GRI 2-12, 3-1, 3-3
The management approach is built on the Company’s rich history, codified into its vision, mission, beliefs, and corporate values. Upon this foundation, the Code of Business Principles (COBP) further defines the Company’s soul, espousing good corporate governance, ethical business practices, and high standards of personal conduct & behavior, internally and externally, among and across its various stakeholders.
At the Board level, these foundations are reviewed and assessed annually to ensure the Company remains relevant with the changing times. At the Management Committee level and down through the executive ranks, leadership strictly adheres to these core principles, setting the example for the humblest stakeholder. On the operational level, the Company’s relevant core and support departments are empowered to develop, implement, and monitor the policies & programs targeted at all internal and external stakeholders.
The Board of Directors regularly revisits the Company’s mission statements at the end of every fiscal year. This is undertaken to ensure the statements remain relevant and accurate in depicting the Company’s objectives and strategies.
By mid-2022, the Global Reporting Initiative (GRI) released a new set of Universal, Sector, and Topic Standards for all organizations reporting from January 1, 2023 onwards, with a renewed focus on “mandatory human rights-related disclosures”. Among other things, the GRI had deprecated the materiality matrix.
In response, the Company re-evaluated its material topics and developed instead the Five Theme internal ESG framework.