Frontken Corporation Berhad 200401012517 (651020-T) • ANNUAL REPORT 2023 26 SUSTAINABILITY REPORT (CONT’D) During the fiscal year 2023 meetings of the Sustainability Committee, members engaged in ongoing discussions to enhance our specific business materiality assessment, refine enterprise risk management processes, and strengthen internal control systems. These endeavours are part of our commitment to fine-tune sustainability development priorities and management strategies in response to the evolving risk landscape and challenges confronting our customers and stakeholders. A notable aspect of our deliberations involved exploring the incorporation of circular economy principles into our business models. This includes a comprehensive consideration of life cycle impacts in the markets we serve. The group recognises the importance of aligning our operations with sustainability principles and strives to implement circular economy concepts that promote resource efficiency, reduce waste, and contribute to a more sustainable future. In summary, Frontken Group’s overarching aim is to achieve the following: (a) Enhanced Materiality Assessment: Continuously refine and update our business materiality assessment to ensure it aligns with evolving sustainability priorities and addresses the changing needs of our stakeholders. (b) Robust Enterprise Risk Management: Strengthen our enterprise risk management processes to proactively identify, assess, and respond to emerging risks, thereby ensuring the resilience and sustainability of our business operations. (c) Effective Internal Control Systems: Improve internal control systems to uphold transparency, accountability, and ethical practices, fostering a culture of responsible business conduct. (d) Circular Economy Integration: Explore and implement circular economy principles in our business models, taking into account life cycle impacts, to contribute to resource efficiency, waste reduction, and overall sustainability. By actively pursuing these objectives, Frontken Group aims to reinforce its commitment to sustainability, resilience, and responsible business practices, creating enduring value for both the organisation and its broader ecosystem. The Group has set ambitious targets to be achieved by 2050, reflecting our commitment to sustainability and environmental responsibility. These objectives are as follows: (a) Environmental Vision 2050: By 2050, our goal is to neutralise 100% of our greenhouse gas emissions, aligning with our Environmental Vision 2050 and contributing to a carbon-neutral future. (b) Innovation Portfolio: By 2050, we aim to generate 100% of our innovation portfolio, ensuring that it significantly addresses sustainability challenges and creates substantial value for our customers and stakeholders. (c) Sustainable Products and Processes: By 2050, our aim is to create 100% of our products and processes with strict adherence to sustainability development criteria, incorporating green chemistry, green production practices, and embracing circular economy principles to minimise climate impact. These ambitious targets underscore our commitment to long-term sustainability, innovation, and responsible business practices. By setting clear milestones for greenhouse gas emissions, innovation generation, and sustainable product development, we are dedicated to making a positive and lasting impact on the environment, society, and the markets we serve. These objectives reflect our proactive approach to sustainability, aligning with global goals for a more sustainable and resilient future.
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