Delivering Sustainable Value For Our Stakeholders Delivering Sustainable Value For Our Stakeholders Press Metal Aluminium Holdings Berhad 100 101 Integrated Annual Report 2023 Upholding Good Governance and Economic Resilience Read more of our economic, market and operations updates in the Management Discussion and Analysis by Group CEO section of this IAR 2023. GOING FORWARD We anticipate resilient aluminium demand, supported by favourable inflation and interest rates that will drive business growth. The outlook for the aluminium sector is promising, with increased capital investments in green sectors and a shift towards low-carbon content aluminium and the relocation of manufacturing facilities in the ASEAN region. Nevertheless, we will remain vigilant, monitoring the business landscape and adeptly managing financial risks to navigate economic downturns and challenges. We are also committed to developing a forward-thinking business strategy, introducing circular economy practices and resource efficiency innovations while diversifying our revenue streams through strategic partnerships. Adopting a holistic approach to business growth and sustainability, we aim to create enduring value for all stakeholders and make positive contributions to broader societal and environmental goals. HOW WE PERFORMED IN 2023 2021 (RM’000) 2022 (RM’000) 2023 (RM’000) Economic Value Generated 11,128,485 15,932,209 14,100,888 Economic Value Distributed Operating Costs 9,057,311 13,239,470 11,693,419 Contribution to Capital Providers 784,547 1,094,503 1,124,878 Employee Wages and Benefits 451,803 492,717 512,785 Contribution to the Government 57,739 120,090 66,740 Community Investment 5,750 6,204 6,360 Value Retained 771,335 979,225 696,706 Read more on our economic performance in the Management Discussion and Analysis by Group CEO section of this IAR 2023. Read more on our financial performance and tax contributions for FYE2023 in the Financial Statements section of this IAR 2023. Read more on our community investments in the Community Management section of this IAR 2023. Upholding Good Governance and Economic Resilience BUSINESS ETHICS AND CORPORATE GOVERNANCE GRI 2-15, GRI 2-16, GRI 2-25, GRI 2-26, GRI 3-3, GRI 205-1, GRI 205-2, GRI 205-3, GRI 415-1 M2 WHY IT MATTERS Business ethics and corporate governance play a pivotal role in guiding us to operate with integrity and responsibility. Upholding our governance principles, robust policies and ethical standards transparently fosters trust, confidence and loyalty among our stakeholders, allowing us to nurture enduring relationships with them and cultivate a positive reputation. Furthermore, adhering to these principles reduces the likelihood of encountering legal or financial penalties, reputational harm or other adverse consequences, thereby safeguarding our credibility and integrity. UN SDGs Capitals SRC OUR APPROACH Instituting Ethical Governance Practices and Policies Our Board sets our corporate governance standards and policies, as outlined in the Board Charter, and is supported by the Group CEO, who oversees the implementation of the policies at the Group level. Similarly, the implementation of these policies at the entity level is executed by the respective appointed management representatives, enabling alignment of our overarching principles across our operations. Our policies – which include our CoC, CoE, Whistle-Blowing Policy and ABAC Policy – are designed to promote sound business practices and to guide our corporate governance towards ethical conduct and compliance with relevant laws and regulations. Additionally, established policies and procedures aim to advocate integrity, professionalism and sound corporate governance across every facet of our operations. In addition to the above-mentioned policies, the following have also been established as well: All of our policies are publicly accessible at https://www.pressmetal.com/investor-relations/corporate-governance.php. Code of Conduct and Code of Ethics Our CoC and CoE delineate the standards and principles of ethical behaviour expected from our directors, management and employees when executing their responsibilities or addressing ethical dilemmas. The CoC fosters a corporate culture centred on accountability, integrity, fairness, high performance and non-discrimination while the CoE offers guidance in identifying and resolving ethical concerns and creates channels for reporting unethical behaviour. Both codes include conflict-of-interest provisions that set expectations for directors, management or employees to perform their duties conscientiously, honestly and in the best interests of the Group. During induction sessions, all employees receive briefings on the CoC and CoE, and they are subsequently prompted through our e-learning platform to attend refresher courses, ensuring continuous understanding and adherence to our ethical guidelines and principles. Audit & Tax Policy Diversity Policy Succession Planning Policy Directors’ & Key Senior Management Remuneration Policy Sustainability Policy Corporate Disclosure Policy ESG Remuneration Framework Directors’ Assessment Policy Responsible Sourcing Policy To underscore our commitment to ethical conduct in all aspects of our operations, we provide stakeholders with a whistleblowing platform to report any concerns related to tax misconduct or illegal activities in good faith.
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