Group Strategic Approach
The Group strives to operate its business in a sustainable manner that recognises environmental and social impacts. The Group believes that identifying, measuring and being accountable to its stakeholders through sustainability reporting (Economic, Environmental, Social and Governance) has potential for long-term business success. To this end, the Group is moving towards sustainable business practices contained in the Global Reporting Initiatives (GRI’s) Sustainability Reporting Guidelines in informing the way it will engage with its stakeholders, identify material issues, respond to matters and being accountable to its broad range of stakeholders. The long-term goal is to build business that is driven by inclusivity, responsiveness and sustainable business practices while contributing to sustainable development in the places it operates. The Group will undertake capacity development of established Sustainability teams. These teams will be responsible for assisting management with the identification, management and disclosure of material issues pertaining to economic, environmental and social impacts and opportunities arising from the Group’s operations using the GRI Sustainability Guidelines.
The Group believes that sustainable supply chain is vital to maintaining and sustaining the Group’s brand names and image. Therefore, the Group provides systems which ensure that all suppliers are screened in addition to their track record and consideration of sustainability issues such as environmental, social, behaviour, corruption, statutory compliance and human rights practices. The Group tries to ensure that most suppliers share its common values when it comes to sustainable business practices and contribution to sustainable development.
The Group recognises the importance of sustainable capital management. The Group considers nature, human, intellect, finance, manufactured and social relations as capital for input into the Group’s Business Model. As such, the Group philosophy is embedded in and considers these aspects from a capital perspective in the Group’s business models in creating and sustaining business value for its shareholders and stakeholders in the short and long term.
The Group assessed the material issues raised by stakeholders during the engagement and assessment process, that were considered of high impact to the business. Material issues were identified through evaluation of Business Units Management (Managing Directors, Human Resources Executives, Safety Health and Environmental consultants) for reporting to Group Executives. The Group evaluated the issues on their impact to the business and stakeholders for action and response. The Group considered material issues as those with high and significant impact on the environmental, economic and social aspects.
The Group believes that stakeholders are an integral capital contributing to the long term value creation and sustainability of the business. The Group’s Stakeholder Engagement strategy is integrated with its risk and business development management. Material issues discussed during stakeholder engagement are assessed and weighted for appropriate action or responses. The issues are further collated at company level for Group Management attention in defining material issues for the report content and boundaries. Stakeholder engagement provides a crucial business strategy for identifying key risks and opportunities for responsiveness and value creation respectively. The Group believes that partnerships are an effective means for addressing economic, environmental and social challenges. The Group’s stakeholder engagement approach is driven at company and Group level through active and proactive management approach in guiding the use of GRI Sustainability Reporting guidelines in stakeholder identification, prioritisation and engagement approaches. The table below presents material outcomes of key stakeholder engagement processes conducted by some of the Group’s businesses during the year:
Social Cohesion and Community Investments
The Group strives to continuously improve and maintain human capital and community investments at appropriate standing for the purpose of ensuring the Group’s long term business success and sustainability. To optimise human capital contribution into its performance, the Group provides a work environment based on the values of fairness, opportunity creation, integrity, non-discrimination, equal opportunities, empowerment, decent working conditions, good health facilities and motivation activities. The Group believes that society is an integral part of the business, which it should continue to plough back to:
The Group is committed to ensure operations are in compliance with labour laws, voluntary and international best labour practices and contribution to sustainable community development. The Group’s approach is to identify potential health and safety risks, evaluate the risk and take appropriate measures to control or eliminate the risk. The Group units engage with communities and other stakeholder groups to identify potential need and contribution. The Group believes that the well-being of the society is integral in providing business opportunities and human capital, therefore the Group’s investment is vital.