Second-Party Opinion Download

Sustainalytics is of the opinion that the Minor International Sustainability-Linked Financing Framework aligns with the Sustainability-Linked Bond Principles 2023, Sustainability-Linked Loan Principles 2023 and ASEAN Sustainability-Linked Bond Standards 2022. This assessment is based on the following:

Selection of Key Performance Indicators

The Minor International Sustainability-Linked Financing Framework defines two KPIs: i) Scope 1 and 2 GHG emissions intensity of Minor Hotels (tCO2e/room sold); and ii) Water withdrawal intensity of Minor Hotels (m3/room sold). Sustainalytics considers KPI 1 to be adequate and KPI 2 to be strong based on materiality, relevance, scope of applicability and having an externally defined methodology, as applicable.

Selection of Key Performance Indicators

Sustainalytics considers the SPTs to be aligned with Minor’s sustainability strategy. Sustainalytics further considers SPTs 1 and 2 to be ambitious based on Minor’s historical performance and targets set by peers. 

Financial Instrument Characteristics

Minor will link the financial characteristics of the instruments issued under the Framework to the achievement of all the SPTs. The financial characteristics may include a coupon adjustment or a margin adjustment, or a premium payment.

Reporting

Minor commits to report on an annual basis on its performance on the KPIs in its sustainability report. Relevant information that may enable relevant stakeholders to measure KPI performance and monitor progress towards achieving the SPTs will be provided to lenders or investors on an annual basis. 

Verification

Minor commits to have external limited assurance conducted against each SPT for each KPI at least once a year.