1, 4, 7 and 11.   

PROJECT EVALUATION / SELECTION

Flagship Group’s (“Flagship”) Board of Directors will be responsible for overseeing the process for the evaluation and selection of eligible projects under the Framework. As part of this process, the Board will approve the addition of eligible projects/expenditures and will be responsible for confirming continued compliance with the Framework. Sustainalytics considers the project selection process in line with market practice.  

MANAGEMENT OF PROCEEDS

Net proceeds will be managed by Flagship’s Finance department. The Company intends to fully allocate and/or disburse proceeds within 24 months of issuance of financing transactions. Pending full allocation, the proceeds will temporarily be invested according to the Company’s normal liquidity processes. This is in line with market practice. 

REPORTING

Flagship Group intends to report on allocation of proceeds on its website on an annual basis until full allocation. In addition, Flagship Group is committed to reporting on relevant quantitative and qualitative impact metrics, which align with the Sustainability Reporting Standards for Social Housing (SRS). Sustainalytics views Flagship Group’s allocation and impact reporting as aligned with market practice.