Upholding Good Governance and Economic Resilience Integrated Annual Report 2024 SECTION 5 • DELIVERING SUSTAINABLE VALUE FOR OUR STAKEHOLDERS 115 Driving Local Economic Growth Through Strategic Supplier Partnerships We are dedicated to strengthening the local economies in our operational areas by prioritising partnerships with local suppliers whenever possible. This approach not only creates job opportunities within local communities but also drives economic growth. Collaborating with local partners yields benefits, including reduced lead times, enhanced communication, development of local skills, and greater supply chain agility — attributes that strengthen both our operations and the communities we serve. In partnership with our financial institution partner, Alliance Bank, we have launched the Supplier Sustainability Programme, offering suppliers a complimentary ESG assessment including climate assessment. Participating suppliers receive a detailed rating, a climate maturity report, and, where applicable, a tailored action plan. Alliance Bank, leveraging on the insights, provides access to sustainability-linked or green financing options, preferential rates, connections to green solution providers, as well as other targeted services such as training and advisory services. This programme empowers suppliers to adopt sustainable practices, heightens ESG awareness, and unlocks cost efficiencies through energy-saving and renewable solutions. Press Metal, as a collaborating partner, will receive valuable insight to identify areas for supplier improvement, fostering collaboration and driving sustainable growth across our supply chain. Enhancing Supply Chain Sustainability through Bursa Malaysia’s CSI Platform Press Metal has adopted Bursa Malaysia’s Centralised Sustainability Intelligence (“CSI”) Platform, in our effort to advance supply chain sustainability. Aligned with Malaysia’s corporate sustainability landscape and the Joint Committee on Climate Change’s Greening Value Chain programme, this platform provides tools to measure GHG emissions (Scope 1, 2, and 3). It also enables pinpointing high-emission hotspots, enabling Press Metal to encourage suppliers to enhance their ESG performance while facilitating climate reporting consistent with global frameworks such as IFRS S1 and S2. The CSI Platform delivers a variety of benefits, including streamlined ESG reporting, comprehensive insights into Scope 3 emissions, access to green financing opportunities, heightened stakeholder visibility, a centralised ESG data repository, and access to global markets. Building Internal Capacity and Strengthening Supplier Awareness Press Metal periodically engages suppliers through training on responsible sourcing practices and governance policies, including our ABAC Policy and Responsible Sourcing Policy. These sessions are designed to reinforce awareness of our business practices and expectations, ensuring alignment with our commitment to ethical procurement across the supply chain. To deepen supplier’s awareness, we provide targeted training programmes including climate change and human rights obligations, cultivating a culture of adherence to our responsible sourcing standards. In FYE2024, we invited our suppliers to participate in several notable workshops, including a climate resilience and sustainability session hosted by the UNGC Malaysia & Brunei, a GHG emissions workshop by Malaysian Green Technology and Climate Change Corporation and Bursa Malaysia, and an actionable ESG initiative through the ESG Champions – Green Governance Workshop. These engagements not only provide suppliers with valuable insights into our operations but also created opportunities for mutual learning and the adoption of best practices in responsible sourcing. Internally, we have implemented robust in-house training programmes tailored to instill an understanding of Press Metal’s sustainability objectives within our purchasing team. These sessions focused on deepening their expertise in ESG principles and equipped them to make informed, values-driven sourcing decisions. Setting Supplier’s Expectation and Alignment Through Assessment In enforcing Responsible Sourcing Policy and SCoC, we conducted thorough supplier assessments and on-site inspections and addressed any instances of non-compliance through collaboratively developed, time-bound corrective action plans. Following assessments, we shared detailed audit reports with suppliers, engaged in dialogue and drove continuous improvement. Throughout the audit process, we maintained open communication, clearly articulated expectations outlined in our Responsible Sourcing Policy and SCoC. We closely monitored compliance among critical suppliers in key areas, including anti-bribery and corruption, human rights, working conditions and environmental stewardship. This rigorous oversight ensured accountability and drives sustained improvements across our supply chain.
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