SUSTAINABILITY REPORT Cont’d Tax Practices Tax contributions are essential to public finances and nation-building programmes across the various jurisdictions we operate. As a responsible corporate citizen, it is our duty to adhere to tax legislations, transparently and act in good faith. In FY2022, Press Metal established an Audit & Tax Policy, which stipulates clear guidelines and standards for our tax practices including accurate and complete reporting, in accordance with the applicable laws and regulations. The policy implementation is closely monitored by the Board, with oversight from the Audit Committee. Our Performance Read more on our economic performance in the Management Discussion & Analysis by Group CEO section of this Annual Report. Read more on the Group’s financial performance and tax contributions for FY2022 in the Financial Statements section in this Annual Report. REGULATORY COMPLIANCE GRI 3-3 Why is this important? Press Metal recognises the significance of regulatory compliance to safeguard our legal and financial interests as well as to preserve our reputation as a responsible corporate citizen. Adherence to regulatory standards is integral for Press Metal to fulfil stakeholders’ expectations of operating ethically and responsibly. Our Approach Press Metal maintains a set of legal registers, specific to each plant, to keep track of relevant laws, regulations, and standards applicable to our business operations. By keeping these legal requirements under watch, it reduces the possibility of non-compliance and the associated legal penalties. The key laws and regulations that we abide by include, but are not limited to: Companies Act 2016 Employment Act 1955 Main Market Listing Requirements Capital Markets and Services Act 2007 Environmental Quality Act 1974 Civil Code of the People’s Republic of China Occupational Safety and Health Act 1994 Our suite of corporate policies and guidelines, as well as scheduled trainings outline the compliance standards required by employees and related stakeholders. Actions may be taken against personnel who failed to comply with regulatory requirements. Read more on corporate policies in the Business Ethics and Corporate Governance section of this Report. Our Performance In FY2022, PMS had incurred a total amount of RM6,000 in fines due to omission in labelling of hazardous waste stored. We have reviewed each incident thoroughly and implemented the necessary corrective actions to prevent recurrence. Read more on our waste management approach in Non-Compliance section of this Report. PRESS METAL ALUMINIUM HOLDINGS BERHAD 107
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